Gennaro Cuofano's Blog, page 220
August 27, 2019
6 Crucial Tips for Your E-Commerce Business
This is a sponsored post which passed all our quality guidelines as it adds a lot of value to the FourWeekMBA community. Enjoy!
It’s every business owner’s dream to say “Business is booming” at least once in their life. “It’s going well” or “We’ve been growing” are nice things to say, but they don’t have the same effect as “booming”.
It’s exploding, uncontrollable, growth is out the window, we’re swimming in gold!
Saying that your business is booming is much easier than making sure you’re business is actually booming. Reaching that wonderful threshold takes time, effort, dedication, and sometimes a little bit of good fortune.
For those that run businesses online or are thinking about opening up an online store, making your business boom can be a bit tricky. There’s plenty of competition, both locally and nationally, to compete with.
There are plenty of tips on how to effectively marketing your e-commerce business and we’ve gathered some of the most important ones here.
Have an Effective Website
The first step into having a successful e-commerce business is making sure you have an effective website. While your mind may be drifting to design and logos, you first need to come up with a domain name.
Your domain name is important because it’s going to be how people remember your website. Having one that is overly long or complicated isn’t doing anyone any favors. Make it simple and business-centric. Your website is going to be the first impression people have about your business and we all know that first impressions are always important.
Once you have your website set up, make sure it’s easy to use and simple to navigate. This will not only help your user experience but will also help build up your SEO. Having an easy to navigate website means no dead links or reroutes, which ultimately lower your ranking.
Make it Mobile
In 2018, roughly 40% of all online purchases were done from a smartphone. 80% of smartphone users purchased something with their phone. That’s a lot of purchases all being done from our small little wonder machines.
As an e-commerce business, you need to optimize your website to make it mobile-friendlyNo one has ever enjoyed zooming in and out on links to try and find what they want and frankly, no one is going to start enjoying it either.
Make it navigable, functional, and simple to use.
Build Up Your SEO
Having your website buried to the second page of Google is essentially sentencing it to internet death. You want your website to rank high, being one of the first businesses that catch people’s eyes.
Just like an effective marketing strategy, you’re going to need an effective SEO strategy as well. One of the best strategies to take is ensuring your website loads quickly. A spinning wheel is a way to lower your rankings and have consumers exit out of your website before they’re even on the homepage.
Next, you’ll want to make sure you’re building your website’s description with effective keywords. Keywords are exactly like they sound; words that are key to your business and make it relevant to people’s searches.
One great tool to use is Google Keyword Planner, which will help rank the most effective words to use for your business. Creating effective descriptions goes a long way in making sure your business is noticed and found by others.
Be Up Front About Costs
No customer wants to feel like they’ve been bamboozled when making a purchase, so that’s why your website needs to be upfront about costs and one of the top things you should be marketing.
Surprise shipping fees or extra taxes are a surefire way to have someone abandon their cart and have them heading elsewhere.
Be sure to mention these details in any email campaigns or advertisements throughout your website.
Embrace Reviews
Reviews can be scary. You need them, but at the same time, what happens if they’re negative? Those 2-3 line posts from internet strangers can ruin your business before it even gets off the ground.
When it comes to reviews, you should be encouraging people to review everything, from your business as a whole to certain products. The more reviews you have, the more legitimate your website looks and the more likely people are to use your services and purchase your items.
In addition, you can respond to any negative reviews to help them solve the situation or thank people for their positive ones. It’s always nice to be able to interact with customers and clients.
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Source: pixelpoynt
Social Media
It’s no secret that social media is king for many. It’s where people do everything from messaging their friends, saving photos, and making plans. But social media can be much more than that. It’s also where plenty of people are shopping, looking up businesses, looking for jobs, and even creating businesses.
Since your business is on the internet, you need to be advertising on the internet as well. Make a social media page so people can find you easily. Publish regular content, like promotions or deals on your page.
One of the most effective marketing strategies is partnering with an influencer. It’s a win all around. The influencer gets paid, you put your product in front of thousands of new consumers, and the consumers get a small discount for going through the influencer’s post.
There are lots of creative ways social media can help grow your e-commerce business, and it’s quite cost-effective to make sure you’re investigating or brainstorming your way to social media marketing success.
Other business resources:
What Is a Business Model? 30 Successful Types of Business Models You Need to Know
The Complete Guide To Business Development
Business Strategy: Definition, Examples, And Case Studies
What Is a Business Model Canvas? Business Model Canvas Explained
Blitzscaling Business Model Innovation Canvas In A Nutshell
What Is a Value Proposition? Value Proposition Canvas Explained
What Is a Lean Startup Canvas? Lean Startup Canvas Explained
What Is Market Segmentation? the Ultimate Guide to Market Segmentation
Marketing Strategy: Definition, Types, And Examples
Marketing vs. Sales: How to Use Sales Processes to Grow Your Business
How To Write A Mission Statement
What is Growth Hacking?
Growth Hacking Canvas: A Glance At The Tools To Generate Growth Ideas
The post 6 Crucial Tips for Your E-Commerce Business appeared first on FourWeekMBA.
August 26, 2019
Sales Strategies To Make Your Company Successful
Selling is hard. I wish I could tell you the opposite.
That is why I’m not surprised that salespeople, like so much motivational quotes, speeches, and self-help books.
When I first resigned as a financial analyst in my previous life; I figured that I’d build a digital business which in a couple of months would start making six figures until I realized how hard it was to push sales and distribution.
A few years into it and a few things are now clear to me.
Many people associate sales with tricking, manipulating, or lying.
There are out there many fake gurus claiming to make you the most talented salesperson in the world.
In reality, selling is hard work, which requires consistency, organization, and planning.
Once you have these qualities, the rest is about perspective.
Finding the right angle which makes your offering compelling.
Thus, in this article, I want to highlight a few critical elements that can enhance your sales strategy.
It took me years to internalize the fact that sales and distribution are key elements to make your business successful.
And tweaking your product so that it fits your customers’ need is actually one of those things that make a huge difference.
The first two things might sound basic, but you might be surprised of how many people miss these.
Let’s get into that!
Work on volume
There is no such thing as a full pipeline.
One of the things that most madden me (as a business person, as in life I’m usually quite calm) is when I hear at company’s meetings “our pipeline is doing well!.”
An experienced sales professional knows that things are pretty volatile. And the more you manage complex deals and contracts, with higher budgets and more people involved. The more the dates to close that same contract might vary from a few weeks to a few months.
Therefore, the smart salesperson is always working through the pipeline.
When the time arrives to focus on closing and pushing in critical contracts, that is the number one priority.
However, the top of the funnel should never stop. There should always be a continuous flow of leads ready to be processed.
Sales is also number game. You can work on becoming the most fascinating, charming person in the world.
But if your timing is wrong, the person on the other side doesn’t like you, your company’s value proposition is not aligned with the potential customer or partner, there is no charm that will work in that moment.
The timing will come for you to close the deal. And when it does you better be fast. But for the moment, you need to work on having your pipeline always full.
Tip: Choose and pick a channel that works for your business. For instance, LinkedIn is a good place to start for B2B. You find the full guide here.
Follow-up
Once you have your pipeline full, make sure to follow-up.
Closing a large contract might take a few months, but if you make sure to have your contacts organized so that you won’t miss them in a few months, that is an excellent advantage.
That’s because, in the short-term, your offering might not align with the potential client due to timing, short-term budget constraints, internal misalignment, which require time to pass through.
In that period rather than see that as an obstacle, you can organize your agenda to make sure you update your contacts by time to time.
You don’t need sophisticated tools or particular automation, a simple agenda, and a change in perspective will do.
You need to see the time it takes to close the deal as a way to build a relationship with the future customer.
Tip: Make sure to follow-up periodically with potential customers. Don’t be boring. You can use simple tools like Streak to remind you and set follow-ups at specific dates. When you do follow-up you might want to update the person on the other side about current development which might interest to them (for instance product updates that make in the past, they showed interest for). But also to keep up to date with what they are working next.
Now that we’ve seen two essential things that will improve your sales but imply a lot of pushing and hard work.
Let’s see some other elements that do require hard work, but over time will pay off.
Let your name resonate
If the person on the other hand already knows and appreciates the company you work for, or she heard about your work (for instance if you published an interesting update) that makes it easy to kick off the conversation.
That is why marketing and sales need to work hand in hand.
If people are aware of your brand, then there is no pitching, just closing.
That might seem obvious. Yet if you are only working on pushing and pushing but you’re not amplifying your brand it’s very hard that your sales strategy would become scalable.
Tip: If you’re just working on reaching out potential prospects. Start thinking about ways to build your personal brand. Or to leverage your company’s brand. For instance, by having an allocated budget for experiments that can help you better prospecting.
Give options
This is the most important element which we’ll see from several perspectives.
In general, I think there are two kinds of sales strategies you can implement.
You either position your product and service as the top of the line, thus limiting options, creating real scarcity (unlike fake gurus who say this is for a few people and they try to sell it to anyone) thus reducing the number of people you accept or by creating limited editions.
This logic is well known in the luxury industry, where empires that incorporate luxury brands like LVMH and Kering have mastered the art of manufacturing desire.
However, for how large those companies might get, a luxury giant like Prada made about three billion euros in revenues in 2017 (about $3.3 billion), H&M in 2018 made twenty-one billion, so almost ten times that.
If you want to build a brand which is closer to a luxury company, you want to look at limiting options.
But if you want to build a business that scales, you need to create options.
Product variety
One way to enhance your sales is to have more products. Just like on Amazon, you can find any item you might desire, making sure to have a variety of products can help you bring in different types of customers.
Beware, it doesn’t mean a lack of focus. If you have a specific niche, you want to make sure you’re among the shops in the world where people can find the greatest variety of products around that niche.
That will work not only as a sales hack that will bring more customers.
But it will also work as a brand enhancer, as you might be seen as the top and most comprehensive shop on that vertical.
That also applies to digital businesses.
Pricing models and tiers
People have different priorities.
Some like to spend more but also want to be sure to get the best and all the features and characteristics that a product and service might offer.
Some others like having things which are less expensive even if that implies missing out on other aspects of your product.
Think of the case of software, where a customer is willing to buy it without any support.
And think in the opposite case where a customer wants to buy only if continuous support is provided.
Having pricing tiers that differentiate the product and service can make a big difference.
The most important thing is to make the pricing tier as clear as possible. And make sure that your product and service basic functionalities can be worked on also without any support.
In case they don’t this strategy might backlash, as those customers purchasing at a lower pricing tier, but without support, might be disappointed about the service.
In that scenario, limiting the pricing tiers make more sense.
Repackaging
Coca-Cola and Pepsi might be sugary waters (that is what presumably Steve Jobs called Pepsi when speaking to former Pepsi CEO, Sculley to convince him to join Apple) but they know how to distribute their products.
And distribution is a crucial element for any company’s success. And when it comes to distribution, there is a simple hack that can enhance it: repackaging.
In the last decade, you might have noticed that in the markets around the world, you might have noticed how Coca-Cola and Pepsi cans got smaller and smaller.
That is not by chance; they make more money by doing that.
Not only they can reduce the serving, thus attracting more customers, especially those with dietary concerns. But they can charge more for the same volume of the drink.
You can apply this principle to any product or service, be it physical or digital.
Going back to software offered as a service, make sure to create several tiers that break down the essential components of your service.
Tip: Whether you have a physical or digital product, make sure to repackage it and test what tiers and package types work best. That works with anything, also content. Don’t assume that people like to read shorter or longer form of content. Test them out and give them options.
Key takeaways
Selling is hard, and it is mostly a mixture of push and pull strategies.
For those that are trying to teach you how to become the master closer or the next Wolf of Wall Street, I’ll leave it up to Martin Scorsese.
Sales require a lot of repetition, consistency, and organization.
All things which might sound boring (they are) but are the bare minimum to succeed at sales.
The rest is about amplifying your brand and creating options.
Of course, there are many sales strategies you can implement.
In this article, we’ve seen my perspective on the topic.
Other business resources:
What Is a Business Model? 30 Successful Types of Business Models You Need to Know
The Complete Guide To Business Development
Business Strategy: Definition, Examples, And Case Studies
What Is a Business Model Canvas? Business Model Canvas Explained
Blitzscaling Business Model Innovation Canvas In A Nutshell
What Is a Value Proposition? Value Proposition Canvas Explained
What Is a Lean Startup Canvas? Lean Startup Canvas Explained
What Is Market Segmentation? the Ultimate Guide to Market Segmentation
Marketing Strategy: Definition, Types, And Examples
Marketing vs. Sales: How to Use Sales Processes to Grow Your Business
How To Write A Mission Statement
What is Growth Hacking?
Growth Hacking Canvas: A Glance At The Tools To Generate Growth Ideas
The post Sales Strategies To Make Your Company Successful appeared first on FourWeekMBA.
What Is GAFA? Inside The Multi-Platform Ecosystem That Dominates The World
GAFA is an acronym for Google, Apple, Facebook, and Amazon. Those companies emerged in the 2010s as the most powerful American tech companies.
It seems that the term GAFA had become extremely popular when France’s publishers and media started to use the term to mean the tech monopolists that control a large chunk of global digital information and markets.
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As of 2017, over ninety billion dollars, which consisted of 86% of Google’s revenues came from advertising networks. The remaining fraction (about 13%) came from Apps, Google Cloud, and Hardware. While a bit more than 1% came from bets like Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X.
Read: Google Business Model and Google Business Strategy
Amazon
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Amazon has a diversified business model. In 2018, online stores contributed to nearly 52% of Amazon revenues, followed by Physical Stores, Third-party Seller Services, AWS, Subscription Services, and Advertising revenues.
Read: Amazon Business Model and Amazon Business Strategy
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Facebook makes money with an advertising business model. Almost all the revenue comes from targeted advertising. Indeed, Facebook revenue breakdown in 2018 was:
Advertising (over 98% of revenues): it primarily consists of displaying ad products on Facebook, Instagram, Messenger, and third-party
Payments and other fees (less than 2% of total revenues): it consists of the net fee received from developers using Payments infrastructure or revenue from the delivery of virtual reality platform devices and others
Read: Facebook Business Model and Facebook Business Strategy
Apple
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When looking at the Apple Business Model, it is easy to assume that it is solely a product company, which sells devices that are beautifully crafted. However, there would have been no success for the Mac without its OS operating system. There would not have been iPod success without iTunes. And no success for iPhones without the Apple Store.
Read: Apple Business Model and Apple Business Strategy
Other business resources:
What Is a Business Model? 30 Successful Types of Business Models You Need to Know
The Complete Guide To Business Development
Business Strategy: Definition, Examples, And Case Studies
What Is a Business Model Canvas? Business Model Canvas Explained
Blitzscaling Business Model Innovation Canvas In A Nutshell
What Is a Value Proposition? Value Proposition Canvas Explained
What Is a Lean Startup Canvas? Lean Startup Canvas Explained
What Is Market Segmentation? the Ultimate Guide to Market Segmentation
Marketing Strategy: Definition, Types, And Examples
Marketing vs. Sales: How to Use Sales Processes to Grow Your Business
How To Write A Mission Statement
What is Growth Hacking?
Growth Hacking Canvas: A Glance At The Tools To Generate Growth Ideas
The post What Is GAFA? Inside The Multi-Platform Ecosystem That Dominates The World appeared first on FourWeekMBA.
August 24, 2019
10 Actionable Content Marketing Tips for Digital Entrepreneurs In 2019
Are you disappointed by the interminable hours you spend writing quality content, editing, checking and rechecking it, and yet not being able to garner a response you feel your hard work deserves?
After giving up so much of your time and effort, you surely deserve to feel that roaring and cheering audience praising you and being able to measure their pleasure through the sounds of their claps, even if in your mind, you deserve it!
However, if this is not happening, there must be something which is lacking, which isn’t quite adding up, right? This is where we hop in to help you identify the piece that joins perfectly in the puzzle to give you the result you desire.
First and foremost, you should never forget that there is cut-throat competition out there.
You are not alone in this quest for excellence and success, which means your quality content is probably heaped up, or even struggling to squeeze out from under the mountain of content by various entrepreneurs, people in business, and other marketers who are striving for a name as much as you are.
Some of them might be well ahead of you in the game!
You don’t need to lose heart. There is a way by which you ramp up your game strategy. You can design actionable content to boost your rankings and claim your success.
By creating actionable content, you give the audience what they want and add value to their knowledge. It is a fantastic and fruitful way to earn the spotlight through gaining confidence and trust of your audience.
You get them something different and valuable rather than feeding them with the usual boring and useless information.
You might get away with it with some corner niches but definitely not in the competitive ones like technology, gaming, and laptops.
You’d have the top-line content marketing strategy in place to up your game and dominate your competition and make it up to the SERP and other traffic channels of course.
Before we introduce you to some of the best and useful actionable content marketing tips, let’s first understand what content marketing is.
What is Content Marketing
To make all the mind-boggling definitions, you might across on the internet comprehendible, Content marketing is basically creating content that drives traffic in huge numbers to your website. You can get new customers, sell your products along with fueling brand awareness in the audience.
Internet is brimming to the seams with the content of different types for different purposes which the content marketing makes more official.
How Can Content Marketing Help?
Content marketing provides business with ample opportunity to flourish. Throughout any businesses lifespan, content serves as life support. Content marketing aids in:
More Visits to The Page
Quality content gets more views since it attracts people through invaluable knowledge. This, in turn, gets more traffic to your site.
More Brand Awareness
If your content has weight and meaning, it does a lot in spreading more about your brand. Increased brand awareness means you gain popularity and more clients.
Beneficial for SEO
SEO breathes in good content. The fresher and high-quality of the content you deliver, the more lucrative and productive the SEO will be. Content marketing is cheaper compared to outbound marketing, yet gets your three times more profit.
Now we can get to some of the best actionable content marketing tips, lift your spirits, it’s time to teach you how to get noticed for all the excellent work you do.
Fruitful Content Marketing Tips for Entrepreneurs
Start From A Content Marketing Plan
Starting anything without a clear plan of what you aim to achieve gets you nowhere. The best execution happens when you have drafted a plan for yourself and you one by one follow it to get to the top.
Get into the details to have a clear insight into the topic. Know what you plan to do, who is your target audience, how can you attract their attention, is your content sitting well with the marketing goals or not. All these questions require deliberation in the begin, this clears your vision, and you are better able to see ahead.
Be Clear and Straightforward
You should be precise with your words as nobody stays on a website for long to go through all the unnecessary information. Everybody skims to get straight to the point they are looking for. This doesn’t mean you just write off a sentence and conclude your topic. You must be skilled to know how to keep the reader hooked to your content so that he/she keeps on reading. Make it simple yet comprehensive at the same time.
The Topic Should not Be Time-Bound
Writing about something which is no longer in demand is useless. If you pick a topic which has lost its charm and there are no frantic searches by people, you are wasting your efforts. You should always select a topic which is evergreen and is never getting old such as health-related or laptops and gadgets.
Imagine eating the same food daily even for a week, and you would hear your inside screaming for a change. Similarly, take a topic which never fades with time, but make sure you bring in new changes. This way, your content is always relevant and has the freshness of a newly concocted mouth-watering dish.
Ramp Up Your Media Tactics
Visually appealing content is able to sustain the attention of readers. You should make use of pictures or videos. However, the ground rule is, your video and image should be justifying or bridging your content to another relevant point. Don’t just cram the page with images or videos that have to relate to the content.
Your Content Should Be A Solution
Since you are marketing to reach to the users, you should be thinking about them while crafting the content marketing strategy too. Imagine being in the user’s shoes and the questions or queries that you would want an answer for, this way you will have a more profound connection with your readers since you will be able to reach their hearts and minds.
You will have a more comfortable time designing the content with a better understanding of what and how others perceive a thing.
Guide Leads Through Your Content Into Sales
Content has the power to reach your business goals. However, you should have the smartness to turn it around in your favor. It is because of this strength of content that B2B marketers spend heavily on content marketing. Make it interesting, concise, comprehensive, and useful to drive leads.
Use Guest posting
Despite the feeling of despair for writing for others, you must understand, that through guest posting, you get the ranking you want. It’s a give and take, and we have to live by the rules whether we want to or not. Look for authoritative websites that match your niche and send quality content.
Using Influencers To Increase Brand Value
Something that comes from the revered influencers has more weight. You can approach someone who might be interested in what you are offering, your brand value, and your ideas. A single quote or a saying form an influencer can top up your rankings many folds.
Strong Call-to-Actions
CTA’s are crucial for content marketing. You have to push people into doing something. Therefore, you have to come up with a marketing strategy where your content should be strong enough to get likes, and you have to ASK them to like it. You have to ask for subscription by creating a strong CTA to encourage people to sign-up. By giving in offers, you can give them a perfect incentive!
Walk Parallel With the MarketPlace
These are fast times, with things changing and evolving in an eye blinks pace. The market is similarly growing and undergoing constant change. Make sure you do not fall behind!
Key Takeaway
Content marketing is a superb method to grow your business. You become an expert in your niche, you sell your product, you have valuable input in the business world, and finally, no matter what your goal is, the whole learning process and execution opens up doors for future digital marketing success.
Business resources:
What Is a Business Model? 30 Successful Types of Business Models You Need to Know
The Complete Guide To Business Development
Business Strategy: Definition, Examples, And Case Studies
What Is a Business Model Canvas? Business Model Canvas Explained
Blitzscaling Business Model Innovation Canvas In A Nutshell
What Is a Value Proposition? Value Proposition Canvas Explained
What Is a Lean Startup Canvas? Lean Startup Canvas Explained
What Is Market Segmentation? the Ultimate Guide to Market Segmentation
Marketing Strategy: Definition, Types, And Examples
Marketing vs. Sales: How to Use Sales Processes to Grow Your Business
How To Write A Mission Statement
What is Growth Hacking?
Growth Hacking Canvas: A Glance At The Tools To Generate Growth Ideas
The post 10 Actionable Content Marketing Tips for Digital Entrepreneurs In 2019 appeared first on FourWeekMBA.
August 22, 2019
Strategic Analysis: Definition, Tools, And Examples
Strategic analysis is a process to understand the organization’s environment and competitive landscape to formulate informed business decisions.
Let’s look at some of the strategic tools you can use to improve your business decision-making process.
Business model canvas
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The business model canvas aims to provide a keen understanding of your business model to provide strategic insights about your customers, product/service, and financial structure;
so that you can make better business decisions.
Blitzscaling canvas
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In this article, I’ll focus on the Blitzscaling business model canvas. This is a model based on the concept of Blitzscaling.
That is a particular process of massive growth under uncertainty, and that prioritizes speed over efficiency. It focuses on market domination to create a first-scaler advantage in a scenario of uncertainty.
Pretotyping
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Pretotyping is a mixture of the words “pretend” and “prototype,” and it is a methodology used to validate business ideas to improve the chances of building a product or service that people want.
The pretotyping methodology comes from Alberto Savoia’s work summarized in the book “The Right It: Why So Many Ideas Fail and How to Make Sure Yours Succeed.”
This framework is a mixture of the words “pretend” and “prototype,” and it helps to answer such questions (about the product or service to build) as: Would I use it? How, how often, and when would I use it? Would other people buy it? How much would they be willing to pay for it? How, how often, and when would they use it?
Value innovation and blue ocean strategy
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A blue ocean is a strategy where the boundaries of existing markets are redefined, and new uncontested markets are created.
At its core, there is value innovation, for which uncontested markets are created, where competition is made irrelevant. And the cost-value trade-off is broken.
Thus, companies following a blue ocean strategy offer much more value at a lower cost for the end customers.
Growth hacking process
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Growth hacking is a process of rapid experimentation, coupled with the understanding of the whole funnel, where marketing, product, data analysis, and engineering work together to achieve rapid growth.
The growth hacking process goes through four key stages of analyzing, ideating, prioritizing, and testing.
Pirate metrics
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Venture capitalist, Dave McClure, coined the acronym AARRR which is a simplified model that enables to understand what metrics and channels to look at. At each stage for the users’ path toward becoming customers and referrers of a brand.
Engines of growth
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In the Lean Startup, Eric Ries defined the engine of growth as “the mechanism that startups use to achieve sustainable growth.”
He described sustainable growth as following a simple rule, “new customers come from the actions of past customers.”
The three engines of growth are the sticky engine, the viral engine, and the paid engine. Each of those can be measured and tracked by a few key metrics, and it helps plan your strategic moves.
RTVN model
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The RTVN model is a straightforward framework that can help you design a business model when you’re at the very early stage of figuring out what you need to make it succeed.
Sales cycle
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A sales cycle is the process that your company takes to sell your services and products.
In simple words, it’s a series of steps that your sales reps need to go through with prospects that lead up to a closed sale.
Planning ahead of time the steps your sales team needs to take to close a big contract can help you grow the revenues for your business.
Comparable analysis
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A comparable company analysis is a process that enables the identification of similar organizations to be used as a comparison to understand the business and financial performance of the target company.
To find comparables, you can look at two key profiles: the business and economic profile. From the comparable company analysis, it is possible to understand the competitive landscape of the target organization.
Porter’s five forces
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Porter’s Five Forces is a model that helps organizations to gain a better understanding of their industries and competition.
It was published for the first time by Professor Michael Porter in his book “Competitive Strategy” in the 1980s.
The model breaks down industries and markets by analyzing them through five forces which you can use to have a first assessment of the market you’re in.
Aida model
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AIDA stands for attention, interest, desire, and action. This is a model which is used in marketing to describe the potential journey a customer might go through, before purchasing a product or service. Variation of the AIDA model is the CAB model and the AIDCAS model.
PESTEL analysis
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The PESTEL analysis is a framework that can help marketers assess whether macro-economic factors are affecting an organization.
This is a critical step that helps organizations identify potential threats and weaknesses. That can be used in other frameworks such as SWOT or to gain a broader and better understanding of the overall marketing environment.
Technology adoption curve
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The technology adoption curve is a model which goes through five stages. Each of those stages (innovators, early adopters, early majority, late majority, and laggard) has a specific psychographic that makes that group of people ready to adopt a tech product.
This simple concept can help you define the right target for your business strategy.
Business model essence
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A Business Model Essence, according to FourWeekMBA, is a way to find the critical characteristics of any business to have a clear understanding of that business in a few sentences.
That can be used to analyze existing businesses. Or to draft your Business Model and keep a strategic and execution focus on the key elements to be implemented in the short-medium term.
FourWeekMBA business model framework
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An effective business model has to focus on two dimensions: the people dimension and the financial dimension. The people dimension will allow you to build a product or service that is 10X better than existing ones and a solid brand.
The financial dimension will help you develop proper distribution channels by identifying the people that are willing to pay for your product or service and make it financially sustainable in the long run.
TAM, SAM, and SOM
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Understanding your TAM, SAM and SOM can help you navigate the market you’re in and to have a laser focus on the market you can reach with your product and service.
Other business resources:
What Is a Business Model? 30 Successful Types of Business Models You Need to Know
The Complete Guide To Business Development
Business Strategy: Definition, Examples, And Case Studies
What Is a Business Model Canvas? Business Model Canvas Explained
Blitzscaling Business Model Innovation Canvas In A Nutshell
What Is a Value Proposition? Value Proposition Canvas Explained
What Is a Lean Startup Canvas? Lean Startup Canvas Explained
What Is Market Segmentation? the Ultimate Guide to Market Segmentation
Marketing Strategy: Definition, Types, And Examples
Marketing vs. Sales: How to Use Sales Processes to Grow Your Business
How To Write A Mission Statement
What is Growth Hacking?
Growth Hacking Canvas: A Glance At The Tools To Generate Growth Ideas
The post Strategic Analysis: Definition, Tools, And Examples appeared first on FourWeekMBA.
How Traditional Organizations Leveraged On Digital Transformation
Digital transformation or DX is a manner of transforming a business model and organizational processes, activities, strategies, models, and competencies into changes and opportunities that involve anything digital and associated with anything related to technology.
In simpler terms, digital transformation is an organization’s way of going paperless, not entirely abandoning traditional methods, but rather, adapting and depending more on digital processes. Now, there are a lot of digital transformation examples ranging from tools, case studies, companies, gadgets, software, and applications.
Today, while some companies are either failing or having a hard time integrating digital transformation into their businesses, some are also thriving.
In fact, lots of traditional-based organizations long before the digital age has been entirely introduced are now welcoming digital transformation with arms wide open.
Their leadership and status have not once hindered them to fully embrace new possibilities, opportunities, and areas of growth through technology.
As many businesses strive for success amidst the presence of competition, these organizations that have adopted digital transformation have eventually found ways on how to gain more competitive advantage and continuously leverage customer experience.
With that, here are some companies that reaped great rewards upon using digital transformation.
New York Times
Years and years ago, upon hopping on a train during rush hour down Manhattan, you would probably witness a pool of crowd, with each person’s nose buried on to newspapers as they read daily updates and the latest news.
However, today, instead of newspapers, you’d notice people’s attention glued to their mobile phones, smart tablets, etc.
As technology continues to grow and develop over time, so does the media industry. However, at first, most people didn’t like what technology was doing towards the media sector.
Basically, the digital age started killing the said industry as print newspaper revenue dropped from 60 billion dollars to 20 billion over the past 15 years or so.
In spite of that, the New York Times managed to see technology and the digital world as an opportunity to grow and accelerate its competitive edge. With that, the company decided it was time to produce online content and implement subscription models or options.
[image error]
This allowed the company to deliver high-quality journalism through digital content continuously. Being in the business for over 167 years, the New York Times has never viewed technology as a threat, but rather an opportunity or area of growth and innovation. Truth be told, the company’s way of pushing DX forward actually worked.
In 2017, reports say that the New York Times garnered almost 500 million dollars in merely digital income, which is far greater than any other digital income of varying, leading publications.
Disneyland Parks
Disneyland is definitely not a princess or a damsel in distress that needs saving. However, due to the constant changes in society and technology today, it’s best if the company takes the time to improve through impressive digital transformation efforts and processes.
Today, Disneyland parks now have Internet of Things (IoT) sensors and RFIDs used in the entire park. Guests who attend and visit Disney World are given “magical bands” with RFID technology, which are used to make their entire stay at the park a lot more magical.
These MagicBands can serve as payment, hotel room keys, and ride tickets. On top of all that, the MagicBands also helps Disney collect data, which they can use for further improvement and innovation to leverage customer experience.
Walmart
Small or startup retail companies are now beginning to drop like flies. With that, it’s only a matter of time before bigger retails are taken down by Amazon. I’m talking about Target, Best Buy, Home Depot, and Walmart.
However, over the past years, Walmart seems to be doing so much better than the rest, being able to take action rather than just sitting on the sidelines and wait for something that’s never going to happen.
Today, Walmart continues to make efforts in competing against Amazon as the company tries to improve its online policies and other processes. On top of that, Walmart also constantly seeks to develop and enhance its mobile app, enabling customers to be assisted by a virtual store assistant upon ticking off items from their list via a store map.
According to Harvard Business Review, Walmart is now becoming a “digital winner” as it constantly builds and improves in the e-commerce sector while also leading digital innovations and improvements as compared to other traditional retail companies.
Domino’s Pizza
Listening to clients’ feedback and welcoming digital changes have got to be the reason as to why Domino’s Pizza has finally passed through its long-time rival, which is Pizza Hut. With that, it’s no surprise that Domino’s sales today mostly come from its digital channels.
Nowadays, Domino’s Pizza is known as “an e-commerce company that happens to sell pizza.” This is because of the business’s willingness and determination to shift from old processes into new, digital ones.
Today, Dom the Pizza bot allows customers to customize and order their pizza through whichever [digital] channel they choose (Domino’s mobile app, Slack, Facebook Messenger, Twitter, Google Assistant, Alexa, and Smart TVs). As a result, customer experience is improved as it becomes more fun and seamless.
Wrapping Up
In summary, these companies are indeed growing businesses leaning towards digital efforts and strategies that are going to make other organizations and enterprises alike run for their clients’ money.
In today’s digital era, it’s quite impossible not to depend on technology, especially if your customers expect more from you more than ever. The real question here is: are you willing to shift from old, traditional strategies and processes to modern, digital ones that could help your company reap great rewards and climb the ladder of success?
Read next: Breaking Down Digital Transformation With David L. Rogers
Other business resources:
What Is a Business Model? 30 Successful Types of Business Models You Need to Know
The Complete Guide To Business Development
Business Strategy: Definition, Examples, And Case Studies
What Is a Business Model Canvas? Business Model Canvas Explained
Blitzscaling Business Model Innovation Canvas In A Nutshell
What Is a Value Proposition? Value Proposition Canvas Explained
What Is a Lean Startup Canvas? Lean Startup Canvas Explained
What Is Market Segmentation? the Ultimate Guide to Market Segmentation
Marketing Strategy: Definition, Types, And Examples
Marketing vs. Sales: How to Use Sales Processes to Grow Your Business
How To Write A Mission Statement
What is Growth Hacking?
Growth Hacking Canvas: A Glance At The Tools To Generate Growth Ideas
The post How Traditional Organizations Leveraged On Digital Transformation appeared first on FourWeekMBA.
How To Grow Your Digital Business With This Content Marketing Process In 2019
Growing a blog is hard work but not impossible. In this post, I want to show you a few tweaks to hack the growth of your blog. The baseline is always great content!
Fasten your seatbelt because we’re ready to take off!
Pick the perfect title
Journalists know that the title can make or break an article. It doesn’t matter how good it is what you wrote if none will open it none will read it! For how trivial that might sound, this is even truer for blog posts. With over a billion websites and over four million blog posts; the title is a great shortcut for our brain to make sense of the clutter.
To make your headline catchy, sticky but also good from the SEO perspective then there are a few factors to take into account. The main ones are,
Is your title emotional? For instance, invoking good or bad emotions can be a powerful way to have people read your stuff.
Is the title short? Too long would be bad for SEO. Plus none will know it. The right length would be around 55 characters.
What are the first and last three words? In fact, apparently, when people skim content they look the first and final part of the title.
Are there keywords in it? Those keywords are not only meant to make your content read by search engines but to capture the searchers’ intention
In other words, it has to be:
Emotional
Short but meaningful
Focused on first and last three words
Searchable
How to meet all those standards without hassling too much on it?
Simple, use CoSchedule Headline Analyser
That is what I did to pick the title for this blog post. Therefore, if you did open it, it may be thanks to it!
For instance, I initially picked up a title,
As you can see my score wasn’t that bad; However, I wanted to make it a bit better because it was too long and not as catchy as I wanted it to be!
I tried several headlines, and my score got worse,
Until I got the title, I was looking for!
Can you do better?
Make your blog the fastest in town
With the staggering growth of content on the web, the demand for it seems to be growing at a slower pace compared to the offer. In other words, there is so much content out there that it becomes impossible to consume it all.
Therefore, when you do find what you were looking for you finally click on it, but the site is so slow that you eventually give up! That is even worse for mobile users.
For instance, on average if your website takes more than three seconds to load you might lose up to 40% of your users! That can make or break your business. Thus, there’s no surprise that site speed is one of the most important factors for optimizing your blog.
Good news is you can now improve the speed of your site up to 30/40% in a few minutes and with no costs. Go on and check your speed performance, as I did.
I went to check my PageSpeed with Google Developers Tools, and that is what I got,
As you can see my site didn’t pass the test; Although not that bad from the desktop, it was bad on mobile. I can’t imagine how much traffic I lost due to that. How could I solve that? Google gives you some suggestions to make your website lighter, therefore faster.
Yet I didn’t want to spend too much time on it. In short, I was looking for a quick and efficient way to improve the speed of my website right on. I figured that the most important factor affecting the speed of the website is your Media folder.
That’s right! How many times did you unconsciously upload very large images? Well, now those images are burdening your site speed. It is time to compress them.
No problem though, I got the solution!
So I figured I could solve this issue very quickly through a WordPress plugin. That is called WP Smush. I uploaded directly from my WP website, installed it and activated it,
Then into the Media folder, I clicked on check images and started to compress them
After a few minutes, the compression was completed, and I had just saved almost one-hundred sixty megabytes in pictures. That’s impressive!
I checked my site speed again. I was impressed. My desktop speed went from 83 to 88. Ok not bad. What about mobile speed?
As you can see with this tweak alone, my mobile speed increased by over 30%, from 60 to 80!
That is how my website went from Sloth to Swift in the blink of an eye.
Time to optimize your images
When you write a blog post you often use images, right? We know for a fact that our brain loves pictures.
They are a faster and more effective way to communicate a thought, emotion and inspire action! Yet for how cool the image you picked for your blog post if search engines won’t understand it they won’t read it.
The consequence is that your content will be only in part read by search engines which are the intermediaries between your blog and your audience. How to solve this impasse? Use the alt attribute.
That attribute is crucial because it describes what the image is about in the context of your blog, or article. Now adding the alt attribute is not hard but time-consuming. For instance, if you add an image to your blog you will have to add the alt attribute manually as I did on this picture,
You can partially automate this process by installing a plugin called Format Media Titles.
If there’s a title for that image, the plugin will automatically save the alt attribute, which will make your image optimization faster and more efficient.
Target Google‘s featured snippet
If you’re familiar with basic SEO, you know what a keyword is. In short, each time a user searches for something on the web it does so through a search engine’s box, like Google‘s
Until not long ago when search engines scanned your page (in SEO lingo called crawling) most of what they saw was based on keywords. Therefore, the more keywords you stuffed into your page, the more you would show up in the search, which in the SEO world is called ranking.
Yet things changed dramatically when a few years ago Google updated its algorithm. The algorithm now looks more at context and the semantics behind the content you write rather than matching simple keywords.
Also, common wisdom in the past would tell you to rank for short keywords (for instance “blogging”). Those keywords while can bring you traffic won’t bring you conversions.
Therefore, if your objective is to bring more customers, you might want to change focus and look for long-tail keywords. A long-tail keyword is simply a very specific query of a user. An example? A question!
Also, addressing a specific question of a user a great way to convert that into a customer. Where do you find those long-tail keywords?
You can find them through a tool called Anwer The Public.
That is what I did. I digited “blog” and selected my target country, US:
I got 158 questions users have about “blog.”
Those questions have organized in clusters. Now I can use them to optimize my content by focusing on the specific pain-points my target has.
With those questions, I can also target Google’s featured snippet,
If you want to know more about how to get your snippet read the post I wrote on Search Engine People:
Use data to build effective CTAs
The adage says “Ask, and you shall receive.” This saying is true in life like in marketing. In fact, CTAs (call to actions) are a powerful tool to prompt your audience to take action. For instance, you can use them to inspire your audience to subscribe, purchase or just click through. How does a call to action look like?
Source: vieodesign.com
As you can see a call to action makes it easier for the users to go toward a particular objective that you set beforehand. Yet the most effective way to use CTAs is to A/B test them. In short, you will have two versions of a CTA (for instance, one button is blue, the other red) and see what converts more. There are several free tools to A/B test your CTAs. For this blog, I use Hello Bar.
For instance, my goal is to get more subscribers. I’m A/B testing my CTA,
As you can see in the first CTA, there’s “join us!” in the second “subscribe.” Therefore, when landing on my homepage, some users will see the first version, while some others will see the second. It’s still too early to say what’s best. I will wait for at least a thousand view on each to say what’s best. For now, the latter version is performing better.
All it takes is to register there for free, create an account and follow the instructions. In a few minutes, you’ll have your A/B test ready!
Key steps for the first part
Growing a blog requires a lot of hard work. Yet there are a few tweaks you can implement to grow it fast and effectively. I showed you how:
pick the best titles
make your site fast
optimize your images
convert users into customers
and A/B test your call to actions
Guide to syndicate your content
The truth is no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and no computer network will change the way government works.
How far from today’s reality does this statement sound? Would you say that who stated the above was a fool?
Yet that is what astronomer, author, and teacher Clifford Stoll said in his Newsweek’s interview on 2/27/95!
Yet before judging and feeling smart about yourself, I want you to take a step back. We were in 1995, the internet is still a marginal phenomenon, which was growing incredibly fast, but less than 1% of the world population was connected to the web.
Of course, it easy to see what’s in front of us today. It is easy to assume where the web is going. According to Internet Live Stats, more than 3.5bln people are connected to the web. Which means that over 40% of the world population is on the web!
The growth of the web was so wide and wild that none could have predicted how it would have looked like. To have a feel about it take a look at the graph below from Internet Live Stats!
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Yet there is an even more staggering stat that any blogger should be aware of. If you launched a blog or website in 1995, you could potentially reach about 45million users (that was the world wide web population in that year).
“Cool” you may think, “I am better off today!“
Yet you would be dead wrong!
Why? Even though you could only reach 45million internet users, there were only 23,500 existing websites. In short, in 1995 there were about 1,908 per website!
If you just said to yourself “Ok, not a big deal!” you have to keep reading!
As of 2015, the world-wide-web population has grown to over 3bln people.
Yet the numbers of websites/blogs has grown exponentially too.
In the same year, there were well over 800k websites.
This means that in 2015 each website had only 3.7 users!
Is blogging dead? Let’s see…
By looking at those stats it easy to conclude that blogging is dead.
But is that really the case?
I don’t think so!
Blogging is still a great tool to reach an audience.
Yet while a few years ago, blogging alone was enough, that is no longer the case.
In short, in order to make your online business successful, you must think it like an ecosystem, where blogging fits your overall business strategy.
In other words, if you want to succeed in online business you have to use your blog strategically.
The time of “I will blog and see what happens” is over!
Blogging entails that you set an editorial strategy.
I know it may sound too much, but if you stay with me for the length of this article you will comprehend why you need to treat blogging seriously.
Before we dive into it, let me give you a visual hook of how your online business ecosystem should look like,
[image error]
Blogging is the trigger, from which your online business cascade will fall.
The process that I am going to show you is pretty simple.
First, set up an editorial calendar.
Second, build the social platform, which will work as an amplifier.
Third, test what works.
Fourth, upgrade the most successful blog posts/articles to create a series of info-products (ebooks, online courses, webinars, and videos) around what your audience deemed useful.
Fifth, organize your first meetup!
At the end of this process, you will rinse and repeat!
Step 1: Start with an editorial strategy!
Making content go viral is not an easy task. Yet we can optimize the process of content creation and improve our chances of having that content go viral.
How?
As Aristotle already found out in 350 B.C. you have to leverage on:
Ethos (ethical appeal)
Pathos (emotions)
Logos (appeal to our rational mind)
We can put Aristotle’s teachings in a framework that Jonah Berger built in his “Six STEPPS,”
Social Currency (would your article make people look smart by sharing it?)
Triggers (are you writing about something that is interesting?)
Emotion (will your content arouse your audience?)
Public (is it getting shared enough?)
Practical Value (is it useful?)
Stories (do you have a narrative attached to it?)
Although we are going to use this framework as a reference throughout this guide, our objective isn’t necessarily to go viral.
Rather we want to make sure the content we are creating will have three main features:
Usefulness (is there a niche market for it?)
Upgradability (can we create other content around it?)
Non-perishability (what is its shelf-life?)
Practically speaking this framework translates in few simple steps.
Usefulness
How do we determine whether what we are going to write will be useful?
The concept of usefulness needs to be extremely targeted. We are not trying to be celebrities. We don’t want unneeded visibility. We are building a business!
Therefore, we are going to find a problem and a group of people with that problem.
To find a problem, we have to find a pain point that a group of people has (your niche).
Therefore, problem + small group of individuals = potential niche
Upgradability
The greatest lie ever told about content is to think of it as a fixed, never changing asset. Yet content itself can be reused and repurposed in several ways.
In other words, once you have picked a topic that is relevant to a small group of people, that content one day could become an e-book, a YouTube video, or a short webinar.
The question is, will the content you are creating have the potential to become an info-product?
This question can also be answered by looking at the last but not least important aspect,
Non-perishability
Usually, when we think about content, we tend to think of it like we do with biological organisms. In other words, we look at two articles, and we tend to read the most recent.
Yet that is a huge mistake. Why? Because of the Lindy Effect!
In short, when it comes to content, the opposite is true. Take the Iliad. It was written two thousand years ago. Yet we can expect it (probabilistically speaking) to be relevant for at least another two thousand years!
There is a caveat though. Each time you are facing your laptop, and about to write content keep in mind only one question:
am I about to write something that has the potential to outlive me?
If yes, you are ready!
Step 2: Be Social
There is no need to say the numbers and stats of users of each society to understand the importance of integrating them into your digital strategy.
Yet the major question is,
Where does my niche hang out?
LinkedIn? Facebook? Twitter? G+? Tumblr? YouTube?…
It is important to keep a presence across all these platforms.
Yet, it is crucial to understand where your niche hangs out and put most of your effort on that channel!
Step 3: The online world is your laboratory
So far we managed to decide what content to create. Also, we saw how to amplify it. We are ready to test what works and what does not. The next step will be to repurpose the most successful articles to convert them to other content formats. How?
Only look at your stats!
What posts had more success? Who are your marketing personas? Which article converted more regarding interactions (like and share) with your audience?
Step 4: Your content is like a cat. It has seven lives
There are several myths that affect our society, and it is funny to see how those same myths branch out.
For instance, while in Europe we say that cats have seven lives, in the US those lives become nine.
Besides the number of lives a cat has, there are many myths about content too.
There is often the feeling that content has a short life and that it can only be used once. But is that true?
Not really! It is time to have the words on your screen to jump out and become spoken words and images. It is time for some new fresh content!
Once again, the content upgrade will depend upon the channel where your niche hangs out.
For instance, if your audience is mainly on YouTube it will make sense to create a short video. If your audience likes reading and possesses a Kindle, then it may be the time to publish your first e-book!
Once again, no preconceptions. This is a business. Is your audience ready for it? Then you must be too!
Step 5: It is time to get offline
It has become so easy to interact with people through the web that we forget about the real world.
Often times we neglect our family to chat through the phones with individuals we never saw, neither met in real life.
Yet there is nothing stronger than meeting people. We can use all the senses to have others see who we are.
Also, there is no better way to build a loyal, trusted audience!
Start very small. Organize a meetup with no more than 10/15 people. Teach them what you have been writing about. Have them share their experience with you. That’s all!
Rinse and Repeat
Running an online business is not rocket science. Yet it takes time and dedication. Once you set up your process, it is time to rinse and repeat!
Advanced content syndication
In this section, I want to show you how to make sure to reach a large audience each time you write a piece of content. So that the time invested in producing it, won’t be wasted!
You wrote an excellent article. Strangely each time you put together a piece of content, it feels like that is the most incredible creative work you’ve done in your entire life. Therefore, high expectations arise.
You look forward to the moment when you will hit the publish button and see that content go through the blogosphere, go viral and get featured on Forbes or Inc. Magazine.
Yet that is all a dream. In fact, as soon as you hit the publish button you barely get your dearest friends to read it. Why?
Usually, who writes for passion believes that writing alone is enough to be read. Instead, when you start doing it professionally, you realize how deceived you were. In fact, creating great content is only part of the job.
The rest is about making sure it gets found, read and shared. That is why as a content writer you need to have a framework in place to make sure each time you write a piece of content you reach at least a few thousand people that are ready to engage with it.
Also, today many believe that posting their content around the web still give them control over what happens to it. Ownership is only part of the equation. Indexing is as relevant if not more than ownership of content.
Therefore, you want to make sure your content gets indexed on a platform you control before syndicating it anywhere else.
How Social Networks Hooked Us
In one of my previous articles, I talk about the Hook Model. I explain what it is and how to use it ethically to transform your product or service into a habit for the user.
Yet one of the most powerful weapons social networks use to grow their user base is the feed.
The feed is the most addicting feature social media have. Not surprisingly we spend countless hours scrolling that feeds in the hope of keeping our excitement level high for as long as possible.
Almost like drug-addicted millions of people use the feed as the main source to get the information they look for.
Source: mediakix.com
In other words, the average person spends five years and four months of his/her life on social media.
That is why if you want your content to reach a larger audience you must learn how to use social media feed to feed your blog‘s traffic.
However, if you’re tempted to stop creating content on your blog and start disseminating only through social media, there is something you’re missing out.
Indexing vs. Ownership of Content
In the past all you needed was copyright. In short, once published a literary work that copyright did allow you to have control over it. Thus, you “owned” that piece of content.
Nowadays this is only in part true. In fact, the concept of ownership of content has changed. With the advent of the web and how search engines crawl it, ownership lost relevance in favor of indexing.
Indeed, each time you write a piece of content. You hit the publish button. That is how you’re claiming authorship on that.
You want to make sure to have ownership on the publishing media outlet where your blog was posted. That is why your blog is the answer.
Start with your blog
In short, what matters is not who wrote the piece of content but where it was first indexed. For instance, let’s assume you wrote an article and published it on Medium.
It doesn’t matter where you’ll post that content next. Since the article got first released on Medium, Google indexed it there. Creating an irreversible relationship among your story and a platform you don’t control!
Therefore, each time you publish on Medium, Quora, LinkedIn or any other publishing outlet it is almost like you’re giving up part of the “web ownership” over that content. Unless you use the following framework…
Content Amplification Framework
That is a framework in three steps with one objective:
GIVE YOU TOTAL CONTROL OVER YOUR CONTENT!
How? In three steps. First, indexing; second, spreading; third, experimenting.
Step One: Indexing
The first step is all about letting Google’s crawlers index your page so that your content is tied to your blog. Once drafted the coolest article in the blogosphere all you have to do is to hit the publish button!
As soon as you do so, billions of crawlers that are indexing the web will also walk on your page and understand where it belongs to. Time to take the second step.
Step Two: Spreading
Beyond the traditional sharing, you must do (Twitter, Facebook, LinkedIn, Pinterest and StumbleUpon to mention the main ones). You want to syndicate your content on four major publishing outlets: Quora, LinkedIn Publishing, Medium, and beBee.
How to use Quora for Content Amplification
Quora is a social network where people post questions, and other people answer them. While Facebook is mainly about scrolling the feed passively, Quora is about actively engaging with a community of people that for the most part are interested in reading in-depth content.
Back in March 2016 Quora had already over 100 million users, and it is the perfect place to start to build a following and amplify your content strategy.
As soon as done go back and create your blog there.
Go on the icon on the top right corner, click on it and then go to “Blogs.”
On the top right corner click on “Create A New Blog.”
Once done, repost your article there! Why? A few reasons:
First, Quora will give you visibility that otherwise you wouldn’t have.
Second, by having links that point back to your blog, you will drive traffic back to it.
Third, less intuitive you might also improve your rankings (still testing this strategy out). In fact, when Google notices that your content is getting found (the original piece of content got first published and indexed from your blog) it may traffic back to your site.
Another thing to do is to atomize your blog post and use it to answer specific questions people on Quora have.
After personalizing the answer, you can insert a link at the end of the question so that people that want to know more can go back to your blog and read the entire article.
[image error]
How to use LinkedIn Publishing for Content Amplification
In 2017 LinkedIn, the most popular professional network in the world reached over 500 million users. Time to syndicate your content there.
If you don’t have an account yet follow these simple steps:
Source: Linkedin.com
You can use LinkedIn for sharing your content and for writing posts with an extract from your articles.
Therefore the first step is to share a post as I did below,
Since Neil Patel had retweeted my post on Twitter, I used that to reshare it on LinkedIn and get some extra visibility which brought few dozens of visits back to the blog.
Also, I got an extract of the post and written an article on LinkedIn,
You could either repost the entire article if you wish or just an excerpt from it and then a link to bring traffic back to your blog.
Among the two, the former is the most successful to amplify your content as much as possible. For instance, each time I republish an article entirely on LinkedIn publishing I get way more traction compared to just an extract.
My assumption is the LinkedIn algorithm makes your story seen more in the feed the more in-depth the article is.
But at times it also depends on the time and day it got published. Also usually LinkedIn feed is like a diesel engine, a post or update you posted a few days before will be showed again to some of your LinkedIn contacts.
One more thing to do to optimize your profile for content amplification is to add your articles to your experience,
In this way, anyone that is browsing your profile on LinkedIn will check your articles,
Time to move on to Medium!
How to use Medium for Content Amplification
I don’t know this platform well enough. However, this is a media outlet with over 60 million unique monthly visitors.
Also, the audience on Medium is more selected, which makes a perfect place where to share your content.
Also, there’s an import feature that allows most to share your stories quickly. So why not to do it?
Time to the last step of this framework, experimentation.
Experimenting
Growing a blog is one of those things you do if you’re passionate about it. In fact, it takes a long time to build your audience, hone your writing skills and learn the marketing tactics to make your content found, read and shared.
Yet it all starts with a mindset, which is about experimenting with everything that leads to growth. Eventually, you’ll consolidate the lessons learned, leave the tactics that don’t work and compound your growth with what’s left. It takes a lot of tinkering.
For instance, when I first started to write on my Blog, I used only to share my articles on social media without syndicating my content. Then I understood I had to change strategy. Now I use my content in multiple ways.
For instance, at times it makes sense to atomize an article and make it become many smaller posts on other media outlets like beBee, Medium or Quora. In this way, with the same level of effort, you’ll be able to get more leverage on what you wrote.
It is time for you to do some tinkering now!
Read next:
Top 12 Business Ideas with Low Investment and High Profit
The resources you need to get started with your business model:
What Is a Business Model? 30 Successful Types of Business Models You Need to Know
What Is a Business Model Canvas? Business Model Canvas Explained
Blitzscaling Business Model Innovation Canvas In A Nutshell
What Is a Value Proposition? Value Proposition Canvas Explained
What Is a Lean Startup Canvas? Lean Startup Canvas Explained
How to Write a One-Page Business Plan
The Rise of the Subscription Economy
How to Build a Great Business Plan According to Peter Thiel
What Is The Most Profitable Business Model?
The Era Of Paywalls: How To Build A Subscription Business For Your Media Outlet
How To Create A Business Model
What Is Business Model Innovation And Why It Matters
What Is Blitzscaling And Why It Matters
Snapshot: One Year Of “Business Model” Searches On Google In Review
Business Model Vs Business Plan: When And How To Use Them
The Five Key Factors That Lead To Successful Tech Startups
Top 12 Business Ideas with Low Investment and High Profit
Business Model Tools for Small Businesses and Startups
How To Use A Freemium Business Model To Scale Up Your Business
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The Power of Google Business Model in a Nutshell
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The post How To Grow Your Digital Business With This Content Marketing Process In 2019 appeared first on FourWeekMBA.
August 21, 2019
Space As A Service (SPaaS) Business Model [WeWork Case Study]
WeWork business model, claims to leverage on the space-as-as-service model. It consists of a set of services meant to sustain the growth of the companies part of the membership model, consisting of four primary tiers: standard, configured, on-demand and Powered by We (Custom).
This model helps WeWork achieve its vision and mission. And it flips the traditional commercial real estate model upside down.
Where the commercial real estate model has pretty much focused on collecting rents from tenants, with a small part related to common area maintenance fees.
The space as a service (SPaaS) model introduces a set of products and services that makes space rented only the foundation of the whole model. Indeed, with space, this membership model leverages on several elements such as:
Data
Technology
Ancillary services spanning from health to lifestyle
Let’s give a glance at this model by looking at the company that pioneered, WeWork.
Quick glance at WeWork SPaaS model
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How the WeWork Platform is structured around the space-as-a-service model, where members get access to a set of services that space from Insurance, to Education, Technology, Lifestyle and more. (Source: WeWork S-1)
In other words, beyond the physical locations offered by the company, WeWork also offers a set of services meant to enable members to scale their teams.
Thus, WeWork presumably leverages on technology to build a platform able to offer a set of services to deliver what the company claims as “a premium experience to our members at a lower price relative to traditional alternatives.”
Thus, the core of the revenue model is a membership, and on top of that a set of ancillary, value-added products and services.
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WeWork claimed savings for its members, (Source: WeWork S-1 form)
As the company might leverage a growing number of members, it will be able to develop a set of products and services on top of those memberships. Thus, using the membership as an entry point for customers to build on top of it a sort of add-on model with more and more services.
The membership model WeWork launched revolves around four primary membership tiers:
Standard
Configured
On-demand
Powered by We (custom)
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WeWork members’ tiers based on its space as a service model (Source: WeWork S-1 form)
KPIs for WeWork space-as-a-service model
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WeWork membership revenues (Source: WeWork S-1 form)
As the WeWork space-as-a-service model is based on a subscription, membership, which implies a continuous relationship with its customers, that implies also a set of metrics that enable the company to track, on the one hand, its ability to reach the full capability of the buildings.
And on the other hand to measure and track the members’ growth and sustainability.
Workstation Capacity
As specified by WeWork “workstation capacity represents the estimated number of workstations available at open WeWork locations.“
This metric helps the company asses the capacity to sell membership on the platform.
Memberships
As specified by WeWork “memberships are the cumulative number of WeWork memberships and on-demand memberships.” Powered by We service is comprised within the other revenues, as explained below.
Quick glance at Powered by We offering
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Powered by We is a tier which comprises a set of customized services around the core membership, such as:
Design services
Construction and delivery capabilities
Cost savings in the supply chain, from furniture to supplies;
Onsite community team to energize work environments;
Enterprise-ready technologies, comprising also workplace insights dashboards
Enterprise Membership Percentage
Enterprise memberships represent memberships attributable to enterprise members, which are organizations with 500 or more full-time employees.
As of June 1, 2019, that represented 40 % of WeWork memberships revenues.
Those enterprise members are extremely important because they sign agreements with longer-term commitments for multiple solutions across our global platform, which enhances our revenue visibility.
Run-Rate Revenue
Run-rate revenue for a given period represents the revenue recognized in accordance with GAAP for the last month multiplied by 12. That is an operating metric.
Committed Revenue Backlog
Committed revenue backlog represents total non-cancelable contractual commitments, net of discounts, which will be recognized as revenue subsequently.
Contribution Margin
The contribution is defined as membership and service revenue less location operating expenses, adjusted to exclude non-cash stock-based compensation expense included in location operating expenses. This is another key operating metric.
Key takeaways
WeWork pioneered a model called space-as-a-service. Where the traditional real estate management company offers basic services for common area maintenance and a few other things.
WeWork leverages on its platform business model to offer a set of services which range from healthcare to lifestyle to help the organizations part of its membership program to scale while keeping the real estate costs relatively low.
Business resources:
What Is a Business Model? 30 Successful Types of Business Models You Need to Know
The Complete Guide To Business Development
Business Strategy: Definition, Examples, And Case Studies
What Is a Business Model Canvas? Business Model Canvas Explained
Blitzscaling Business Model Innovation Canvas In A Nutshell
What Is a Value Proposition? Value Proposition Canvas Explained
What Is a Lean Startup Canvas? Lean Startup Canvas Explained
What Is Market Segmentation? the Ultimate Guide to Market Segmentation
Marketing Strategy: Definition, Types, And Examples
Marketing vs. Sales: How to Use Sales Processes to Grow Your Business
How To Write A Mission Statement
What is Growth Hacking?
Growth Hacking Canvas: A Glance At The Tools To Generate Growth Ideas
The post Space As A Service (SPaaS) Business Model [WeWork Case Study] appeared first on FourWeekMBA.
WeWork Mission Statement and Vision Statement In A Nutshell
WeWork vision is that of providing a better day at work for less. And its mission is to elevate the world’s consciousness.
Quick intro
The aim of this piece is to show you how you can understand and imply a business model or a claimed business model from the language used in the mission and vision statement of any company.
It is in no way a judgment on whether the WeWork business model is viable. That only time can tell.
WeWork, at first sight, might seem a real estate company which primarily makes money by arbitraging from the spaces it rents from the landlord and what it charges to its tenants.
However, WeWork defines itself as space-as-a-service platform.
And in part, we can understand what that means by looking at its vision and mission.
WeWork vision and mission dissected
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Source: WeWork Financial Statements
The vision really helps us see the long-term goal of the company. And the mission helps assess how the company intends to reach that vision.
We have spent the last nine years building a founder-led, community company and executing on our vision of providing a better day at work for less.
More for less value proposition
The vision moves around a key long term goal of “providing a better day at work for less.”
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Source: Claimed results delivered by WeWork to its members
When a new player comes to an existing industry, rather than playing according to existing rules, it can try to redefine them by expanding the boundaries of an existing industry. This is called a blue ocean strategy.
The aim of a blue ocean strategy is to create an uncontested market where competition is made irrelevant. In WeWork case, the company claims to move beyond the boundaries of a traditional real estate company.
Indeed, WeWork is neither a real estate company nor a service company or a co-working space.
That is a hybrid between those two industries and it tries to leverage on a platform business model.
The key to this kind of strategy is about breaking the trade-off between cost and value and offer a value proposition revolving around the concept of more for less.
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The company highlighted:
We envision a future in which our global platform is a one-stop shop where members have access to all of the products and services they need to enable them to work, live and grow.
Three concepts that jump right away from the articulation of its vision:
Platform
Members
And community
Let me explain why those are important concepts and what they imply from the business modeling standpoint.
Understanding the term “platform” in WeWork vision and mission statements
First, when WeWork highlights the concept “platform” the company is claiming to be way more than a real estate company and it is claiming to be able to use technology and data to enhance its business model.
Indeed, platform business models are most of all driven by three things:
Users’ data or any sort of data which the platform can capture which is proprietary
A technology able to analyze, and leverage that data to create a competitive advantage for itself or for its members
Network effects, as usually, this implies strong scalability. Even for a company that relies mostly on managing physical spaces, claiming to build a platform business model makes it prone to scalability
From the business standpoint claiming to have a platform business model is also a way to enhance its valuation. In fact, today investors and venture capitalists mostly finance platform businesses, that have high growth potential.
The meaning of “members” to understand the revenue generation model
From the concept of “members”, we can understand that WeWork business model is driven by a subscription business model which they call space-as-a-service.
And to make this model work out, the company had to build a set of services and products around this subscription model, which should enable the companies that rent space with WeWork to have a sutained advantage.
Thus, in theory, a member which becomes part of WeWork is not just buying real estate space, but it is about a set of additional services that justify a membership model.
As WeWork highlighted in its financial statements:
Our global platform provides members with flexible access to beautiful spaces, a culture of inclusivity and the energy of an inspired community, all connected by our extensive technology infrastructure.
WeWork has to leverage its platform business model to provide “beautiful spaces” to help members build communities.
WeWork is a community-building company that might leverage data and technology, rather than a real estate company.
As WeWork explained further in its financial statements:
We have begun to build a suite of We Company offerings and develop a network of third-party partners to address our members’ needs.
With the support of our global footprint, our partners are presented with a unique opportunity to reach new customers and efficiently expand their businesses to new markets. While we are in the early stages of our platform journey, we are excited by the initial results and inspired by the potential.
The company highlights how the physical spaces are just a foundation to a business model that leverages on community building and a set of services for companies part of their network:
Our physical spaces are the foundation of our global platform and allow us to deliver differentiated products and services as we scale, further realizing our vision to deliver a better day at work for less.
WeWork mission statement dissected
We are a community company committed to maximum global impact.
Our mission is to elevate the world’s consciousness. We have built a worldwide platform that supports growth, shared experiences and true success.
Usually, a mission statement represents a more practical statement compared to the vision. However, in the WeWork case, it seems that the mission statement is as hyped as the vision statement.
Beyond the buzz, we can extract a few key concepts which help us emphasize its business model.
First, “elevate the world’s consciousness” which might sound more like a religious credo, rather than the foundation of a company worth billions.
That can be justified by the fact that WeWork is navigating in unknown waters.
Therefore, it is trying to create a culture around its business model. Sounding more like a company looking to proselytize than a business trying to make money.
Yet do not be fooled, WeWork is a business and as such it has to make sense from the financial standpoint.
Value proposition from the customers’ standpoint
From WeWork S-1 form, we can extract some of the case studies showcased, that in some way can help us understand what members value about WeWork platform.
It is important to highlight that those cases are cherry-picked, thus not representative of all the customers that the company has. However, it might be a useful exercise to understand some of the elements that members find valuable. And the WeWork identifies with.
I’ve selected three examples.
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Source: WeWork S-1 Form
One common theme that seems to come up from these case studies is the flexibility of the solution that enables companies that are investing in growing quickly their teams to rely on WeWork as a partner that helps them keep their flexibility.
This means those members are looking for cheaper ways to scale while trying to manage the culture of their growing organization.
Key takeaway
In this article, we dissected WeWork vision and mission statements. It is important to highlight that companies use those statements for both internal and external reasons.
On the one hand, vision and mission help founders and key stakeholders to align around the same objectives and they help create a unique identity. Thus, working as the propeller for the company’s culture.
On the other hand, vision and mission also help explain to outsiders what the company is about. Thus, enabling the company to give a certain perception.
In WeWork’s case, it is interesting to notice how the mission seems to be plenty of buzzwords and grandiose claims. That might be justified by the fact that the company is indeed trying to open up a new market space, as as such it is trying more to proselytize.
On the other hand, WeWork is a business and a company which at the time of this writing is valued billions. If WeWork business model will prove viable that is something we’ll see in the coming years.
For now, we analyzed its vision and mission to emphasize how from those simple statements you can understand the perception that a company has of itself. The kind of identifies that it is trying to create internally. And also how the company wants to be perceived by outsiders.
Read next:
Amazon Mission Statement and Vision Statement In A Nutshell
Apple Mission Statement and Vision Statement In A Nutshell
Google Mission Statement and Vision Statement In A Nutshell
Nike Mission Statement and Vision Statement In A Nutshell
Business resources:
What Is a Business Model? 30 Successful Types of Business Models You Need to Know
The Complete Guide To Business Development
Business Strategy: Definition, Examples, And Case Studies
What Is a Business Model Canvas? Business Model Canvas Explained
Blitzscaling Business Model Innovation Canvas In A Nutshell
What Is a Value Proposition? Value Proposition Canvas Explained
What Is a Lean Startup Canvas? Lean Startup Canvas Explained
What Is Market Segmentation? the Ultimate Guide to Market Segmentation
Marketing Strategy: Definition, Types, And Examples
Marketing vs. Sales: How to Use Sales Processes to Grow Your Business
How To Write A Mission Statement
What is Growth Hacking?
Growth Hacking Canvas: A Glance At The Tools To Generate Growth Ideas
The post WeWork Mission Statement and Vision Statement In A Nutshell appeared first on FourWeekMBA.
August 20, 2019
Developing A Visual Marketing Strategy With Mind Mapping
Whether you work as a creative freelancer, a content creator or head of marketing in a large international company, visual marketing is an essential part of your advertising efforts.
According to Piktochart, only 28% of users read text-based content online, while four times as many consumers prefer to watch a visual content piece about a product rather than to read about it.
There is a genuine want and need for visual content marketing, regardless of the industry you operate in.
One of the best ways to integrate just that into your marketing strategy is through mind mapping, a popular and accessible brainstorming technique that doesn’t require special training or resources.
However, finding the right ways to implement a visual brainstorming technique into a legitimate marketing strategy can be difficult without the proper guidelines. With that said, let’s dive into why and how of mind mapping with the goal to create a visual marketing strategy for your business.
What Mind Mapping is All About
Let’s start by exploring the term “mind mapping” and what it’s all about before we dive any further. As we’ve previously mentioned, mind maps are a form of brainstorming which aims to help individuals with creative blocks.
It revolves around placing a single word or phrase into the center of a paper, with related words and phrases creating a “map” which branches out in all directions.
The exercise doesn’t have a concrete goal or limitation and can be used ad infinitum depending on your personal goals and expectations.
With that in mind, there are several advantages to using mind mapping over other forms of problem-solving in day-to-day office operations, including the following:
Greater creative freedom
Improvements to SEO due to keyword-driven brainstorming
A better mix of content types and topics
High return on investment due to the technique’s accessibility
Guidelines on How to Develop a Visual Marketing Strategy through Mind Mapping
Set Goals & KPIs Early
Now that we have a better understanding of how mind mapping works, we can delve further into how you can implement the brainstorming technique into a content strategy.
As we’ve mentioned before, mind mapping is driven by words and phrases, most specifically, the initial word or phrase which is placed at the center.
For example, if your phrase is “visual marketing”, all of your branching words should be related to the initial idea in some capacity.
This makes it important for you to set marketing goals early on in order to have a clear direction for the brainstorming activity.
If you don’t have a clear goal in mind, you can settle for several KPIs (Key Performance Indicators) which will relate to your visual content’s performance online. Don’t go into mind mapping without a concrete goal or KPIs to guide you through the process.
Otherwise, the results of your creative efforts might be disjointed and not offer any specific solutions to your current marketing strategy problems.
Start with the Right Keywords
If you go into mind mapping with the wrong words in mind, you won’t be able to find a concrete answer to your creative questions. With that in mind, the best way to integrate a mind map into a visual marketing strategy is to treat words as “keywords”.
Platforms such as Google AdWords and SEM Rush offer extensive SEO research features for your business’ benefit. You can easily find relevant keywords and phrases which can later be retrofitted into visual marketing content once they are filtered through a mind map. Make sure to always search for keywords in your specific industry and local language to maximize the effect of the content you produce afterward.
Branch your Map through KPIs
Once the right words and phrases are in place and you are ready to approach your creative brainstorming, you should still keep your business’ marketing KPIs in mind. KPIs serve to guide companies into achieving their business goals during individual marketing or sales campaigns.
With that said, KPIs can be your “Northern Star” during the mind mapping process in order to narrow your field of creativity to relevant words and phrases. For example, if your initial word is “visual marketing”, a phrase such as “case study” won’t help you find relevant results. Make sure to keep your KPIs close by during your brainstorming and refer to them any time you feel like you are at the edge of your creative capabilities.
Cut Out Irrelevant Results
Chances are that even though you had KPIs and marketing goals to use as a reference, you have still come up with brainstorming results unfit for your company. After your initial brainstorming session is done, you should review your findings and eliminate unnecessary or irrelevant results from the mind map.
According to Larry Kim 81% of people online simply skim content in search of relevant keywords or visual elements, while their first impression is formed in the first 50 milliseconds of coming in contact with your content.
This makes it essential for you to use only the most relevant mind mapping results in your visual marketing strategy brainstorming to avoid unnecessary filler content which would have the opposite effect. Make sure to take every word or phrase into consideration as a viable digital marketing strategy before you eliminate results on a whim.
Combine Found Keywords into Phrases
Once your irrelevant words and phrases are eliminated, you should attempt to combine as many mind mapping result terms as possible into new keywords and ideas. Given the fact that you have eliminated irrelevant words by now, the remainder of your brainstorming results should be easy to combine into new terms and phrases.
For example, words such as “social media” and “live Q&A” can be combined into “live social media Q&A” and give you a great visual marketing idea to implement in the future. These results will provide you with the best creative ideas for visual marketing strategy creation, no matter what platform or capacity you are willing to go forward with.
Integrate into Visual Marketing (Conclusion)
Lastly, the most important aspect of mind mapping with the aim to improve your overall marketing game is to actually implement your findings into content production. Reach out to your content creators, head of marketing and other responsible individuals with your findings.
Explore the possibilities your creative findings can offer your business and how they can improve your overall visual marketing strategy going forward. The only way to know whether or not your mind mapping activities were successful is to try and integrate their results into your brand marketing.
Once that happens, use the same logic as before and eliminate underperforming activities while bolstering the ones that exceed your expectations. Before you know it, you will have found a more-than-viable and proactive solution to creative blocks in your marketing department without excessive resource or time expenditures.
Author Bio: Marie Fincher is a content writer with a long history in marketing, the technology of marketing, and BI. She is a frequent contributor to blogs on data science and those related to marketing in general. As well, she is on the regular writing staff of Studicus.
Other business resources:
What Is a Business Model? 30 Successful Types of Business Models You Need to Know
The Complete Guide To Business Development
Business Strategy: Definition, Examples, And Case Studies
What Is a Business Model Canvas? Business Model Canvas Explained
Blitzscaling Business Model Innovation Canvas In A Nutshell
What Is a Value Proposition? Value Proposition Canvas Explained
What Is a Lean Startup Canvas? Lean Startup Canvas Explained
What Is Market Segmentation? the Ultimate Guide to Market Segmentation
Marketing Strategy: Definition, Types, And Examples
Marketing vs. Sales: How to Use Sales Processes to Grow Your Business
How To Write A Mission Statement
What is Growth Hacking?
Growth Hacking Canvas: A Glance At The Tools To Generate Growth Ideas
The post Developing A Visual Marketing Strategy With Mind Mapping appeared first on FourWeekMBA.
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