From business strategy to implementation, digital technology has become the foundation of all our actions. In simple terms, you can not afford to underestimate the digital. Despite concerns about digital challenges, only a small number of executives are addressing this critical issue, writes David McGee of PwC.
A recent PwC study found that nearly three-quarters of executives feared they could not understand and use technology to stay competitive, but less than half of them considered that in their strategy. Companies. 70% also expressed concerns about the protection of intellectual property and customer data, but only 48% considered it.
While many SMEs have addressed the structural aspect of their digital strategy, which includes concepts such as cloud computing and mobility, there has been less progress in using social media and social media. Analysis. These two areas provide tremendous opportunities to build relationships with customers and deepen their behavioral knowledge.
Digital platforms are increasingly the preferred medium for consumers in terms of entertainment, information, procurement and payment for products and services. Businesses that are not active in this area are simply left behind, and the pace of migration to digital data has grown dramatically, notably through the proliferation of Internet-enabled devices such as smartphones and tablets. ,
Social media strategy
A successful social media strategy involves not only the adoption of technology, but also rethinking. As the name implies, social media has a much greater commitment, the idea of ”entertainment” is becoming more important. Customers have the opportunity to get immediate feedback on their experiences and preferences, and the challenge for companies is to meet consumers’ needs more and more. Reputations can be lost in a heartbeat.
The opposite is true too. Companies that offer fast, high-quality services can win applause and reach new customers, as well as leverage the power of social media.
A significant advantage of operating in the digital environment is the product data level. This can be used to provide important information about customer preferences and habits. Data analysis is therefore an increasingly important field of activity. Large companies have been active in this field for many years and have understood the value of this information. When used correctly, it is not enough to provide historical and real-time data on customer trends, but it can also be a strong indicator of future customer behavior. In practice, this can influence investment decisions and marketing resources.
Data analysis should not be limited to large companies. Over time, the cost of managing this information has decreased and it is sometimes possible to outsource functions in this area to low-cost locations.
When you do one: Recognize the power of the data you receive from your customer on a daily basis, and look for a way to exploit that data.