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A Simple Approach to Digital Strategy

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Slides from a client presentation given recently to a group of finance executives, outlining how to think about digital strategy and its relevance to their business. Works for just about any service industry in terms of thinking about digital strategy.

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A Simple Approach to Digital Strategy

  1. 1. Digital Strategy Building the Foundation for Business Success
  2. 2. Strategy is about defining your future
  3. 3. Company Customer What is digital strategy? Integrate digital into all you do Integrate all you do into digital
  4. 4. 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
  5. 5. • 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)
  6. 6. “Your margin is my opportunity.” – Jeff Bezos, CEO, Amazon
  7. 7. Disruption & Disinter- mediation
  8. 8. WSJ: “...as many as one-third of the nation's [bank] branches now may be unprofitable” © 2015 - Tim Peter & Associates
  9. 9. Strategy Framework Where are you now? Where do you want to go? What are the “walls” in your way? How will you get where you want to go?
  10. 10. 4 “P”s of marketing + 1
  11. 11. Content is, was, and always shall be king
  12. 12. 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
  13. 13. 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
  14. 14. Customer first drives business value
  15. 15. 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
  16. 16. Look to personas to understand who you’re trying to reach – why they care 17
  17. 17. Driven not by “Big Data.” But your data. • Know your customer • Competitive differentiator • Scale when ready
  18. 18. Know yourself: Play to your strengths
  19. 19. Radical Transparency
  20. 20. 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
  21. 21. We must be ruthless about differentiation •What is your company truly better at? 22
  22. 22. Use customer chatter to improve products, services and brand image
  23. 23. 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
  24. 24. What haven’t we talked about yet?
  25. 25. Because channels come last
  26. 26. 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?
  27. 27. Working together for the customer
  28. 28. Company Customer Digital strategy Integrate digital into all you do Integrate all you do into digital
  29. 29. Strategy Framework Where are you now? Where do you want to go? What are the “walls” in your way? How will you get where you want to go?
  30. 30. Questions? Web: timpeter.com Phone: 201-305-0055 E-mail: tim@timpeter.com Twitter: twitter.com/tcpeter

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