Not having a digital strategy will lead to uncertain strategic goals of what you want to achieve online in terms of gaining new customers or building deeper relationships with existing ones. And if you don’t have goals you likely don’t put enough resources to reach the goals and you don’t evaluate through analytics whether you’re achieving those goals.
You will gain a greater understanding of your online market share
Customer demand for online services may be underestimated if you haven”t researched this. Perhaps more importantly you won’t understand your online marketplace: the dynamics will be different to traditional channels with different types of customer profile and behaviour, competitors, propositions and options for marketing communications.
Existing and start-up competitors will gain market share
If you’re not devoting enough resources to digital marketing or you’re using an ad-hoc approach with no clearly defined strategies, then your competitors might gain market share.
You will have a powerful online value proposition
A clearly defined online customer value proposition will help you differentiate your online service encouraging existing and new customers to engage initially and stay loyal.
You will get to know your online customers
It’s often said that digital is the “most measureable medium ever”. But Google Analytics and similar will only tell you volumes not sentiment. You need to use other forms of website user feedback tools to identify your weakpoints and then address them.
The cost/benefit issue
Insufficient resources will be devoted to both planning and executing e-marketing and there is likely to be a lack of specific specialist e-marketing skills which will make it difficult to respond to competitive threats effectively.
Even if you do have sufficient resources they may get wasted. This is particularly the case in larger companies where you see different parts of the marketing organization purchasing different tools or using different agencies for performing similar online marketing tasks.
You’ will be more agile
If you look at the top online brands like Amazon, Dell, Google, Tesco, Zappos, they’re all dynamic – trialing new approaches to gain or keep their online audiences.
Every company with a website will have analytics, but many senior managers don’t ensure that their teams make or have the time to review and act on them. Once a strategy enables you to get the basics right, then you can progress to continuous improvement of the key aspects like search marketing, site user experience, email and social media marketing.