Digital Strategy - Retail and Consumer Products
The future is digital. The pace and power of technological change has never been greater, driving the disruption of — as well as opportunities for — leading businesses today. But while most organizations have beefed up their investment in technology, few have a holistic or well-articulated digital strategy to carry them into the future.
At L.E.K. Consulting, we see “digital” as more than just technology. Digital means engaging customers better and operating smarter. We are experts in building holistic, growth-oriented and actionable digital strategies for every kind of business.
Our digital strategy work often includes:
- A digital diagnosis of organizational status and readiness
- A clear assessment of consumer digital behavior and needs
- Articulation of a digital vision and goals
- Design of an optimal digital sales strategy, including an omnichannel strategy
- An integrated plan to build the key capabilities and products to close your digital gaps
A strong digital strategy is the key to winning the future. Are you ready?
The right digital strategy depends on your capabilities, goals and position in the market. We urge our clients to ask the following questions:
- Where do we stand in terms of digital capabilities and offerings today? How organizationally ready are we for change? What would a “digital health check” reveal?
- How do our customers use digital tools and channels today? How would they like to in the future?
- Where do we have opportunities to use digital technology to drive our business (e.g., brand awareness and engagement, marketing automation, consumer experience, dynamic pricing, digital sales tools, ecommerce, data capture and analytics, organizational and operational efficiencies, etc.)?
- What should be our “digital vision” and guiding principles (e.g., brand building versus commercial assets/activities)?
- How should we approach and arrange our owned digital assets in relation to our digital partners and the broader digital ecosystem?
- What is our plan to build the digital capabilities and assets required, close the gaps we have, and activate the strategy?
Regardless of where you stand today and what your goals are, we have the expertise and insight to help you make a step change in your ability to compete and win in the digital world.
L.E.K. has helped many clients develop a robust digital strategy.
National specialty goods retailer: This client’s ability to deliver the integrated store and digital experience expected by customers was hindered by a delayed digital investment, organizational silos and a lack of real-time visibility into buyer data. L.E.K. helped the client articulate a digital innovation vision that put the customer at the heart of interactions with four key imperatives: (1) a single view of the customer, (2) personalized promotions, (3) unified customer service and (4) a seamless customer experience. Next, L.E.K. collaboratively developed a set of actionable initiatives to drive the transition and built consensus to restructure the organization around customer centricity. Finally, L.E.K. guided the implementation via the development of a holistic roadmap.
Leading durable goods brand: For a leading home goods brand conglomerate, L.E.K. developed the vision, strategy and supporting case to create a new direct-to-consumer online brand and business unit. In order to ensure the company’s continued relevance with millennials and as a defensive measure against disruptive upstarts, L.E.K.’s analysis dictated a distinct business unit with its own brand and commercial functions, decision autonomy, and financials — a major break from the status quo. L.E.K. further outlined the key digital tools and content through which the brand would drive stronger direct relationships with end consumers. Finally, L.E.K. developed a detailed roadmap to build out and staff the new business unit.
Global apparel brand: L.E.K. helped transform a global apparel brand into a leader in digital marketing and ecommerce. Together with senior management, L.E.K. articulated a digital vision for the brand and transformation business case, with a clear view as to the role of each channel and optimal levels of spend across marketing. With a far more compelling ecommerce experience, improved direct marketing and search, and planned new capabilities such as click and collect, the initiative successfully migrated customers from paper to digital and reignited growth.