A digital strategy entails application of new technologies to a business activity. It is a form of strategic management that companies are adapting to keep up with digital innovation happening in the corporate world. Here are types of digital strategy your business needs to consider.

1. Platform play

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Almost a third of companies have used platform strategies to some degree. The primary goal of engaging in this strategy is redefining the sector’s value chain to enable suppliers and clients to interact directly and enjoy the benefits of network effects. The platform strategies can radically alter the manner in, which value is added in value chains. Companies ought to invest in a platform strategy that suits their industry to feel its benefits.

2. Digitally-enabled services and products

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Most companies are using digital innovation to come up with services and products with digital features. The digital features aim at meeting the changing demands of consumers. For instance, a company can integrate toothbrushes with digital guidance through Bluetooth.

3. Digital distribution channels

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Most firms these days are investing in digital distribution so that they can keep up with digital innovations. A reliable digital strategy should incorporate digital distribution channels to make it easier for clients to access services and products regardless of where they are. Thus, this is a strategy that most firms should incorporate into their systems to ensure customer satisfaction by making it easy for them to buy products and services.

4. New marginal supply

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Some already existing companies had been using digital innovation to tap into sources of supply that were previously not accessible at a minimal cost. However, combing new marginal supply with platform strategy produces the best results since it allows firms to sell used products to one another. The combination offers online reseller options for the companies’ clients.

5. Cost efficiency

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Organizations are making use digital innovation to enhance their cost efficiency, through cost scaling or automation. The cost efficiency strategy aims at survival and not coming up with a comparative advantage source. Companies are in an era of operational excellence, and each organization wants to ensure that it can excel in its operations through digital strategies.

6. Customization

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Organizations are now using digital strategies to rebundle their services and products. Each company wants to serve their existing clients well to ensure that they are satisfied with their products and services. Digital strategies enable clients to personalize services or products to their individual needs.

7. Digital interactions

The primary focus of this digital strategy is to improve customer satisfaction and cut on costs by enabling online communications. The procedure entails more straightforward websites with relevant and better information, online transactions, and use of social media. You can choose to use any of the digital strategies discussed. The choice depends on the circumstances, needs and goals of a company.