January 9, 2016
Today, almost every business is involved in digital business initiatives because companies that fail to do so, die. According to a McKinsey survey, about 29 percent of CEOs are actively involved in digital initiatives and 54 percent of organizations participating in digital initiatives expect to create new businesses and tap into more profit. The reality is that your business needs to have a digital business initiative.
Be Ready for the Unknown
Most people don’t have in-depth technical knowledge, so be ready for the unknown, be prepared to learn. You will have to read up a lot to get up to speed. You can hire experts, consultants, and even an agency to help your organization. Just be ready for a lot of learning.
Make It a Priority
Many digital business initiatives fail because they are not made a priority. What does making it a priority mean? The leaders in your organization are willing to dedicate time and attention to it, and deposit a sufficient budget to the project. If this is not done, then the digital business initiative will fail.
Factor in Stakeholder Visions
A basic rule, when you are thinking of what the various things you need to factor in are, is to ask this question – who are all the stakeholders in the project and what are their requirements and value drivers?
For any digital business initiative to work successfully, it must appeal to all the stakeholders. The board members want the digital business initiative to bring in money; the end users may want the digital business initiative to fulfill simply a specific process requirement efficiently.
From day one, have a marketing plan in place. No matter how amazing your product is, it will fail if it is not marketed well. At the dawn of the internet age, Microsoft released MSN TV, a product that allowed users to browse through the web on their TV sets. Such innovation was ahead of its time, but that was not the problem. The issue was poor marketing and poor awareness creation. Few people have heard of it, and even fewer know what it does.
A Good Marketing Plan Involves:
– Strategic positioning in the market, this is vital especially when there are similar products available in the market.
– Market the product before release to create anticipation.
– Use various media to create awareness of the product.
– Identify ways to sustain branding of the product.
Whether you are selling a product or software, ultimately, you offer an experience to your customers. Your website, customer support, and emails are all are part of customer experience. Keep in mind how the digital business initiative becomes a part of your customer experience. The product should ease it, make it simplistic, efficient and easier; it should not become cumbersome.
Don’t have a digital business initiative for the sake of having it, have it because it adds value to the customer experience. The most basic digital business initiative you can have is a website (if you don’t have one), social media presence and a mobile app.
When it comes to digital business initiatives, think strategic. How does it incorporate with your business, service, and customers?
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