Digital connectedness dominates the customer experience. As digital customers, we use devices, functioning in a myriad of ways to research, shop and purchase basic necessities, including consumer healthcare products like sunscreen, vitamins and toothpaste.
To be successful in this rapidly evolving marketplace, consumer healthcare companies must make digital investments now or risk missing their top-line growth objective. According to a Customer and Channel Management Survey, online commerce is predicted to account for 10 to 30% of total consumer product growth in the next 5 years, which equates to around $15 to 50 billion.
Brands and businesses are dependent on the creation and implementation of sophisticated, connected digital services in full support of consumer buying experiences and decisions. Brands must tailor strategies to consumers who are demanding simplicity, flexibility, and immediacy.
There are 3 core digital strategies that should be addressed to ensure brand and company success:
1. Fast, smart and actionable data must drive digital brand strategy
Big data is overwhelming and most organization struggle to use it effectively. Fast-and-smart-data is the solution. Fast data applies big data analytics to smaller data sets in real time. The aim is to mine data quickly and uncover actionable information for companies and brands to enhance their customer experience.
2. Digital disruption via the right channels at the right time enhances the customer experience and brand uptake
Streamline the customer experience using actionable data to create digital relationships making sure to use an omni-channel approach. Consumers research and experience products through every conceivable communication channel, and brands must provide these consumers with relevant product information to support purchase decisions.
3. Commit to digital through investment of time, money and resources to create, assess and adjust strategy
Leading companies and brands are rewriting their strategies to dominate and win in digital spaces. They are working in lockstep with consumer cross-channel behavior to create bold, tightly integrated digital strategies. This takes commitment, expertise and dedication to winning in the digital landscape. Companies with poor or nonexistent digital capabilities result in brands missing out on a huge opportunity to engage with consumers.
Brand success and market position lie in the ability to embrace and adapt to the rapidly evolving digital landscape. Be bold, be innovative, and reap the brand rewards.
We'll be discussing the topic of digital connectedness in health at the NVTC Capital Health Tech Summit, Patient Experience panel session, May 10 in Fairfax, Virginia. If you'd like to join us, you can find the registration information here.
i also invite you to download our white paper, Consumer Health: Winning in the digital landscape.