The term “digital strategy” might initially seem to be a mere buzzword. According to widespread perception, “digital strategy” ultimately means little unless it is clarified with specifics, such as what a particular digital strategy will involve, and what implications this will have for the business pursing such a strategy.
One specific we can provide straight away, however, is what “digital strategy” actually means. The term essentially refers to the roadmap that an organisation has of how it will draw upon digital technology in order to realise its goals.
A Great Digital Strategy Is Far from A Mere ‘Optional Extra’
One only needs to briefly consider certain brands that were once regarded as unassailable titans in their fields – such as Blockbuster and BlackBerry – to realise that in the absence of an up-to-the-minute and well-considered digital strategy, much can easily go wrong.
For a “tech-driven” SME, then – a small-to-medium-sized enterprise that leverages technology in some way to help power forward its business operations, innovation, and growth – a carefully formulated digital strategy is no less than essential.
Here are some of the other specific reasons why the right digital strategy is of critical importance for such organisations in the mid-2020s:
- It Helps Provide a Decisive Advantage in a Digital-First Market
It has been a long time since the “digital world” may have long seemed restricted to the corner of one room of the house where the family desktop PC was situated.
Today, that “digital world” is now in our pockets. As of 2023, almost all UK adults aged between 16 and 24 owned a smartphone. Furthermore, as of 2022, 86% of people used their mobile to go online, compared to the 28% of people for whom this was the case in 2009.
But of course, today’s consumers and clients aren’t just using their mobile devices to seek out goods and services near them – they also expect seamless digital experiences.
Whether they are looking to purchase a product directly through their favourite social network, or they are in need of customer support that an artificial intelligence (AI) chatbot can provide, these are all examples of aspects in which the optimal digital strategy can benefit SMEs.
- It Helps Engage Target Audiences and Satisfy Their Expectations
Part of a given SME’s digital strategy will inevitably need to focus on how it can reach potential customers or clients in the first place.
With recent data indicating that 95.3% of the UK population was using the Internet in 2022, this initial stage of discovery and engagement with brands predictably often occurs online. Simply working alongside a reputable London-based SEO partner such as Ink Digital, then, can assist tech-driven SMEs in realising their growth ambitions.
As technologies continue to evolve, though, the savviest SMEs are incorporating them into their approaches, which is helping to drive up consumer expectations.
Today, would-be customers rightly expect intuitive, personalised, and omnichannel experiences. A well-formulated digital strategy – blending such aspects as social media marketing, ecommerce design, and mobile apps – can help turn this into a reality for a given brand.
- It Helps Make Possible Better-Informed, Data-Driven Decision-Making
Data isn’t just a “nice to have” for an SME. It can instead be regarded as a critical asset, given its role in helping such organisations to make the right decisions for their operations and growth.
Whether a given SME is looking to launch, revamp, or refine its product development processes, how it markets itself, or the customer service it provides, its digital strategy should incorporate the use of analytics tools, such as Google Analytics. Platforms and tools like these will provide crucial data in relation to performance, consumer behaviour, and market trends.
Are you interested in learning more about what a great digital transformation strategy could look like for your SME? If so, you might be interested in reading the guide on this subject from American Express.
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