Time to retune our digital strategy?

The business strategy (also called competitive strategy) is the one that allows to establish the way in which an organization intends to compete in the market.

Thus, for example, depending on its value proposal, there are organizations that opt for:

• An innovation strategy (Novelty or Design): Nobody provides a product/service like mine.
• A strategy of cost leadership (Price): Nobody provides a product/service cheaper than mine.
• A performance strategy (Quality): No one offers products/services with better quality than mine.
• A strategy of differentiation (Brand or Status): My products/services are "unique", exclusive.

One of the best-known strategies is the Blue Ocean Strategy, formulated in 2005 by W. Chan Kim and Renée Mauborgne, which was a turning point in the competitive strategy of companies because it proposed different ways to find, develop and exploit the market in an innovative way, creating new market spaces (Blue ocean) instead of competing in an existing market space (Red ocean). 

The problem of real applicability of this (and other business strategies) is that, the real world, including the digital one, is not binary nor static, and the blue oceans tend to become red oceans.

This should help us understand the complexity of implementing an effective strategy in the digital environment. If we add to this the continuous evolution of the spectrum of consumers (diverse, polarized and singular), whose behaviors, expectations and needs differ and determine their purchasing attitude (interest, channel, ...), in a liquid environment in which any economic, social, health or regulatory change can alter our entire strategy, it becomes clear the challenge and importance of establishing and implementing a correct corporate digital strategy.

And since things are not black or white, ones or zeros, blue or red (oceans), by analogy I would say that it is time to renew, it is time to change our old black and white TV for a new one, multicolor, with the latest technological advances, and most important of all ... adjust it to get the most out of it.

We talk about the importance of adjusting the Colour (corporate identity), the Saturation (micro-segmentation), the Brightness (SEO, SEM, SMO, SMM), the Contrast (VoC, Analytics), the Sharpness (of our messages and our value proposition) and finally ... the undeniable need to retune the channels (web, mobile, IoT devices, Voice-Control Devices, ...).

But, to successfully achieve (and maintain) such a digital strategy, it is not only necessary to have technological tools to rely on, but also to cultivate a data culture, to become a data-driven company.

As Eduardo Cano (Chief Digital Officer - Universal Clinics - Ginefiv) pointed out just a few weeks ago: "Marketing and above all Digital Marketing is not only about understanding and anticipating your customer. It's about understanding how technology will help you to do that. And the first, the foundations to achieve that begins with data.”

What do you think? Is it time to retune your digital strategy? Agree or Disagree?