What exactly is a digital-first strategy?
According to the World Economic Forum report, “For over the next decade, an estimated 70% of new value created in the economy will be based on digitally enabled platform business models.”
In a digital-first strategy, businesses use digital modes to connect with and resolve customer problems. This differs from a traditional physical-first approach in that all customer experience touchpoints are digital and integrated with one another.
Digital-first example 1: Online banking
Online banking is a good example of digital-first. Instead of heading to a physical bank branch and standing in a queue to make a payment, Online banking is a much faster and convenient upgrade for customers. They can do it anytime from wherever they are.
Digital-first example 2: Contactless hotel services
Due to COVID-19, Small and mid-sized hotels are now creating contactless experiences for check-in and check-out processes. They’ve had to transition digitally to reduce the risk of infection Instead of relying on the face-to-face checkout process
Digital-first example 3: Online learning
Educational institutions have also transitioned to digital strategies. Instead of communicating through paperwork and face-to-face meetings, they’ve now had to make online their key means of communication and instruction.
5 ways to help you adopt a digital-first strategy
Below, we’ll review some key digital strategy components that are especially suitable for small businesses. Keep in mind, this may vary depending on your business type and industry.
1. A mobile-friendly website
One of the easy ways to get new clients is by building a new website.The reason for having a website is to build and increase your business visibility and reach more customers. It also acts as a center that all other media drive customers to:
Social media profiles (LinkedIn, Facebook, Twitter, YouTube, etc.)
Advertising profiles (ad banners and Yellow Pages Online)
Other business platforms (rating and review websites)
It’s very important that your company or business website is easy to use on any device — from smartphone to all level desktop computer. If your website is not mobile-friendly there is any chance to lose customers
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2. Promotion through digital marketing
Regardless of size, location, or industry, Digital marketing is the best way to promote any business. Tactics include:
Social media ads
Mobile banner ads
Search engine marketing
The above tactics will help establish your presence in the online world.
3. Setting up an online store
Setting up a physical store needs a huge investment compared to an online store. Once you set up an online store for your products, that will help increase the number of people you are able to reach, since they can buy from anywhere in the world. In the long run, it costs less than setting up a physical store as well.
Building an online store will keep your business always ON and thereby, you have more opportunities to maximize sales and profits and minimize operation costs by paying rent offline.
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4. Customer relationships
In a digital-first strategy, Customer relationships play an important role in business development.. Customer interaction happens via a mobile device, desktop computer, phone call, or social media.
You could use a customer relationship management (CRM) system to support your engagement with customers that will enable you to capture data on customer behavior and preferences.
This allows customer service staff to take informed actions to drastically improve the quality of customer experiences.
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5. Supplier interaction
In the current world, to succeed in the digital economy, you’ll want to establish strong supplier relationships.
Do you want to save money and reduce mistakes?
Automating information exchanges between your business and the suppliers can help make interactions more efficient, thereby you can save money and reduce mistakes.
By helping your suppliers adopt a digital strategy, you help them improve their own business prospects. A common portal or supply information management system can help your businesses manage meetings, quotes, and invoices together. This means they can be easily queried.
Final takeaways for a digital-first strategy
As you make the move into a digital-first approach, remember that it’s not synonymous with ‘digital-only.’ You need to add offline interactions and touchpoints too.
That’s because consumers like interacting with brands offline — even if they are digital-first brands.
Since the end goal of your business is customer satisfaction, a digital approach with the option of personal interaction can make all the difference. In the post-pandemic world, this will be crucial for your business to thrive