Digital 4.0: The Ultimate Guide

What do you achieve by implementing digital business strategies? How can you increase your market share using an advanced digital strategy? This article will discuss the benefits of implementing digital business strategies and provide a step-by-step approach to increasing your company’s market share using such strategies.

TABLE OF CONTENTS

Section 1: Benefits of Implementing Digital Business Strategies

  • Real-Time Transactions Can Be Achieved With Digital Business Strategies
  • Accelerated Product Development
  • Creating & Discovering New Sales Channels
  • Better Management Decisions Through Artificial Intelligence
  • Easy Acquisition Of The Right Talent & Highly Skilled Workforce
  • Increased Market Share
  • Better Customer Interaction Through Web & Mobile Channels
  • Higher Revenues For Your Business

Section 2: How to Increase Market Share With Digital Business Strategies

  • Implement a Digital Marketing Campaign
  • Provide Better Customer Experience
  • Use Artificial Intelligence to Learn More about Customers’ Needs
  • Seek Advice
  • Use Big Data and Analytics to Find Business Opportunities.

Section 3: Digital Transformation & What It Means For Your Business

Benefits Of Implementing Digital Business Strategies

Digital business strategies ensure that businesses keep up with the industry yet some people still doubt its efficacy. This detailed and statistically-based article on the benefits of implementing a digital business strategy will aim to demonstrate its potential.

1. Real-Time Transactions Can Be Achieved With Digital Business Strategies

Digital technology and digital strategy make the 24/7 concept a reality. This cutting-edge technology has made data analysis & storage easier and more accessible to businesses. Making purchases and using services can be achieved easily and conveniently online with just a few clicks.

Mobile phones transactions has become a popular trend because of the convenience. Nearly 40% of companies have confirmed that they are enabling real-time transactions according to the report of Economist Intelligence Unit in 2015. With new digital technologies such as Blockchain, transaction speed can be enhanced dramatically. Implementing this digital strategy greatly improves customer experience as a 3-day long transaction can be accomplished instantly with the real-time data processing capability of Blockchain technology. Costs are minimized, and so are chances of fraud. The opportunity to reach more people with reduced costs and faster turnaround time is a reality.

IoT (Internet of Things), Artificial Intelligence, and automation allow business data to be analyzed immediately. They create a substantial difference in your marketing strategy and can process data far more efficiently than before. 25% of the world’s business firms actually make use of the powerful technologies in providing point-and-click analytics with conversational user interfaces. In the near future for 20% of firms, Artificial Intelligence will be the process through which real-time directions for handlers are given out, according to Forrester Predictions 2018 Report.

Actionable Steps:

  • Step 1. Evaluate repetitive tasks

List all the administrative tasks that are being repeated on a daily, weekly and monthly basis. Track down the time spent by every employee in the business organization on these administrative tasks.

  • Step 2. Assess opportunities to gather data

Evaluate opportunities where artificial intelligence can bring in data that is impossible to gather with only human intervention. Assess whether preliminary data is available and evaluate whether it is structured or unstructured. Moreover, assess what story lines can be formed with the data available.

  • Step 3. Explore AI capabilities and advanced solutions

Explore artificial intelligence capabilities such as marketing automation through various AI tools. You can also use customer relationship management software with an integrated AI capability.

How To Increase Market Share With Digital Business Strategies

1. Implement a Digital Marketing Campaign

A digital marketing strategy achieves many positive things for your company and brand by creating increased awareness of your products and services.  Marketing campaigns reach out to customers in simple yet efficient and accessible paths. One of the reasons why an increasing number of companies shift their efforts to developing digital business strategies is because of the improved chances of reaching a greater number of prospects and customers and increasing awareness of the entire business. Even advertisers believe in the higher return on investment when investing in digitalization.

With companies adapting to the digital business transformation environment, the competitive advantage becomes harder to attain. Making certain a powerful digital marketing campaign is part of your tactics can benefit you greatly, increasing your touchpoints around the world.

Executives who have been successful in implementing digital transformations report that having a website and app running is already an advantage, but that it is almost never enough. Efforts placed on mobile and web marketing and advertising are a long-term investment with greater revenues expected. And indeed, they need strategizing before achieving desired outcomes.

Practical Tips:

  • Tip 1. Use Search Engine Optimization (SEO)

Contact content marketing specialists that will help you use search engine optimization processes to increase traffic and awareness for your company’s official website. You have to put strategy into action months in advance as the process may take time before making an impact in search engines such as Google.

  • Tip 2. Develop Brand Awareness

Avoid sending lots of promotional messages in your business’ official social media channels. This will just put off your potential clients and customers. Focus on delivering more value to the audience instead. Give them more meaningful content, provide tips or highlight some benefits of using a product or subscribing to a service.

  • Tip 3. Compute your ROI on digital marketing

Continuously measure the sales you generate from using digital marketing processes and search engine optimization. Use Google Analytics to track how many people have visited your site. In addition, measure the sales and how much net profit has been generated. Sales conversion is far more important than website traffic.

Digital Transformation & What It Means For Your Business

Digital transformation requires a well-organized and active digital business strategy for firms to fully reap the benefits and take advantage of advances in the market. It is both taking advantage of an opportunity and ensuring survival as companies increasingly invest in digital technology and digital strategy.

It is essential to see what technology can do for you, for your company’s workforce and operations and critically, for your customers. To understand more and be able to develop better digital business strategies, it is necessary for you to get background knowledge. Enrolling in prestigious and competent business schools such as IMD will be of great help.

With IMD, learning digital and strategic management has been made more learner-friendly and effective. The courses foster relationships between business people from around the world, enabling students of various nationalities to interact with different business cultures through classroom discussions and personal conversations.

At IMD, there is the opportunity for learning more about developing the best digital strategy through attentive teaching approaches.