2 Minute Read

The digital age is here—and it’s shaping industry market landscapes, competitors, and customers worldwide. It is essential to understand how digital is impacting us and how we can leverage digital to impact others. But it is equally critical to remain strategic in making decisions about what role digital tactics should play in our organizations. There is a challenge in striking a balance between embracing digital strategy and differentiating yourself from it.

While keeping up with technology and trends is crucial to staying afloat with competitors, it is important to keep sight of your mission and vision to ensure these strategies are complementing your brand. Digital strategy is not “one size fits all.” So who and what should you consider when developing a digital strategy? Your Competitors- Of course you always want to be looking around the corner to see what your competitors are doing and how they are doing it. How effective is their strategy? What is working? What is not? While these are all good questions to ask, it is also important to recognize the restructuring of the market landscape that is occurring with digital—the new players. The barriers to entry have changed significantly in light of the digital age. Not only are we seeing more and more new players, but established market entrants coming from other sectors.

The digital age is making it much easier for companies to build up additional services and offerings at a much faster pace, as well as publicize them almost instantly, so be sure to incorporate this into your strategy and considerations. Your Customers- Who are your customers and how do they respond to the digital world? Recognizing your customer base now and evaluating where it’s headed will help determine how you should approach your digital footprint. An Amazon will and should have a much different approach than an A1 Cleaners. The key takeaway is to know your customer and understand what best fits them when exploring digital strategy. Yourself- Technologies and strategies are constantly changing, but your mission, vision, and values are not. Use this to your benefit. Digital strategy is meant to enhance who you are as a company and where you want to be, not change it.

So when developing a digital strategy, ensure it is complementing your brand’s story. There are countless ways to approach this, so get creative. The digital age is fast-moving and exciting. Engage with your company, your customers, and your industry to embrace digitization and use it to your advantage. This week, Cipher will be attending the Innovation Enterprise’s Digital Strategy Innovation Summit: Content, Digital ROI & Platform Integration in New York City, joining some of the world’s most innovative companies in the realm of digital strategy.

Be sure to stop by Cipher’s booth at the Summit- we hope to see you there! Start a conversation with Cipher today to learn how we can help your company navigate this and other complex industries. Learn more by emailing us at info@cipher-sys.com or visiting our website www.cipher-sys.com.