Don't forget the Strategy!

14 November 2022

The world of business strategy and sales has certainly changed in the last 10 years with drastic changes in the last 3 years. There are so many things to consider today when plotting a strategy and sales plan but where to even start? The last few years have certainly accelerated a few things. In just a matter of a few years many people started working from home and consuming online. Also, in a few short years companies and customers changed their buying behaviour. Customers have become online consumers, researching, finding reviews, really preparing themselves for a purchase before even talking to a company. Web 2.0 describes the current state of the internet, which has more user-generated content and usability for end-users compared to earlier days of the internet. In simple terms Web 1.0 you could email and search information, in Web 2.0 you can DM a celebrity on Twitter, there’s an enhanced user experience, users have a voice, cloud based, and AI enabled available to anyone online.

The first Web 2.0 conference was in late 2004 which is only 20 years after the Internet became public referred to as Web 1.0. 18 years later in 2022 we are knocking on the door of Web 3.0. All of this has moved quickly and is not slowing down. How to keep up with it all! It’s certainly a challenge to keep up on all the changes and trends. In just a few short years cloud technologies rapidly evolved and scaled. At the same time, we’ve seen the volatility and growth for Blockchain, Crypto, NFT emerging technologies. The challenge facing many companies today is how to maintain sales and even accelerate sales in this ever-changing landscape. To a lot of people digital is a scary word or something they’re just not familiar with. To take it a step further there’s even more uncertainty leveraging digital with the ever-increasing cybersecurity concerns. On one hand companies need to be more digital while on the other there is great concern leveraging digital. The good news, there is a lot of opportunity further embracing digital. The bad news, there are a lot of uncertainty and risk.

So many technology projects fail. If you search google there are numerous sources of surveyed technology implementation failures with stats of failures ranging from 50-70%. Take for example the data science failure rates: 85% of big data projects fail (Gartner, 2017) 87% of data science projects never make it to production (VentureBeat, 2019) “Through 2022, only 20% of analytic insights will deliver business outcomes” (Gartner, 2019).

Despite the failure rates of technology projects, a recent study by McKinsey showed that the adoption of digital technologies such as cloud, artificial intelligence and big data had sped up three to seven years in a matter of just a few months. The real opportunity lies in the ability to implement a successful digital technology project. Starting with the technology first is putting the cart before the horse. Put the horse first, the horse being strategy.