3 Factors that Define Social Media

Posted by kboon on February 23, 2010 under Business Building Strategies | 4 Comments to Read

There is barrage of hype around the term “social media”.  Everybody is writing about it, tweeting about it, spamming about it, and a lot of people are trying to determine how they use it for their business.

The other day, I mentioned social media as being a useful method to connect with customers or business partners.  My colleague politely said, “It is more hype than fact!  It really doesn’t substitute for selling or promoting your business. It’s a time waster.”

We talked a little more about about his thoughts and that was the end of it.  But the conversation made me think.

What does social media mean to me?  Do I use the term too loosely?

Social Media (in my view) is a component of a larger business strategy.

The way I see it there are 3 main factors:

1. Web Tools that enhance productivity
2. Sharing technologies to enable you to be part of a community and be in multiple places at once (leverage).
3. Communication technologies that allow you to better reach within your community.

How do you define social media?  Is there a better term?

6 Strategies to Help Your Business Catch the Digital Wave!!

Posted by kboon on February 18, 2010 under Business Building Strategies | Comments are off for this article

Technology and the Internet are driving entirely new approaches to product creation, delivery of information and promotion.  Whether you have an existing business or are starting a new one, it does require a new mindset and a little outside the box thinking.

1990’s model

Back in the old days of technology (about 20 years ago) companies would hire software programmers, employees, lease office space, create applications, manufacture cds, books and packaging.  They would then ship physical products around the world, either directly or through distributors.

Today that same business can be created through an online store with digital downloads.  No printing, no production, no shipping!  And in some cases, no employees!!

Physical versus Digital

Digital is becoming the new frontier.  Why set up a production facility when all you have to do is create content, build a website or online store, and then find innovative ways to find your customers.

While many companies struggled during the recession, Apple has showed this digital model to be profitable building a whole business around iPods, iPhones & iTunes.

The introduction of the Apple iPad and the Amazon Kindle Wireless Reading Device
are changing the way we consume information.  You think the world has changed now with Facebook and YouTube.  Just Wait!!  In the next 10 years we will all experience an entirely new way of consuming information.  And the best part for businesses – that consumption will be monetized!!!

As a business owner (large or small) you can take advantage of these trends today.

6 Digital Strategies to Help your Business Catch the Wave!

1. Software – Downloadable web software is a huge business and is growing at a fast pace.  Although there are millions of applications available the opportunities here are limitless.  Developing software applications can be as simple or complicated as you want to make it.  Bottom line is it requires a good idea and a strategy to take your product to market.
2. E-Books – E-Books were first introduced to me by one of my mentors in the blogging and marketing world – David Meerman Scott.  E-Books can be created for free as an opportunity to promote your brand or company. However there is a growing market beginning to monetize this technology.  Here is an example of an E-Book based on the free model that went viral – Marketing Apple – By Steve Chazin.
3. Video & Audio – Similar to E-books, video and audio content can be used to promote your company.  They can be complemented with ads or sponsors or can be paid subscriptions or services.  If the content is good, video content can go viral as in the case of IBM’s Tim Washer.
4. Online Stores – The technology to create an online store is so easy today.  You can sign up for a variety of programs, build your own store, or get paid a fee for directing people to another companies store (affiliate partners).
5. Affiliate Partners – In my view this technology is still very much in its infancy.  Affiliate companies pay you (the producer of web content) a fee or percentage of product sales.  This could be anything from a couple of dollars to a few hundred dollars per transaction.  There are thousands of businesses today earning lucrative incomes from affiliate partner programs.   More businesses are starting to embrace this approach as an efficient way for promoting and getting their message to customers.
6. Advertising and Sponsorship – Digital advertising, like affiliates is changing the way companies connect with customers.  Some businesses are now finding alternate income streams by having ads or sponsorships on their websites.  Again this market is destined to grow.

Becoming Creative

Most musicians today do not make money off downloads of their music.  Although iTunes is figuring out a formula so that musicians can get paid, most make their money by building their profile on the web.  They create a niche following, build fan sites on Facebook & Twitter, promote concerts and events, and more of them are learning how to sell products and merchandise on the web.

The same strategy can apply for your business.

How do you diversify your product or service?  If you sell real estate how might you use an e-Book, a blog, video or an online store?  Would an affiliate program make sense?  For every referral you receive from an affiliate you pay the web owner a small royalty fee.  How could that drive customers to your business?  Has it ever been done?  I’m not sure.

I am really excited about where my business and this website are moving.  The last month has been fantastic opportunity to connect with people all over North America.  The best is still yet to come because I am going to show you how to build a business using many of the technologies I have described.

How is your business creating income from the web?

Haiti – Bandaids, the Long-Term & Our Ability to Make Change

Posted by kboon on February 11, 2010 under General | 2 Comments to Read

The main theme of my website is to explore wealth creation.  I am interested in how we create money, both individually and collectively through our businesses and organizations.   Technology and our ability to connect, I believe have changed the playing field for creating wealth.  There are more opportunities today than ever before.

Although my main focus is around businesses and entrepreneurs, I have a passion for asking how can we improve the quality of life for the most impoverished people around the world.

A couple of weeks ago I posted some initial thoughts on how make longer term change in Haiti and in other developing nations.  It prompted response and a number of people asked that I go into more detail.

Here goes…

The Short-Term View

The aid pouring into Haiti is astounding and people (I believe) have good hearts.  The majority want to see good things happen in Haiti.  In the short-term aid helps to re-build a society and provide the necessities of the life for the people affected.  Aid organizations, construction companies, doctors and thousands of volunteers give their time to help.   I have a great respect for what these people do.

Unfortunately much of this work is like a band-aid.  It helps heal a wound but often the underlining cause of the illness is not treated.  While our efforts are genuine, our society is conditioned to think short-term.  Our government leaders hold power for 4 to 8 years and their goal is to get re-elected. A new government comes into power and they change everything the previous government created to fit their political view.

Yet countries that prosper and move forward have political leaders that create a vision that will live beyond their political term in office.

The Long-Term View

The crisis in Haiti, Africa and all of the countries of the developing world will never really find solutions until (as a global community) we start thinking long-term.  The UN says (and I quoted in my last post) over a billion people live on less than $1 a day, and 2.7 billion live on less than $2 a day.

So Haiti is not the only problem area.

The way you begin long-term thinking is to have a vision, find partners, set goals and in our technology world, build a community.  For the long-term you think beyond 1 year, a business cycle or a typical politicians 8 years in office.  You must think 20, 50 or 100 years ahead to make real change.  This means thinking beyond our own ego or personal goals, and look at the bigger picture.

If we want to create a better world, there is no one person who is going to make it happen.  It takes millions, if not billions to affect real change.

Technology, online communities and our ability to communicate have greatly enhanced our ability to get the job done.

Create a Vision, Partnerships, Goals & Accountability

The challenge with short-term aid, is it’s difficult to create a long-term outlook.  An aid organization (or construction company) goes in, does their work, might stay for while, but eventually they either leave or have to put resources into another disaster.  Don’t get me wrong the work of these organizations is critical and makes a big difference.

But what if we could give it a boost!

What about a long-term strategy where a country from the developed world (the G8 or G20) partners with a poor country.

Let me give you an example.

Let’s say Canada partnered with Haiti.  They create a 50 year agreement (from 2010 to 2060) whereby in that time both countries agree to the following:

• Free trade pact between both countries
• Canadian help, guidance and funding to help Haiti build a stable government, financial system, legal system, healthcare and education.
• Educational Exchange where the brightest minds from Haiti can attend Canadian colleges and universities
• Cultural Exchange where Haitians and Canadians can connect
• Canadian Investment and Support on Haitian economic infrastructure
• Automony for Haiti to have guidance, but ultimately make their own decisions

When you think about it a lot of factors would need to be aligned.

First the government of Haiti (and it’s people) would have to decide if they wanted this partnership.  Would it be something they could commit to?

Canadians would have to decide what’s the benefit for them?

How would cultural aspects be addressed?

The system would not work well if Haitian leaders didn’t have the best interests of their people in mind.  I’m talking about the dictators of the world and government leaders who milk money out of their citizens, buy villas in Switzerland and who don’t give a rat’s ass about the people.  This approach would require a different type of leader (or even better yet) a community of citizens committed to making their country better.

From the Canadian side it would take political leaders who looked beyond the short-term and their ability to get re-elected.  But the commitment would really come from the people of Canada to take and active interest, give their time and resources and be involved.

Someone made the comment on my last post that you can’t get governments to commit to these kind of projects.  I agree.  But I believe in our socially connected world it’s not the governments job.  As communities we can create the interest, create the demand and then bring the brightest minds together for the execution of the project.

Has it been done successfully before?  Yes.

Hong Kong – 1898 to 1997 – The 99-year lease

The world was a much different place back then.  Britain (at the height of the British Empire) took Hong Kong as a colony.  And for 99 years Britain ruled the colony helping to create legal structures and and build an economic system that thrives to this day.  One often wonders where China learned to build their own economy?  Hong Kong was a great teacher for them.

The idea is similar in the 21^st century, but I believe we can do this without colonization, war or a desire to control another country.

So what’s stopping us today?

More ideas to come and I am always interested in your comments.

6 Tips for Building a Website on a Limited Budget

Posted by kboon on February 10, 2010 under Business Building Strategies | 3 Comments to Read

Imagine you have an important business meeting.  You worked hard to get this appointment and you know this person would be a great partner for your business.  You want to make a good impression.  You take extra time to prepare for your meeting and you make sure you dress professionally and appropriately.

Chances are you wouldn’t dress in a pair of sweat pants, an old t-shirt and running shoes.

Yet many businesses dress their website this way.  Their website is an afterthought.

Website as a Central Source

Social media strategists often say, the first step to creating a social presence is to have a good website.  The main purpose of social tools like Twitter, Facebook, Linkedin and other forums is to drive people to your website.  According to the Edelman Report Barack Obama’s election team used 15 social networking sites to get the word out.  They created a central website at BarackObama.com and that had videos, blogs, calls to action, and resources that people could use and share.  (I’ll include a link to the report at the end of this post)

There are 3 components to a good website.

1. Graphics Design & Layout
2. Programming & Development
3. Usability

It can be difficult to find website design companies who have mastered all 3 of these skills.  If you do, you’re likely to pay big bucks!  IT companies will tend to hire in-house, but small businesses usually have limited budgets.

6 Ideas for Building a Website on a Budget

My website is about 3 weeks old and has been created on a small budget.  This is still a work in progress but here are some resources that I use today:

1. Wordpress – Wordpress is easy to use, includes great themes, and it’s free.
2. Netfirms – URL Registration & Hosting – Hosting is generally inexpensive
3. IstockPhoto – For low-cost images – or Flickr for free images
4. Website Grader – from Hubspot – this is a free tool that lets me grade my website for design, web usuability and Search Engine Optimization (SEO)
5. Technical & Design Support – I am not a techie so I have a friend who helps me with any coding or technical work.  Usually all it takes is an email and he can create something quickly for me.
6. Access to Communities – Accessing web communities is one of the most powerful resources I use.  With Twitter, Linkedin and a new community called Third Tribe Marketing, I can get answers to most questions, business, marketing, sales or web related.

Developing a good website is worth the time investment.

At the end of the day your website can make your day-to-day sales efforts a lot easier.

Resources:

1. Barack Obama’s Social Media Toolkit.  Here is the Edelman website.
2. Website Grader is free.  Hubspot has other free graders for Twitter, Facebook and Press Releases.

Target Markets and Adapting to Change

Posted by kboon on February 8, 2010 under Business Building Strategies | Comments are off for this article

In my last post I talked about how challenging it can be when we don’t take the time to listen or get to know our customers.

This is usually the biggest challenge we face in our businesses or jobs. Why? Because it takes time and planning.

If we are a small business the task can seem daunting. Marketing and business schools provide some simple methods to help us get started.

Market Segmentation

First to understand our target audience we need to segment into categories like age, gender, education, income, marital status, etc.   Then we segment by interests, social class, attitudes, beliefs, etc. We begin to get a picture of our what our typical customer might look like. (there is a resource link I’ll provide at the end of this post)

When we start this process it can feel a little like guess work.  But as we talk to people, get to know our audience it becomes more real and believable.

Well.ca (Canada’s Online Health and Beauty Store) has the ability to create a real picture of their customer, because they gather data when customers order. They can segment by age, gender or marital status and see trends in buying habits. They also identify new customer segments as they emerge.  They can adapt and direct their messaging towards these new markets.

Vertical Markets

Corporations will tend to split their markets into what is called “ verticals or vertical markets”. The best companies treat this work like a science. They create products or services specifically for a target market.  They design all web and marketing materials to talk directly to these customers. Sales people learn the language of their target audience.  Good sales people create buyer personas. They know what magazines, newspapers and communities their customer belongs. They listen and talk the language of their clients.

So the lesson. Regardless of the size of your business, get to know your customers. Think about their needs, interests and how your product or service might fit for them. Ask questions. When a customer buys from you, ask them, “why did you buy from me?” If someone doesn’t buy your product, keep a relationship and ask them, “why didn’t you buy from me?” Make your business a learning ground, get to know your customers and be adaptable.

Resources:

How to Find and Sell to Your Target Market - Marilyn Guille

Vertical Markets – Definitions from Wikipedia

Target Markets – Who is your Customer?

Posted by kboon on February 3, 2010 under Business Building Strategies | Comments are off for this article

A while back I was at a large business gathering.  These events are usually designed for people to meet, share ideas, network and find more business.   I met about 20 people and had some great conversations, asked a lot of questions and exchanged business cards.

There was one woman who approached me and before I could even tell her what I do, she started selling me.  “You need these marketing and print materials and let me tell you we also offer design services …. Blah, blah, blah”  I tuned out.  She was determined to sell me.  We talked for a little longer but she did 99% of the talking.  After a few minutes I found a convenient excuse to get away (my beer glass was empty) and I left the conversation.

By 8am the next morning there was an email (from her) in my inbox telling me how her great products would save me money and be just what I needed to get more customers.

She assumed that I needed to save money or get more customers?

She never even asked me a question?

This is a challenge for many business entrepreneurs and sales people.  We get locked into a mindset that we need to sell.  I have done this myself.  I’ll tell a prospect what I do (an elevator pitch) and then they will comment back, “we don’t do it that way”.  And then I find myself back peddling and saying, “oh no but we can also do this… blah, blah, blah”.   Damn!  I’ve lost them and I lost my credibility because I was trying to sell when I should have been listening and developing a relationship.

When I work with clients I ask three questions:

• Who is your typical customer?
• Could you describe them to me (buyer persona)?
• What is your target market?

These questions can be difficult to answer.  I also believe they change as you get know your business, your customer and as market conditions change.  Often a client will say, “well everybody could use what I offer?” I’ll say, “Hang on!  Let’s step back!  Everyone?  Does your product cost money?”  ”Yes?” “Oh!  So you need people with money?”  Yes!

That’s a target market!  At least it’s a start.  I’ll then work with them to find ways to narrow it down even further.

In a future post I will give some examples of how to define your target market and identify your buyer persona.   Or better yet, if you have a business where you would like to run through this exercise, then connect here in the comments area, on Twitter or Linkedin.

7 Questions to Ask About your Business

Posted by kboon on February 2, 2010 under Business Building Strategies | Comments are off for this article

In the last few weeks I have made some great new connections within the business community, both online and in-person.  I generally like to ask a lot of questions because I want to get to know the person and understand their business.

There is usually a common theme that evolves.

Most businesses are looking for answers to the following questions:

1. What are my target market and who is my customer?
2. What is the right product or service for my business?
3. How do I create an effective website?
4. How do I monetize my business?
5. What are the best ways for reaching customers?
6. How do I tap into new markets and grow my business?
7. How do I manage my time?

Over the next few weeks I plan to go into more depth with each of these topics.

If there are other questions let me know by commenting or connecting with me on Twitter or Linkedin.