Think DIGITAL or go out of business!

Overstated?

Not quite.

In today’s digital age, companies must adjust their thinking and actions to align with new realities. Newer technologies are a part of the business landscape. Equally important, the way we react to technology and interact with it has changed.

Today’s customers have different expectations and they don’t interact with companies as they did before. Moreover, competition is fierce and brands’ reputations are more fragile than ever before.

To meet these challenges, today’s companies must have a strong online and digital presence. They need to re-imagine their business and come up with strategies that appeal to ‘digital natives’. If they don’t, they risk falling behind, and worse – extinction. Therefore having a digital transformation strategy is no longer optional. It is a necessity.

So how can you build a successful digital transformation strategy for your business?

Here are five essential steps:

Step 1: Start with the mindset

Change may be the only constant, but it is not easy. One of the reasons many organisations struggle with change is that they are not ‘architected’ for change. And this always starts with changing the company-wide mindset. Get the right people on board. Identify areas of improvement. Do a self-analysis on desired outcomes and goals. Share this information with everyone and let them know what you hope to achieve. Buy-in will make implementation easier.

Step 2: Identify the digital processes that can help you meet you goals

Once you know your goals, you can start thinking about digital strategies and tools that can get you there. Do you want to improve customer experiences or increase sales? Do you want to simplify buyers’ journeys or improve your brand’s recall value? The answers to these goal-oriented questions will give you a starting point for digital implementation.

Step 3: Know your customers and aim for ‘digital maturity’

Your digital transformation strategy should always be designed with your most important stakeholder in mind – your customer. Who is your customer? Where does he ‘live’ (digitally speaking)? What are his buying aspirations and goals? How does he use digital resources to find information and make purchase decisions? In this buyer-driven digital world, customers will always buy from a firm that simplifies their buyer’s journey. As you understand these realities, you will be able to foster digital innovation and move towards digital maturity, which will make transformation possible.

Step 4: Make space for data-driven innovation

Connected data is critical. Identify key data points for your digital strategy and set up an analytics framework to analyse progress and compare it against goals. If you can see data from different digital devices, channels and platforms; you can figure out different ways to achieve your digital transformation goals. If you automate your metrics and connect your organisation’s Customer Relationship Management (CRM) system with your digital processes, you can achieve greater success with your digital transformation strategy.

Step 5: Track your customers’ behaviours and be open to change

A digital transformation strategy may not be a one-off, ‘done and dusted’ event. Be open to experimentation and innovation. Follow your customers’ digital behaviours, cultivate a digital mindset among your employees and use analytics to measure your success (or adjust for your failures). If necessary, adjust your goals or milestones. Adapt when required.