Importance of Having a Digital Strategy for the Growth of Your Company

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Importance of Having a Digital Strategy for the
Growth of Your Company
Everyone would agree that humankind is living
through the digital revolution. Statistics
indicate that the worldwide digital
transformation market currently caps at 469
billion. It is expected to cross the 1-trillion
mark in the next five years. Whether it is a
business with strong roots in brick-and-mortar
operations or a venture operating from a rural
region, every offline enterprise is migrating to
the digital world. However, the downside of this
extensive digital migration is most businesses
are entering it without a well- thought-out
plan. In other words, they have started their
digital operations without formulating and
putting a digital strategy in place. What is a
digital strategy? How it helps a company to grow
its business and operations? This post will try
to answer these questions.
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• What Is Digital Strategy?
• Digital Strategy is a broad term that covers many
  areas. You cant simply call it a synonym of
  digital marketing planning because it is more
  than that. To sum it up in a one-line
  definition Digital strategy is a
  well-thought-out plan and policy devised to
  achieve particular business goals through the
  digital medium.
• For sales and marketing professionals, digital
  strategy is all about planning to improve the
  online footprint and sales. In contrast, IT and
  network employees consider the development of
  cloud-based operations and data analytics as
  elements of digital strategy. For a state-run
  organization working in the public sector, a
  digital strategy will entail improving user
  experience and guaranteeing more people can be
  served through the online service.
• In short, a digital strategy can mean different
  things in different niches and sectors. Since we
  are talking about the role of digital strategy in
  growing the business, we will discuss its
  importance from the viewpoint of marketing and
  sales.
• Importance of Digital Strategy for Business
  Growth
• It Gives Your Business the Right Digital
  Direction
• As mentioned earlier, businesses are hastily
  foraying into the digital medium without needed
  groundwork. It is important to understand that
  setting up a digital division, hiring people,
  and setting a separate budget for it is not all
  you need to conquer the digital medium. You also
  need to guide your digital team and department in
  the right direction to achieve digital success.
• To get in that right direction, you will need to
  have a customized digital strategy for your
  business. You may need to hire third-party expert
  consultants who can understand your business and
  formulate a digital strategy accordingly. A
  well-thought-out digital strategy provides
  direction to the business by
• Establishing the specific goals of the digital
  activity
• Determining the measurable attributes for
  assessing the digital performance
• Identifying the actionable measures that can
  improve the digital performance
• Setting the timeframe to achieve digital goals

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When a company works with a digital strategy that
covers the areas mentioned above, it can move in
the right direction for its digital growth
ambition. It Helps You Understand Your Online
Target Market Many businesses enter the digital
market without fully understanding their online
target market. As a result, they often under or
overspend on the required resources. For
example, a pizza chain operating in New Jersey
must maintain its focus on the same target
market. It doesnt need to spend money on
targeting online consumers in other cities. On
the other hand, a roadside bookstore starting its
digital outlet must target new markets. A
digital strategy will help both the pizza chain
and bookstore owners to identify their potential
target markets. The identification of new target
markets protects the business from exhausting
its resources and efforts in targeting the wrong
audience. When you reach out to the right target
market, the prospects of business growth remain
high. It Integrates Your Marketing Efforts A
digital strategy ties your marketing effort
together. First of all, it devises a plan where
a business leverages all components of digital
marketing (SEO, PPC, content marketing, social
media marketing) instead of banking on any single
element. It has been observed that many
companies only focus on paid digital marketing
(PPC, SMM) and completely ignore the organic
means (SEO, content marketing) of improving the
online footprint. A good digital strategy
outlines for businesses how to integrate all
these elements. Moreover, a strategy will also
dictate how the consolidated digital marketing
efforts should integrate with traditional means
of promotions. This cohesive marketing effort
powered by a good strategy guarantees good
business growth. It Lets You Track the Results A
good digital marketing strategy is not just about
devising plans and executing them. It also takes
into account their results so that a good
feedback mechanism can be put into place. For
example, a digital strategy protects a company
from continuously funneling money in paid social
media marketing without getting any returns.
Similarly, it guides
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the business to try out a new sales-funnel
instead of persisting with the one that
doesnt offer any noticeable increment in
customer acquisition. A digital strategy
establishes metrics for different digital
investments you make so your team can calculate
the pertaining ROIs. By having a continuous check
on results, you can swiftly adjust your
investment target without wasting resources on
the least lucrative avenues, which eventually
slows down the business growth. It Helps You
Identify Your Strong Suit A digital strategy also
eventually let you pick your strong suit online.
In terms of marketing and sales, a company
working with a well-thought-out digital strategy
will quickly find out that Facebook is the best
platform for its business growth, among other
social media networks. The quick identification
of your social playground helps you accelerate
your business growth on the digital medium. If
you need a comprehensive digital strategy to grow
your business on the online medium, get in touch
with Microsys. The companys mission is to
deliver affordable and high-quality technology
solutions that enable SMEs to meet their goals
more efficiently.
Microsys. Permission required to use any
content from this article.
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