Having a well-planned digital commercial strategy and a customer-focused approach are crucial for companies to successfully drive digital transformation and avoid suffering monetary consequences
Many companies are starting or have started their digital transformation and have some level of online presence, but there is a risk to fall behind. If companies don't consider the commercial aspect of the digital transformation, they could suffer monetary consequences that could have been avoided. However, doing it right can have a positive impact on revenue amongst other parameters. Digital transformations typically stem from the IT organisation prioritising efficiency, or from marketing departments developing customer-facing platforms, which may not be scalable or automated. Regardless of the origin, digital transformations often lack profitable value contribution towards customers in the long run. Management faces the challenge of balancing existing business models with the changes brought about by digital transformation. New business models will gradually change the way a company engages with customers and will have commercial implications that need to be considered early on. Focusing solely on ad hoc platforms may not fully support the business, and there is always an expectation of ROI. The key to commercialising a digital transformation is finding the right balance.
Successfully commercialising your digital transformation requires a well-thought through digital commercial strategy. This will in turn be helpful when to identify which decisions to take to succeed and grow in today’s digital world. Here are some steps you can take to increase your chances of success:
1. Set clear goals
Define your organisation's objectives and determine how digital transformation can help achieve them. Compared with traditional marketing, digital commercial strategies, when implemented, are easier to measure which makes it possible to track the success of marketing initiatives and make data-driven decisions.
2. Focus on customer experience
Prioritise customer experience in your digital transformation efforts. This includes identifying pain points, designing user-friendly interfaces, and leveraging data analytics to personalise interactions. Remember to step aside from the analog value proposition framework to make sure you have a digital outset.
3. Develop a roadmap
Create a roadmap that outlines your digital transformation strategy, including the technologies you will use, the timeline for implementation, and the resources required. This roadmap should be flexible enough to accommodate changes and adaptations as necessary.
4. Build the right team
Hire or train a team with the necessary skills to implement your digital transformation strategy. This team should include experts in areas such as data analytics, software development, cybersecurity, and project management.
5. Measure and refine
Regularly measure your progress against your KPIs and refine your strategy as needed. Use data analytics to gain insights into customer behavior and optimise your digital processes. Don’t miss out on potential business opportunities by not knowing how to leverage available insights from various platforms.
Overall, the key to successfully commercialising your digital transformation is to be strategic, agile, and customer-focused. By following the five steps, you can increase your chances of achieving your business objectives and staying ahead of the competition in today's rapidly evolving digital landscape.