This week Mark Zuckerberg laid out a 10-year plan for Facebook. With its 1.59 plus billion users, this will be monumental.
The 10-year plan includes messenger chatbots, live video, and virtual reality.
If Facebook is creating a 10-year plan, are you?
And if so, will it be important to include digital? The answer is, yes. Since Facebook is a digital company, it is focusing on these three digital avenues; but digital is now becoming useful to an even bigger crowd.
Why Digital Is Important
Even if you have a brick-and-mortar business, a website and having a digital strategy is key to increasing business. Since mobile Internet conversion rates are on the rise by 64 percent compared to the average desktop conversion rates (according to a CMS Report), the question is; Which digital strategy should you be using, instead of if you should be using it.
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There are four main types of digital avenues to use:
- Social Media: There are currently 2.3 billion active social media users. Facebook, Twitter, and Instagram being in the top 10 social media networking site list, has become a popular place for businesses to promote their products and services. Each site has its own effective and unique way to advertise.
- SEO: Search engine optimization techniques increase visibility and search result rankings of websites. Staying updated on new and relevant information can keep your website high on the Google search results.
- PPC: Pay-Per-Click is an advertising avenue where new consumers are brought in through advertising your business through different websites. Each time your ad is clicked, there is usually a charge; Depending on your budget you can go as high and as low with the amount of clicks to you website as you would generally like.
- Email: Email campaigns, specifically newsletters are a way to keep your current customers in the loop with what your business is doing and also keep your business on top of their minds. There are stringent email laws to abide by but nether-the-less, this can be a major way to retain and increase business.
What a Digital Strategy Can Do for Your Business
Having a digital strategy and keeping it updated with the current trends can put you a step ahead of your competitors. This can be with both marketing campaigns and new avenues for your business such as implementing a mobile website. There is always new technology waiting to be implemented and being on top of that is crucial.
Take Kindle for example, it has taken over the traditional book industry and has spurred the eBook revolution. And we can’t forget about Amazon, which has changed the way consumers shop and Alibaba which has now become the world’s largest retailer.
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How Can a 10-Year Plan Affect Your Company
Having been started 12 years ago in 2004, Facebook is implementing and publicizing their 10-year plan. Even though the company has been around for a long time, what Facebook does impacts many people, so whether the majority of its users like the new changes in their 10-year plan will be an important topic to take note of.
Similarly, if applying changes to your company is in your 10-year plan, it is best to tell your consumers ahead of time so they can prepare and also voice their opinions which will give you the opportunity to acknowledge their concerns as well as get proper feedback.
Should You Include Innovations?
Including innovations if your company can benefit from them like Facebook is doing with planes which will help give those in remote places access to the internet can be a good starting point since such innovations may take a while to even launch. Although, innovative technology can sound like a useful tool to look into, it may require much investment of time, proper resources, and new work force; so this should be given much thought prior to beginning.
Details for Your 10-Year Plan
Creating a 10-year plan can take a long time, many three year plans can take almost three weeks to make. The good thing is, you can always adjust what is in your plan if it requires. Being sure to answer the “how to’s,” such as; how it will be started, how will it be sustained, how will changes affect the company in the long run, may take much thought, but will be key to creating a suitable 10-year plan.
Keeping in mind that change is inevitable for your business, properly implementing them is important as well; many businesses will require a fast change, while others may require a slow change. This will all depend on your type of business.
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While your business may not include building a plane, any change you make may have a big impact; such as adding mobile pay. It has tripled this year and has surpassed $620 billion in spending globally. What you decide on including in your 10-year plan is unique to your business; yet making sure to include changes may be one of the most important components you can consider.