Building Perspective – The First Step In Digital Strategy
Creating future ready digital strategy is on the top priority of every brand today. Here’s what you need to know to create a solid foundation.
Below graphic (source: Global Web Index) is an indication of the times we are in. In a nutshell, 65% of our media time, across audiences (in India) is spent in Online and close to 1/3rd of our digital life is spent on social networks.
What has really changed after Digital?
Gone are the days when the products were discovered in TV commercials or Newspaper Ads (refer to below graphic), according to GWI report, 50% of the global audience discover any brand on a Search Engine.
There is a significant shift within the younger audience (18-24) segment towards social media as the new discovery channel. (see below graphic)
Social networks are now just 6 percentage-points behind search engines as the number one port-of-call for product research.
SOLOMO (Social+Local+Mobile) have altered (and continuously altering) the consumer journey for all product categories.
The conventional linear journey of Awareness > Consideration > Preference > Purchase may not be able to capture all the possible decision making touch points as audience is now searching outside the funnel.
Lets take example of Automobile, thanks to the wealth of information available today through digital and traditional channels, consumers are better informed than ever—even before they actively look into buying a car.
According to BCG, 57% to 67%, depending on the country) settle on not only the make but the actual model they want to buy in the prepurchase phase.
What does digital strategy really mean?
According to Wikipedia:
Online Marketing is an umbrella term for the marketing of products or services using digital technologies, mainly on the Internet, but also including mobile phones, display advertising, and any other digital medium.
In many ways, digital has blurred the lines between online and offline.
Hence, digital strategy is:
identifying insights about your audience, competition and category to deliver a seamless brand experience across all relevant touch points for achieving specific business objectives.
First 3 steps to infuse ‘Digital Thinking’ for your brand or agency?
Remove the line
As marketers & strategists, we can no longer be obsessed about creating television commercials only.
Our customer does not see above the line, below the line or online, lets just “REMOVE THE LINE”. It means remove the silo mentality and focus on delivering a quality experience to our audience.
Data is the new king
There cannot be any “strategic” point of view if it is not backed by data. Giving higher priority to your data in shaping your business & marketing strategy goes a long way in “future proofing” your brand.
Understanding of the metrics
“If you don’t know where you are going, any road will get you there.
~ Alice In Wonderland
While data is important, knowing the digital metrics, i.e. what you want the data for is equally important. What is also important is that evaluating digital metrics is a continuous process and not a one time exercise.
4 Things you must know as Digital Strategists
- What is your expectation from digital? (Sales, Brand Awareness, Reach etc.)
- What is your overall business goal? (Market share, Overall Revenue etc.)
- Do you see digital as a separate line of business?
- Who is your digital audience?