There are various definitions of the term digital strategy. According to Wikipedia, in the fields of business strategy, marketing strategy, or strategic management, this term refers to the process of identifying the initiatives, opportunities, goals and vision of an organization so as to maximize the benefits to business of the organization’s digital initiatives.
These may range from enterprise focus to customer-focused and marketing efforts such as search engine optimisation, e-commerce, websites, social, and mobile advertising. The enterprise focus referred to here considers broader risks and opportunities that are potentially created by digital such as for example, publishing industry changes, and in most cases includes innovation and governance; service and sales optimisation; market or new product exploration; collaboration, and customer intelligence.
Put in simple words, digital strategy can be described as the difference between individual projects series and coordinated attack plan which is aligned to the entire business, and driven by one common goal. The techniques of conducting effective, successful strategy.
Develop Digital Strategy
If not carefully crafted, a digital strategy may not work well. In worst cases, it may not work at all. Digital strategists have developed various approaches to developing strategy that works. However, at the core of these strategies, the following four steps must be involved:
a) Identification of opportunities and challenges in the business, in which the online assets may provide solution.
b) Identification of the unmet gaols and needs of customers which can align as closely as possible those vital business opportunities or challenges.
c) Development of vision around the way in which online assets can fulfil the identified or likely customer and business challenges, impunities, goals and needs.
d) Prioritising of initiatives online, that can help realize this vision.
In each of these stages there are various analyses and techniques that are employed by the digital strategists. Is there difference between digital and online strategy?
Many people out there do not know the difference between digital and online strategy and thus use the two terms interchangeably. Although these two teams have meaning that is very similar, there is some notable difference between the two. Digital strategy can be described as the technique which a company undertakes or applies so as to become digital company.
The term digital in this context refers to the deep interactions with the customers; interactions and offerings which are more personalized and customized; decision making which is driven by data; and organizational processes and models which are more reactive and nimble to company environment changes.
In situations in which digital strategy becomes more imperative, many companies and business tend look to, as their models of inspiration, the respected digital companies eBay, Amazon, and Google. Online is basically a digital subset because there is possibility that some digital assets which are not on the internet.
In view of the recent developments, online strategy can be used by companies to refer to the idea or concept of developing plans of deploying their assets on the internet, so as to maximise the results of their business. On the other hand, the term digital strategy in the modern context can be used to refer to more transformative steps aimed at changing the organisation.