In an increasingly digital world, having a clear and comprehensive digital strategy is vital for your business’s growth and success. A well-thought-out plan will enable you to set achievable targets, monitor progress effectively, and adjust your course as needed.
Creating a digital strategy can seem winding and complex. That’s where our Digital Strategy Roadmap guide comes in. This comprehensive guide simplifies the process for you, breaking it down into five digestible steps, and equips you with the tools you need to create an actionable and effective digital strategy roadmap, as well as dos and don’ts from our trusted partners.
In this blog post, we’ll provide a high-level overview of the 5 steps to creating a digital strategy roadmap.
TABLE OF CONTENTS
- Step 1: Setting goals
- Step 2: Defining KPIs
- Step 3: Activities & projects
- Step 4: A thematic high-level plan
- Step 5: A visual time-based roadmap
- How Vaimo can help
Step 1: Setting goals
The starting point of your roadmap is goal setting. Goals need to be specific, measurable, achievable, realistic, and time-bound (otherwise known as SMART). They should cover short-term, mid-term, and long-term targets and clearly state the baseline statistics, the future objectives, and the expected achievement timeline. These goals, whether short-term (quarterly), mid-term (annual), or long-term (2-5 years), should directly support your revenue or market share targets.
Avoid setting too few goals, making the strategy vague, or setting too many, which can obscure the focus on crucial goals. It’s also essential to define the process, communication, and ways of working that will facilitate success and growth. These goals should be reviewed every quarter to monitor progress and identify areas requiring attention. These goals need to be visible and shared across your organization to ensure everyone is aligned and working towards the same targets.
Step 2: Defining KPIs
Key Performance Indicators (KPIs) provide a way to measure the success of your goals and objectives. KPIs can provide insights on customer experience, financial performance, and operational efficiencies, among others.
KPIs should be tracked with a frequency that reflects the pace of your business – live, daily, weekly, monthly, quarterly, or bi-annually. When setting KPIs, start with your long-term objectives and then define your short-term targets. Accountability is crucial – every KPI should have an owner responsible for monitoring and achieving the set targets. Remember to be flexible, and reevaluate KPI targets periodically to ensure they are realistic and achievable.
Related reading: Ecommerce strategy 101: Choosing a platform & real KPI metrics
Step 3: Activities & projects
Once you have defined your goals and KPIs, the next step is to identify and plan activities and projects. This is usually done in two scenarios:
- No clear backlog or idea of what projects and activities are required.
- Some idea of what key projects and activities are required.
In both scenarios, the activities and projects should be validated and prioritized based on a cost-benefit analysis. This process might involve identifying gaps and opportunities in your current strategy or validating existing projects against your goals and success factors. After defining your activities, you’ll need a simple way of prioritizing them to ensure you’re focusing on the high-impact tasks first.
Step 4: A thematic high-level plan
This step involves identifying emerging themes in your activity planning, which your roadmap will be based on. These themes, like improving site performance or enhancing customer experience, should be grouped into similar activities, projects, or initiatives.
Ensure to allocate high-level budgets (in hours) towards each theme and keep some budget for maintenance (upgrades, bug fixes, security updates). This will give you a better idea of the total investment needed in each area.
Step 5: A visual time-based roadmap
The last step is to create a visual, time-based roadmap. This is your visual guide to where you’re going and how to get there. By plotting your themes and key milestones on a timeline, you can communicate your plans effectively. Your roadmap should be flexible and easy to update, catering to the ever-changing needs and objectives of your business. Be vigilant about the time allocation for bug fixing and maintenance and ensure that your roadmap isn’t hindered by these necessary activities. Also, consider what tools you should use for your roadmap. Choose one that provides a high-level view for stakeholders and detailed view for the team members executing the tasks.
How Vaimo can help
Vaimo works with retailers, brands, and manufacturers to accelerate their growth in digital experience. A fundamental aspect of this success stems from having a clear understanding of your business’s direction and the motivation behind your chosen path. We help our clients in formulating and cultivating their digital strategies across various domains, including digital commerce, content management, data management, insights, and activation. Our approach involves crafting tailored technical solutions that cater to the unique needs of each business.
A well-thought-out digital strategy roadmap is your compass in the competitive business landscape. It’s not just about setting goals or defining KPIs. It’s about bringing together all the crucial elements—goals, KPIs, activities, and visual plans—to form a coherent, flexible strategy that drives your business towards its vision. With this roadmap, you’re not just thinking about success; you’re planning for it.