The blog will give you an integrative overview of each of the Five Principles of Digital Business Strategy. To succeed in a modern and innovative marketplace all the seven traits should be adopted to win in this field.
Five principles of digital business strategy are listed below for your career prospects.
- Know yourself
- Know your customer
- Competition
- Resources
- Engine of growth
The ambition of a business is distinct from its vision, mission, and values. A business vision outlines where a company wants to be. It communicates both the purpose and values of the business. You must have a clear idea of what our business’s ambition is—an idea of what we actually want to see happen upon the execution of the digital business strategies we create. We derive our unique value proposition not from what we believe our customers should think, nor from how we believe our customers should value our products and services.
- Know your Customer
With the spread of Internet technology into every facet of life, people are gaining information and performing tasks in very different ways. Customers are coming to the Internet with a specific task in mind, and they are researching products, prices, and providers for themselves. It is the task-based activity that we must explore if we are to know our customers, business providers to become very focused on the customer experience and to capture different users at the moment that they are attempting to perform a specific task.
- Competition
You must understand digital marketplace dynamics and be well-informed about the competition in this media marketing business. We must know who the big players are in the marketplace, what size they are, and what momentum and acceleration they have, if any. We must then look at what force we have available to counter the bigger players and assess whether the market spoils available to us are enough to warrant the fight.
- Resources
The key aspects of “adaptive capabilities” have been heavily focused upon as a key resource in the digitized economy. Adaptive capabilities are essentially those that are anticipatory in nature. In today’s digitized economy, many companies are challenged in having competency sets within the company, including at the level of leaders, which allow for such new opportunities to be defined, exploited, or indeed transformed
- Engine of Growth
The Engine of Growth is, simply put, the defined play or series of plays we need to make to move from our current position to the desired position. An Authority business grows faster than an Advocacy business and an Attention business only grows when it can acquire new customers at a price less than the gross margin of the deal.
Well-planning and being focused to explore innovation are essential to thriving in digital business. Follow the tactics provided above to prove your mettle in the market world.
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