In this briefing, four UK business celebrities give digital business strategy tips. According to Julie Meyer of Ariadne Capital, digital technology is no longer a sector, but a layer which is powering high-growth. Whether it is the big corporate Goliaths, or the nimble Davids, the digital enablers are organising the business model. But digital business strategy is not just about this disruptive technological innovation where the Davids’ want to assassinate Goliath. Often the Davids need to work with the distribution, the scale, the audience, the customers of Goliath. And that represents a huge opportunity.
Digital Business Strategy : redefining business models
Think ecosystems not verticals: According to Julie Meyer what we used to refer to as verticals we’re going to be referring to ecosystems in the future. So for example, we used to refer to healthcare as a vertical but this will become a digital health ecosystem. Clever digital business strategy looks at these multi-dimensional markets and how digital enablers or start-ups are interacting with the big corporates.
Be creative: According to Jo Malone what we’re now seeing is huge corporations having tiny little flagship stores, but a huge digital network behind it. That’s why the high street is suffering, playing catch up all the time. Shops are becoming like museums. Your digital business strategy needs to be creative. We have to look differently. Digital has given us a golden ticket if we’re prepared to use it in the right way.
Shake up your industry: Sir Richard Branson firmly believes digital gives you the tools to shake up the big complacent players in your industry. There is no point building a business that is not unique. Make a difference to people’s lives!
Reduce costs: Guy Rigby believes there has never been a better time to be an entrepreneur. People have virtual offices, they can set themselves up on computers or laptops for hundreds of pounds as opposed to tens of thousands, which it used to be 10 or 20 years ago. So the opportunity for entrepreneurs has never been greater. All you’ve got to do is have a great idea, a great vision as it were and then have the strategy and the business plan to deliver it.