Why Digital Strategy Is Essential For Success

As of January 2021, almost 60% of the world’s population (4.66 billion people) had access to the internet, with 92.6% of these users accessing the internet through mobile devices. That’s 4.32 billion people on mobile alone. As these numbers continue to increase exponentially, it is very clear that we’re dealing with a world while digitization is more important than ever before. Consumers are constantly on the go, and there are seemingly countless platforms and digital channels ready to use to expand your reach.

Basically, going digital is now necessary for businesses to succeed. Yet, there are many who refuse to embrace this opportunity and others who never think even to consider a digital strategy. In a world where so much business is handled online, having a comprehensive digital strategy is a must. Not only is it the first step in taking your company online, but it’s also integral in keeping up with the latest trends and marketing ideas.

Some businesses are overwhelmed at the thought of creating a digital strategy and thus, shy away from digitization as a whole. However, while creating the strategy, it’s important to remember that you don’t have to touch on every single aspect of digital marketing. Your business can start small, prioritize certain tactics, and then work in steps to achieve goals and move on to new ones. This makes developing a digital strategy more manageable and helps companies work at their own pace and choose what is right for them at that particular point in time.

Without a concrete strategy in place, you won’t have a direction to follow and may lose customers to competitors who have put in the work and developed digital strategies to drive success. If you want to make an impact, check out the following reasons why having a digital strategy is essential for success.

A Digital Strategy Gives You Direction

Creating a digital strategy is the first step towards success because it acts as a guide and gives you direction. Without a clear strategy, companies are left directionless and cannot reach their goals effectively. In fact, the lack of a detailed digital strategy can leave businesses feeling that the steps they are currently taking are sufficient for growth and success, even if they aren’t. Developing a strategy gives companies direction and uses metrics to show them the return on investment that they can expect.

A digital strategy creates clear goals for what you want to achieve and what you want your online presence to do. Whether it’s increasing brand awareness, engaging with current customers, or gaining new customers, all of this will only start to happen once you figure out your strategy and allocate resources towards your goals.

Allows for Discovery and Knowing Your Audience/Market

Every strategy starts with discovery which allows your company to understand goals, what is needed to accomplish them, and how you can work to do this. Additionally, knowing your target audience and market share is integral in order for your business to succeed. If you’re completely new to digital spaces, it's possible that you may not even understand the online marketplace and how its functioning differs from other types of marketing.

It should also be noted that you might underestimate or overestimate the actual demand for your products or services. Since the digital world is so different from traditional marketing, it’s important to be familiar with everything from the different types of customers to competitors and pain points. When trying to determine demand and interest, you can always use resources like Google’s Keyword Planner and Ubersuggest to see what your customers are searching for. Whether it’s creating buyer personas or mapping out the customer journey, it all starts with a plan. That being said, analytics aren’t the only way to learn more about your online customers. Other types of website user feedback tools like general surveys and collaborative feedback tools are important factors in identifying strengths and weaknesses and addressing any potential problems.

In addition to developing a clear strategy, your company can also benefit from understanding current tactics, target audience, long-term goals, and more. This then allows you to determine which benchmarks to hit and what measures of success to build your strategy around.

Comprehensive Digital Strategies Give You Better Overall Results
According to a report by Smart Insights, 44% of businesses that use digital marketing don’t have a clearly defined digital strategy. Therefore, although they might use digital marketing effectively, they’re unlikely to get the same results as a competitor that has a comprehensive digital strategy. While these businesses understand the importance of digital channels and how they can help attract and retain customers, their lack of an integrated digital strategy keeps them from achieving better results. As a result, this stunts their digital transformation and growth and doesn’t engage their target audience as effectively as it could have otherwise.

You Can Track and Maximize Return on Investment (ROI)
Having a digital strategy allows you to track your return on investment (ROI) using the tactics and measures of success you have put into place. Additionally, a digital strategy aims to optimize your resources and helps you avoid duplication. This can then drive marketing results and boost ROI. Unfortunately, the larger the company, the more chances of dual spending on like tasks. A clear strategy will help you avoid this in the future while also allowing you to maximize resources in the moment.

It Gives You a Clear Vision to Follow

For a brand to have consistent messaging and a unified brand image, it’s important for all departments to be on the same page. An integrated digital strategy allows for this by aligning the different departments.

Allows for Digital Differentiation and Increased Market Share

Focusing on a digital strategy allows businesses to differentiate themselves and set themselves apart from their competition. Without a digital strategy, brands won’t be able to provide a cohesive experience. Furthermore, they won’t be able to stand out from the rest since they won’t know their strengths, weaknesses, and competitive landscape.

Not having a digital strategy or not devoting enough resources towards one will allow existing competitors and new businesses to gain your market share. In fact, one of the reasons companies are focusing on digitization so much is because they’re more likely to reach larger groups of people and gain more customers. Digitization has a higher return on investment and is of the keys to increasing market share. However, with so many companies using the same methods, gaining a competitive advantage becomes increasingly difficult. Digital transformation alone isn’t enough, and a solid digital strategy allows companies to focus on specific tactics that work well on their particular audience.

Additionally, without a digital strategy, you may not be able to home in on your online value proposition, i.e., your USP online. This is integral to keeping your audience engaged and is of the utmost importance since it allows you to tailor your brand to your target audience. For example, providing value through a comprehensive content marketing strategy can then, in turn, allow you to persuade visitors to sign up for email marketing.

Makes Real-Time Results Possible
Digital strategy and advanced technology make real-time results a possibility. Everything from updating servers to making purchases can be done conveniently with a few clicks. In fact, technology like Blockchain and the use of cryptocurrency is making this even more speedy. Transactions that would ordinarily take a couple of days are able to go through almost immediately. In addition to reducing costs, this also reduces the chances of fraud and results in increased security. Artificial intelligence and automation are also key players in making real-time results possible and can make a huge difference when used in your digital strategy. One of the most popular examples of this is real-time chat using artificial intelligence, a strategy that saves time and money while at the same time prioritizing the customer and their needs.

Final Thoughts

These are only some of the reasons why having a clear and integrated digital strategy is beneficial for you and your business. They are by no means comprehensive since the advantages are too many to list in a single article. Ultimately, what companies need to know is that having a digital strategy and plan in place can grow your business, make it stand out, and can allow you to use the right tactics at the right time to the right audience to maximize success.

If you want to benefit from these advantages, it’s essential to start brainstorming with a digital marketing expert and come up with a digital strategy that is right for your business and its unique needs. Furthermore, you shouldn’t be satisfied with a simple digital strategy. Making sure that it is integrated will give you a competitive edge. As mentioned before, 44% of businesses don’t even have a defined strategy, while another 12% have a strategy defined in a separate document. It’s the remaining 44% who have integrated digital strategy into their overall marketing strategy to get the best of both worlds.