HOW TO BUILD A SUCCESSFUL DIGITAL BUSINESS

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Starting a digital business takes less time and doesn't require heavy investment in physical assets such as office space or inventory. Due to the availability of various free SaaS tools, building a digital business has only become easier.

Digital business is changing the way organizations use technology, moving it from a supporting role to a leading player in innovation and productivity. It represents a revolution; the digital revolution, an essential switch that can transform companies greatly. Below are some steps to set up a successful digital business.

#1. Prepare a detailed business plan

A comprehensive business plan is important to start any business. Your business plan should outline what your business is about, who's going to lead it, what your goals and vision are and how you plan to achieve them. Include details about your financing plans, marketing strategies, target customers and unique value proposition. Also mention which digital initiatives you plan to implement to meet your goals. For instance, if you're planning to start an ed-tech business, mention which technologies e.g AI, you'll use to build the digital platform and deliver the right courses to students.

#2. Create a digital strategy for your new business

A strategy is a document that explains why and how you plan to reach your goals. Creating a brand story i.e a story that explains why your business exist), developing buyer personas, and designing customer journey maps are some steps to building your digital strategy. Your strategy document should also explain how you plan to use technology to reach out to potential customers and manage operations. Align your strategy with your business goals to get maximum leverage, and evaluate it regularly to ensure it reflects the latest market trends and predictions.

#3. Digitize your operations

Businesses who have not embraced automation, cloud computing and mobile enablement will not be able to remain relevant in this ever changing marketplace. By implementing digitization strategists, companies can improve accessibility and facilitate better information exchange for staff and users and increase efficiency and productivity. Digitisation can give your business a competitive advantage and improving the efficiency of processes and quality.

#4. Create the right mindset

To set up a successful digital business, business leaders must think of technology in a proactive way and focusing on competitive advantage. Companies must identify the resources they need to create an ecosystem that can help developing successful projects. For that reason, it is fundamental to develop an experimental mindset. Bear in mind that digital business should not be considered an IT program and should instead become an enterprise mindset with digital expertise spread across the organization.

#5. Build a strong digital core using the right tech tools



Successful digital businesses invest in tech solutions that are scalable, flexible and help adapt to the changing IT landscape. This helps create a strong digital core, which includes IT infrastructure that positions your business for long-term growth. Thus, invest in the right technology and tools to build a successful online business. 

Main tools you'll need to build your digital business are:

  • Business website: Your website is most likely the first place customers will check when searching for more info about your business.

  • Social media: You can't do without social media presence today. Your customers and prospects will use social media platforms such as Facebook and Instagram to share their experiences with your brand and to connect with you for complaints, suggestions and other needs.

  • eCommerce website: If you're into selling products, having an eCommerce website is necessary. Ensure your eCommerce website supports a variety of e-payment methods.

  • Mobile capabilities: Having a mobile optimized website or a mobile app will make it easier for customers to reach out to you. 

  • Digital tools for internal use: You'll need various software tools, including CRM, sales enablement, messaging and marketing automation platforms to automate your business workflows and communicate internally as well as with clients.

  • Emerging technologies: Embracing technologies such as IoT, artificial intelligence, blockchain and augmented or virtual reality will help your digital business stand out from others and be better prepared to meet future customer demands and market trends.

#6. Hire, train and retain digital talent

It's not easy to hire talent with core digital skills such as cloud computing, machine learning, analytics and automation. According to a report, there's stiff competition among employers to hire employees with skills in DevOps, cloud, automation, data management, cybersecurity and customer experience. Hiring employees with the digital skills you need to build and run your business must therefore be one of your priorities.

#7. Measure the success of your digital model and innovate it continuously

The digital space is ever so dynamic. If you don't adapt quickly to its changes, you may fall behind. To keep abreast of developments, read tech blogs, attend events and conferences and network with peers among others. Also evaluate your digital business model regularly against industry and market changes. Accordingly, adjust your strategy and the way you operate to leverage emerging market trends and grow quickly.

The points given are not limited. Feel free to add additional points on our comment section.


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Written by: Antony Moturi


DJ | Social Media Specialist | Online Marketer | Content Creator | Sound Engineer

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