Over the last twenty years digital has transformed the business environment – yet many of us still struggle to fully embrace the power of digital and make it central to our business.
One of the key ways to demystify digital and achieve business success is to understand how your consumers think and behave in the digital world, for as Forrester Reach reported, “In this age of the customer, the only sustainable competitive advantage is knowledge of and engagement with customers.”
So, in partnership with The Digital Consultancy, we wanted to help unlock your digital confidence by painting a clear picture of the rapidly changing digital landscape.
The rise of the connected consumer
The growth of social media, mobile, cloud computing and big data means that today’s consumers are more connected than ever before. They are thirsty for information 24/7 and are not confined by geographical boundaries. Understanding how to engage these hyper-connected consumers is critical to achieving commercial success.
A shift in the balance of power
In today’s digital age the consumer is undoubtedly king. The advent of digital has opened up a new world of transparency and choice which has given the consumer unparalleled levels of control. Consumers are more demanding than ever before and businesses need to respond to this shift in power and meet their digital consumers’ needs if they want to gain competitive advantage.
A new business rulebook
The rise of digital has re-written the business rulebook. You have to move fast to survive – agility and innovation rather than scale are the new rules of the game. If you don’t adapt quickly enough you’ll be left behind as shown by the demise of the retail giant Blockbuster. Blockbuster lacked the vision to buy Netflix when they had the opportunity, only to go bankrupt in 2009 because they couldn’t compete with their video streaming competitors.
Adopting a consumer-focused digital strategy
The signals are clear – to thrive in the digital world you need to embrace digital as a new way of doing business across every area of your organisation. Understanding your consumer should be at the heart of your digital strategy, so start by asking yourself the following questions:
- How do your target consumers spend their time online?
- How do they behave when they’re there?
- How do they interact with businesses and how do they expect business to interact with them?
- What information do they want or need to make important decisions?
- How can businesses provide that information through content, real time support and more?
It is only by gaining a deep understanding of your consumer that you will gain the insights you need to develop an actionable and results-orientated digital strategy.
For more information about how to embrace the power of digital, see The Digital Consultancy’s guide to “Achieving Digital Excellence: Why Smart Strategy Matters Even More in the Digital Age.”