Digital quotients and growth of an online business
Businesses of late have grown up to deploy digitization for a wide range of functions. To understand and derive insights from growing scale of technology usage, a workshop on Digital Darwinism by Saurabh Arora was quite helpful. (This post is like ages late, the workshop was held on Feb 27, 2015 at Adianta)
Three digital quotients that developed meaning over the session were:
- Knowledge Quotient: Term to gauge ‘Smart usage’ (statistics and algorithm based) of data about multiple parameters from the market for:
- Customizing user experience (on and off the website, digital products)
- Enhancing features/content of product or service
- Social Quotient: This is the factor behind growth in number of users. The more scope of networking among users via product/service, the better is its social quotient.
. 3. Game plan: Strategy to make money.
A look at these 3 digital quotients for enterprises in career services sector is as follows:
|HackerRank||Glassdoor||Dream See Do|
|What is it?||Profession oriented social networking service.||Platform to evaluate code on various parameters||Review companies on various parameters||Platform for career growth (learning and showcasing skills), via incentivized challenges|
|Game Plan||Charging for premium accounts, recruiter accounts, company posts and job promotions||Charging hiring managers for tech. talent.||Charging employers to showcase themselves and jobs on platform||Charging employers for talent vetted from challenge performance.|
|Social quotient||Connections, endorsements, followers, knowledge sharing via Linkedin blog||Online challenges to engage and score coders and readily use the data for hiring||Harness satisfaction or dissatisfaction as reviews and use it to onboard employees||Share the challenge steps and goal socially. Group missions & ‘Support’ feature for collaborative learning.|
|Knowledge Quotient||Pulse, Job recommendation, skill tags, count of connections, count of endorsements, % top profiles.||Score of coders and competitive rank.||Score of companies and count of reviews a company has got||Assign values to steps, goals, social involvement, punctuality, exam-results etc.|
Conclusion: As social quotient, knowledge quotient and ‘game plan’ can be quantified, it’s important that while devising product strategy, market strategy or operational strategy, indicators for these digital quotients are kept in mind. This will help to track, measure and tweak the factors affecting growth.