Most digital strategies don’t reflect how digital is changing economic fundamentals, industry dynamics, or what it means to compete. In the past, when companies witnessed rising levels of uncertainty and volatility in their industry, a perfectly rational strategic response was to observe for a little while, letting others incur the costs of experimentation and then moving as the dust settled.
To maximize the value of technology investments, operate with agility, predict and respond to customer and employee needs, remain competitive, and drive shareholder value, companies should fuse together separate business and technology strategies into a single unified strategy.
Rarely open to the public, trade shows give companies the chance to establish or strengthen relationships with key industry partners, customers and prospects; identify market trends and opportunities; and, gain an understanding of what their competition is offering in the market.
Because it costs approximately ten times as much, to first locate and then sell to a new customer as it does an existing one (although these costs are rarely reflected in the cost of sales), it is essential that we fully develop our existing accounts working upwards, downwards and sideways, thus making the most of the (hopefully) excellent reputation we have developed already.
TheÂ strategyÂ willÂ beÂ ready to “go to market” only after it validates with a quantitative business model. This is because it is from these strategies that you can get more people to know your brand and thus, attract more customers. There are four generic strategies that are used to help organizations establish a competitive advantage over industry rivals.