What is Digital Strategy? #strategy
"Digital Strategy is a plan that uses digital resources to achieve one or more objectives."
The Five Rules of Digital Strategy:
1) Assess the strategic impact of Digital :
Good digital strategy starts with a rich understanding of the competitive environment and how it’s likely to change. Understand the Digital Channels that helps you while deployment.
2) Set your Digital Goal High:
Organizations that win at digital start by thinking big—whether seeking to strengthen existing advantages or to tap new ones. The best digital strategies aspire to move the needle on value creation. This is especially true because in so many digital domains, network effects create winner-takes-all situations, in which first movers and smart fast followers have the edge. Digital channels have lot more power then you imagine, So set your Digital ambition high!
3) Company's VEV( Values, Ethics and Vision) :
Values: Don't forget to represent your company's values on Digital Channels
Ethics: Digital channel had power to create fortune for your company and as well it had power to ruin your brand value! So, while making strategy work ethically!
Vision: Strategy is always vision oriented because pivoting too much on deployment that affects your companies brand value!
4) Execution & Action Plan:
while making any digital Strategy, company should never over or under estimate there capability of taking actions! If strategy's objectives too high then that strategy is fail and also vice versa that strategy's objective is too low, then there's resource going to ideal.
so maintain balance between strategy's and company's capability is very much important!
5) Adopt Digital transformation :
We are live in 21st Centuries Digital Era there:
"Transformation is the only constant"
So, adopting transformation and innovation while it needed. So digital straegy always revise when some digital transformation happens!
Digital Strategy is must important to all the company's no matter online or offline. you must need to understand that all business are leveraging digital channels to grow their business!
