Platform thinking to enable business strategy
Himanshi Baranwal T'18 On February 1st, 2017
From CPG to travel, and healthcare to politics, digital platform and business strategy have become inextricably linked in this day and age. Companies can leverage digital communication platforms by inculcating following tenets to meet and enhance their value and growth metrics:
Companies can harness the immense reach of digital platform and enhance their direct to customer messaging. Honda grew social buzz on twitter by 1221% by giving customers a chance to instantly win prizes simply by retweeting Honda’s message. The benefits are humongous as the messaging can be real time and can be aptly monitored as per the swiftly changing customer sentiments and demands. For instance, one could observe that how President Donald Trump’s tweets and social media reach ultimately helped him convey his messages across the nation which would not have been possible 20 years ago.
Companies should further evaluate the stickiness of their messaging on the digital communication platforms as attention is a rare commodity these days. Customers have plethora of options and access to multitude number of channels; hence customers should be able to derive quality utility in shortest amount of time from a firm’s messages. To attract Twitter crowd and to gravitate customers towards tweets, firms use tools such as Twubs, Twitterfall and many others. In healthcare arena, multiple hospitals in India indulge in showcasing their latest technologies on social platforms to increase number of patients.
Last and probably the most important aspect is converting messaging to improve tangible value metrics such as revenue, increased customer base, etc. For instance, Facebook focuses on young women (like me!) to show targeted advertisements on women clothing and lot of young women do end up buying from these sites if one focuses on the comment section of these women clothing Facebook pages.
Himanshi Baranwal T’18, is a first-year MBA student at the Tuck School of Business at Dartmouth. At Tuck, she is actively involved with the South Asian Business Association Club and Community Consulting. Prior to Tuck, Himanshi worked at a Sequoia Capital backed healthcare firm in India. Himanshi holds degree in engineering from Indian Institute of Technology Delhi.