Advancements in digital technologies have vastly changed the way, we as a society, conduct business, shop, work and essentially live our lives. From social media to e-commerce, we are connected to our mobile devices like never before. That is why businesses have had to change their approach, to resonate with an audience that prizes these digital technologies and benefit from their usability and convenience.
The realm of digital business is seemingly defined by these following words and have begun to shape the face of this generation of traditional businesses to be more focused on their online market. These are the words you may encounter when talking about digital business:
Holistic Business Optimization
Digital business essentially is taking information about a user or consumer and putting it to work for you through a holistic information approach that implements key objectives and milestones on the way to gaining sales and residual consumers.
When we talk about digital business versus digital marketing, we are talking about a fraction of the greater whole. Digital marketing is one component that falls under the umbrella that is digital business. While it is a vital component, it is still a small piece of the pie.
Digital marketing is often confused with digital business, but if you look at it from this angle, it becomes a bit clearer. Businesses can “do” digital but not be digital businesses. This means they can orchestrate social media campaigns, work with SEO and send out email blasts attracting customers, but these tactics do not embody a full digital business strategy. In order to transition from a company that does digital to a digital business, you have to get senior managers involved to create a comprehensive plan that utilizes the entire business, not just one department.
When companies undergo a digital transformation and senior management members participate in the evolution, it is important that they address these seven points.
- Know Yourself and What You Stand to Achieve
- Digital Marketplace Dynamics
- Customer Data Dynamics
- Market Position
- Engine of Growth
- Plan of Action
Achieving success on the web is not about outperforming your competitors, but rather it comes from knowing what strategies are available to the business and preparing the entire business to hit benchmarks that measure the progress to an eventual target.
Senior managers seek to answer these questions.
- In three years’ time, where will we be?
- Can we define where we are now as a digital business, and how does this compare with the market?
- What are the imperative factors needed to grow substantially on the web?
- What can be done to enhance our returns?
- What can we expect in returns?
- How can we continue to contribute to progressing forward?
Digital marketing encompasses a wide variety of tools and platforms to effectively create campaigns that will achieve the mile markers set for the business by senior leaders. These tools include social media channels, email, mobile networking, SEO, and AdWords among many others.
Digital technologies offer companies new ways to connect, collaborate, conduct business, and build bridges between people. To be highly effective, digital business strategies need to take into account business functions and ways to manage the entire organization to see effective results.
Learn about this and much more at GBSB Global Business School. An innovative business school redefining the way business is taught today.
GBSB Global’s Master in Digital Business program incorporates all facets of launching or optimizing a business in the realm of the digital world from marketing, communications, and advertising to analytics, social media, and more. As traditional brick and mortar businesses around the world continually undergo the process of digital transformation, it’s crucial now for students entering the professional world of business to possess a variety of technological competencies and understand the digital scope of business operations online.
GBSB Global’s Master in Digital Business covers a range of practical topics used in business today like:
- Social Networks
- SEO Strategies
- Web Analytics
- Mobile Marketing
- Digital Business Management
- Digital Business Marketing
This Master in Digital Business is a specialized program offered on both of our campuses in Barcelona and Madrid. With small class sizes and unique course of study that is evolving with the advancements in technology every day, the program is tailored according to the goals of each individual student and what they seek to achieve professionally.