a simple approach to digital strategy
TRANSCRIPT
Digital StrategyBuilding the
Foundation for Business Success
Strategy is about defining your future
Com
pany
Customer
What is digital strategy?
Strategy: A working
definition“Being strategic means consistently making the core directional choices that will best move you toward your hoped-for future.” – Erika Anderson, Being Strategic
• According to Ernst & Young, only 25% of American consumers say brands influence their purchase decision
• Just 12 months later, nearly half of those who claimed to be “highly brand loyal” weren’t (NPD)
• 80% of customers check reviews before purchasing (NPD)
“Your margin is my opportunity.” –
Jeff Bezos, CEO, Amazon
Disruption &
Disinter-
mediation
WSJ: “...as many as one-third of the nation's [bank]
branches now may be unprofitable”
© 2015 - Tim Peter & Associates
Strategy Framework
4 “P”s of marketing + 1
Content is, was,
and always shall be
king
Context is Queen• Segment customer
behaviors by context (screen, channel, location)
• Observe, measure, and learn your customer’s pain points in each
• Improve by aligning customer experience with context
Data is the Crown Jewels• Must be willing to start
small – but you must start
• Anticipate, analyze, and adapt to changing customer needs
• Protect the crown jewels: Privacy and security matter; protect guest information like the business depends on it
Customer first drives business value
Start asking the right questions—be a reporter
• Who is contacting us?• What are they contacting us
about?• Why are they contacting us?• When are they contacting
us?• Where are they contacting
us from?• How are they contacting us?
1616
Look to personas to understand who you’re
trying to reach – why they care
17
Driven not by “Big Data.” But your data.
• Know your customer• Competitive
differentiator• Scale when
ready
Know yourself: Play to your strengths
Radical Transparency
Attributes of digital that make this true
• The bad news: “Dis-integration”– Everything
becomes digital– “Software eats
the world” – Marc Andreessen
• The good news: Dynamically assemble value chains
We must be ruthless about differentiation
•What is your company truly better at?
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Use customer chatter to improve products, services and brand image
Where do you want to go? • Raise your brand’s
profile• Grow membership• Grow use among
members• Improve customer
service• Reduce cost of
customer service• Reduce cost of
customer acquisition
• Improve profitability
What haven’t we talked about yet?
Because channels come last
Seek channels that connect you to customers profitably
• Do they help you gain new customers or new data?• Do they reach a
customer you can’t reach on your own?• Do they provide
access to a higher-value customer?
Working together for the customer
Com
pany
Customer
Digital strategy
Strategy Framework
Questions?Web: timpeter.com
Phone: 201-305-0055
E-mail: [email protected]
Twitter: twitter.com/tcpeter