OEP3 Business Strategy for Digital Entrepreneurs
August 12, 2020
We are discussing a complete business framework for Digital Entrepreneurs. Have you designed your digital business? What are you missing or what have you left out? Listen to this episode to find out!
OEP 3 Business Strategy for Digital Entrepreneurs
If you want to be a successful Digital Entrepreneur, you pretty well have to rip up that expensive MBA!
I know I have one!
Typical Business Model
- Based on Military Organisation
- Origins? WW1
- Adopted by business in the 1920s onwards
Digital Business
- Totally Different
- Cellular
- Flat
- Close to Clients and Influencers
Instead of creating a physical business process from suppliers through to customers
Need to create a virtual Digital business process
Michael Porter’s Competitive Advantage
- Cost Leadership
- Differential Strategy
- Focus Strategy
Digital Businesses focus on Differentiation
- Competing for Time and Attention
- Providing Thought Leadership
- Pull not a Push Model
Prahalad and Hamel (1990) - Core Competencies -> Core Products
Digital Entrepreneurs need to develop competence in key digital skills and understand how they integrate
Key Components to a Digital Business Strategy
- Business Strategy for Digital Entrepreneurs
- Set Business Objectives
- Revenues
- Customers
- Rate of Growth
- Profitability
Identify Product Offering
- Digital
- Information
- eCommerce
Product Pricing
- Payment Plans
- Bonuses
- Guarantees
Define Audience
Avatar
Who is your product for?
Do not sell to everybody
Product Creation
- Who?
- Outsource?
- Hosting?
- Design?
- Branding
Product Launch
- Launch collateral - video, scripts, images
- Testimonials - social proof
- Affiliate sales network
Website Setup
- Landing Pages
- Members Areas
- Shopping Cart
- Affiliate Programme
- Test everything!
Content Plan
- Product Content
- Marketing Content
- Expert Positioning
- Guest Content
Timetable
- Organise timetable
- Product and Content
- Cart Open
- Cart Close
- Follow up
Programme Delivery
- Interaction
- Respond to questions
- Follow up with Affiliates
- Get feedback from customers
Online Sales and Marketing
Sales and Marketing process is very different
Develop and nurture your audience
Key Steps
- Content Platform
- Organic Traffic
- Social Media Marketing
- Paid Ads
- Analytics
Content Platforms
- Blog - harness your content
- Social Media - match platform to your audience
- Lead Pages
Capture Organic Traffic
- Lead Magnets
- List Building - develop authority with email campaigns
- Optimise with Search Engine Optimisation (SEO)
Social Media Marketing
- Attention marketing
- Top of Funnel
- Know Me, Like Me, Trust Me, Pay Me, Evangelise Me!
- Business Strategy for Digital Entrepreneurs
- Paid Ads
- Faster traffic growth
- Facebook, Google, Youtube
Analytics
- Work out what works!
- What is converting?
- A/B Testing
Build Funnel
- Optimise all pages
- A/B Test
- Measure and improve
Calls to Action
- Every step must lead to the next one
- Clear instructions what to do next
- Links and leads - make your intentions clear
- Make the process simple - One Click!
Summarise
- Digital Strategy in the 21st Century is totally different to the past
- Much closer to your customer
- Global Access but Global Competition
- Most valuable commodity is now Time
- Attention span? <10 seconds!
Optimistic Entrepreneur
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