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?

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.

AdWords & AdSense – How Google Opened up the Internet

Posted by kboon on January 21, 2010 under General | Comments are off for this article

In the late 90s, companies saw the Internet as a powerful communications tool, but many found earning money (direct cash) illusive.  By the time of the “dot-com boom” the common thought was, “build a website and they will come”.

We soon learned as the “dot-com meltdown” taught us, it wasn’t that simple.

Over the past 10 years companies and entrerpreneurs have become smarter.  We are realizing that success on the web comes from a variety of factors, one of which is a good website.  Communities do not grow on their own.  Establishing two-way communication, building relationships, developing trust and finding ways to be found (SEO), are essential to being success.

I’ll talk more about all of these topics in futures posts.

Google’s biggest achievement, I believe (besides search & rankings) has been to find a creative way of connecting Advertisers with producers of web content.  Their AdWords and AdSense programs have brought the Internet together connecting buyers and sellers.  The majority of Google’s revenue comes from ads.  Millions of companies use AdWords, which provides inexpensive, targeted advertising based on the search terms that you and I enter into Google.

AdSense on the other hand, has been used by producers of web content from blogs, and websites as a means of to provide income.  For every click on your website, you get paid a few pennies.    PlentyofFish.com used this method to earn millions of dollars, however not all web producers are lucky enough to have that volume of web traffic.

From what I hear most Adsense subscribers don’t see much revenue.  Many prefer affiliate programs or some means of paid sponsorship on their site.

My question is:

What are your thoughts on Google ads?

Have you used the Adwords program for your business?

Do you use Google Ads (Adsense) on your website?

Do you feel this business model is sustainable for Google?  How should they innovate?

Feel free to comment or connect with me on Twitter with any thoughts or ideas.