Moustaki
Digital Strategy
The digital strategy is based on the use of online tools to carry out a digital business.
What is a digital strategy?
A company has three types of decisions it faces. Strategic, tactical and operational decisions. Strategic decisions are those that have an impact on the long-term future of the company.
A digital strategy will in fact be the result of strategic advice in the digital field, defining actions and guidelines with a long-term scope.
Steps to establish a digital strategy
Une stratégie digitale peut être divisée en plusieurs étapes :
Analysis
The definition of the target
Implementation
Strategic thinking
Objectives, measurement and analysis of results
Analysis of the initial situation
You need to analyze your starting situation both externally and internally. By answering the following questions:
Sector
Analyze the sector in which you operate.
Concurrence
How your competitors do it, what is their digital presence.
Consumption
What are the consumer trends.
Target
In which digital media your target audience.
External factors
What are the political, economic, legal and other factors that may affect your business?
Resources
What resources do you have to make sure that you are Internet.
Technology
What is your level of knowledge in the use of new technologies.
Segmentation and positioning
Segmentation starts from the observation that the market is heterogeneous, and aims to divide it into homogeneous groups or segments, which can be chosen as target markets for the company. Thus, segmentation involves a process of differentiation of needs within a market.
The identification and choice of market segments raises the problem of the position that the firm wishes to occupy in these markets, i.e. the choice of a positioning for its products. One of the fundamental factors for the success of products facing competitive markets is adequate positioning. Positioning is the way we are going to make our product or service known and how we intend it to be perceived by our target market.
Market segmentation
Market segmentation is the process of grouping a market into smaller groups. It is not imposed arbitrarily, but arises from the recognition that the total market is made up of sub-groups called segments. These segments are homogeneous groups. People in a segment have similar attitudes toward certain variables. The market segment is a relatively large and homogeneous group of consumers who can be identified within a market, who have similar desires, purchasing power, geographic location, attitudes or buying habits and who will react in the same way to a marketing mix.
Advantages of market segmentation :
Allows for the identification of customer needs within a sub-market, and to design the most effective marketing mix to meet them. Medium-sized companies can grow faster by acquiring a strong position in specialized market segments. The company creates a finer product or service offering and sets the appropriate price for the target audience. The choice of distribution and communication channels is much easier. The company faces fewer competitors in a specific segment New growth opportunities are generated and the company gains a considerable competitive advantage.
Positioning
Positioning is the technique used to create an image or identity for a product, brand or company. It is the place a product occupies in a given market, as perceived by the target audience. A product’s position is how buyers perceive the product. Positioning is expressed in relation to the position occupied by the competitor. Successful positioning strategies result in the acquisition of a competitive advantage for a product.
Successful positioning strategies result in the acquisition of a competitive advantage for a product. An effective positioning strategy must meet two criteria:
- distinguish a company from its competitors,
- make consumers expect slightly less service than that offered by the company.
Strategic thinking
- set an end,
analyses the means at its disposal to achieve this end, - organises them in such a way as to facilitate their realisation, in the best possible way,
- with the least possible cost in terms of time, personnel and materials, and the maximum benefit.
It requires great intuition, logic, observation, meta-cognition, a high level of intrinsic motivation, imagination, a capacity for analysis and synthesis, and argumentation.
Strategic planning if it is aimed at achieving a result, because the plan
and action are intrinsically linked.
It is a flexible way of thinking, capable of reorganizing means when
the objective is lost sight of, and able to readjust to changes
contextual.
Implementation
The implementation of the strategy concerns tactical and operational decisions.
Objectives and measurement of a digital strategy
At this stage, you think about and define the most important aspects of the plan: what is to be achieved and how you are going to achieve it.
Quantitative objectives
Increasing sales or conversions is usually the ultimate goal, but it is always important to specify the expected results. Getting 50 new customers is not the same as getting 500. The resources to be invested for both will be very different, as will the strategies.
Qualitative objectives
It is also important to note that the objectives may not
only be quantitative, but can also specify the positioning and image on the market.
KPI's
At the same time as defining the objectives, it is important to define the key performance indicators (KPIs) that will allow you to measure and analyze the outcome of your strategy.
Measuring and analysing a digital strategy
This step is closely linked to the KPIs (Key Performance Indicators) that you have already defined to understand the results.
Once you start executing the strategy, it is essential to
have the ability to measure and analyze results, because the data obtained from the analysis will give you the ability to adapt and constantly improve performance.