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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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