First published in Marketing Today, the Canadian Home Builder’s Association (CHBA) member e-newsletter, January 2015.

Building the Foundations of Your Company’s Digital Strategy

The digital realm can identify both opportunities (new revenue streams, distribution channels, and operational efficiencies) and threats (shifting customer behaviors, higher service expectations, decreased asset utilization). So much so that, actually determining your company’s digital strategy can feel overwhelming. Don’t let it.

Instead, think of it this way: “Digital strategy is the process of identifying, articulating and executing on digital opportunities that will increase your organization’s competitive advantage.”

Digital strategy leads to competitive advantage

Think of digital as your company’s chance to create value that no other business is capable of. To succeed at digital, there are six process areas – the Six Dimensions of Digital Maturity – your company will need to address as you tackle digital:

1. Your human resources: Who are the people who will help plan and execute your digital initiatives?
2. Your technology resources: Which technologies will your business need to use to implement your digital initiatives?
3. Your data strategy: Data is an output of digital and the differentiator from its offline equivalent, allowing you to drive continuous improvement in your processes. What is your plan for leveraging its available insights?
4. Your content strategy: Digital demands that companies produce content efficiently and accurately across multiple platforms and channels. Are you ready?
5. Your channel strategy: Which channels – for marketing, transactions, distribution – can you realistically support, in a sustained, profitable way?
6. Your social business strategy: Prospects and customers assume your ability to interact and collaborate – are you prepared for the transparency that will result?

Next, assess your company’s capabilities in each dimension. What are your strengths? Where are the gaps? What steps can you take this quarter? Where should your capabilities be this time next year? What will be your competitive (digital) advantage?

To help you get traction, we developed a self-assessment tool; a way to score your company’s digital efforts. The lower your score, the more opportunity there is to improve. The higher your score, the more you have optimized a given digital process. Interested in learning more? Take our dStrategy Digital Maturity Benchmark Survey to add your insights.

The result? You have a more concrete idea about where to prioritize digital efforts and investment. Once you have your scores, you can “map” your results to visualize a digital maturity road map. Stop feeling overwhelmed and begin building your company’s digital foundations today.