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?

Dave Carroll & United Airlines Story: 5 Ideas

Posted by kboon on January 18, 2010 under Stories | 2 Comments to Read

Dave Carroll was recently on the View (Video).   He was the musician, who was on a United Airlines flight going from Halifax to Chicago.  He saw his guitar being mishandled by baggage handlers, and when he arrived at his final destination his guitar was damaged.

After being turned down (several times) by United staff for compensation, he decided to write a song and make a video.  The video became a smash hit on YouTube and as of today has been viewed over 7 million times.

Dave harnessed the web (and the power of YouTube) to gain a worldwide audience, expand his reputation and earn money.  As business owners and entrerpreneurs, what can we learn from Dave’s experience?

Here are 5 ideas that stand out for me:

1. Be Likable – One of Dave’s best traits is his likability. When you listen to Dave’s story, watch the videos or go to his website, there is a quality that draws people to him.  Likability attracts an audience.

2. Have a Clear Message – Marketers take note.  Dave and his band were able to craft a simple, clear message that had an impact not only on the people who watched the video, but on companies who are recognizing the need to respond more proactively to customer complaints.

3. Showcase your Creative Talents – Dave (and his band) have a skill at songwriting and performing and used their skills to reach their audience.

4. Keep your Risk Low – To write the song and produce the video required time and maybe a few hundred dollars.  Not every method will work so be prepared to experiment and try a variety of approaches.

5. Diversify your Income and Opportunity – Dave and his band have been able to use this event to sell more music cds, and tour more.   He has also been able to expand his reach with paid speaking gigs and other income sources.  I like the affiliate ad for custom hard shell Calton Cases (at the bottom of his home page).

What are your thoughts?