Business Strategy Success Secrets for Digital Entrepreneurs

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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
Email
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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