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The personal weblog of Stephen P Smith

Posts Tagged ‘business tactics’

Foundation Elements of Modern Businesses

Seth Godin is an amazing thinker. In a recent post he outlines some of the foundation elements for modern businesses.

When you sit down to dream up a new business, you can imagine a world without constraints. Or you can choose to build in fundamental pieces that will make it more likely your idea will pay off.

Here are some fundamental pieces of most new successful businesses. The goal is to build these elements into the very nature of the business itself, not just to tack them on. For example, the Scotch tape people at 3M can’t do #5, because of the structure of retail distribution and the way they mass produce and can’t track who is buying what.

You can live without some of these, but go in with your eyes open if you do:

1. Build in virality. Consider: Groupon.
2. Don’t sell a product that can be purchased cheaper at Amazon.
3. Subscriptions beat one-off sales.
4. Try to create an environment where your customers are happier when there are other customers doing business with you (see #1).
5. Treat different customers differently.
6. Generate joy, don’t just satisfy a need for a commodity.
7. Rely on unique individuals, not an easily copyable system.
8. Plan on remarkable experiences, not remarkable ads.

Read the whole thing here (Foundation elements for modern businesses.)

How can you treat your customers differently from what your competition does? I think that building “remarkable” into the experience is a very important part. What do you think? Leave a Comment.

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Turning Free Content Into Revenue

In my post last week (Would you pay for Twitter?) I got a comment from a reader who asked:

“Here’s my question, if you are a business and offer a lot of things for free, how do you parley that into appropriate revenue without disengaging your audience?”

That is a very good question, and one that every business (or would-be business) should be asking. I started thinking about this a couple of years ago, posting this article (How Can You Measure the Value of a Conversation?) in October ’08. Here is the heart of the message:

Make money “because of”, not with

stacks of billsThe “because of” effect is much more powerful than the “with” effect. One of the commenters on Jason’s post, Mack Collier (The Viral Garden), hits the nail on the head with:

…companies that are NEW to social media, wanting to use metrics and measurements that they are used to when using TRADITIONAL marketing methods to ‘get their message out there’. Their thinking is ‘how do we make money from this?’, whereas companies that have been active in this space for a while, such as Dell, understand that by PARTICIPATING that they will make more money as a BYPRODUCT of their efforts. Dell has been in the game long enough to see the impact that their efforts are making, and as a result have shifted away from the ‘how do we make money with this?’ mentality.

Attempting to DIRECTLY monetize social media efforts is the quickest way to ensure they fail. But companies that aren’t familiar with this space don’t know any better. In a few years, after more companies are more familiar with these tools, I think we’ll see them looking to INdirectly monetize their efforts, while putting the focus on SM as a way to DIRECTLY connect with their customers.

One of the best lessons that I learned from the SOBCon event that I attended in May was that blogging (and Social Media in general) should be treated like a business. That business is the marketing of your products and services & establishing yourself/your business as an authority. The goal of that business is to make money because of your blog (or Social Media efforts), instead of with your blog.

Let me repeat that for you – “by PARTICIPATING [you] will make more money as a BYPRODUCT of [your] efforts”.

Money as a by-product of participation

Read More…

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Rework – Book Review

Rework by Jason Fried & David Heinemeier HanssonRework, by Jason Fried and David Heinemeier Hansson is one of the best business books that I have read this year. To echo Seth Godin’s blurb on the jacket, “Ignore this book at your peril”.

Rework is a collection of short essays on business, but it is more than that. The essays turn into something greater than the sum of their parts – because they point out that the world has changed. The business environment has changed, and the old way of doing business is essentially gone. The companies that cleave to the “old way” are going to get crushed by faster, smarter, more agile companies that do business the “new way”.

Jason Fried & David Heinemeier Hansson are the founders of 37signals, the software company behind Highrise HQ and Basecamp (and more), and the book is enhanced by the work of illustrator Mike Rohde. Here Rohde talks about how Basecamp‘s “View all of these images at once” made reviewing the illustrations a snap.

Once a batch of inked illustrations were completed in Photoshop, I would export lower-res versions of the pieces as JPG files, and post them to the Basecamp project for Jason’s review. Basecamp’s handy “View all of these images at once” feature allowed Jason to scan an entire batch and approve or suggest tweaks…Illustrating REWORK was a fun, interesting and challenging project from start to finish. It’s amazing what we were able to produce in just 16 weeks, all while I worked nights and weekends and had a baby in the middle of the project. Our constant communications and use of Basecamp really made the difference.

Yes, they talk about their products. Yes, they talk about their actual practices. That is a big part of what makes this book so valuable, they walk the walk (and the 37signals products are really good). The real value of the book is in its Read More…

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Getting (Marketing) Things Done

Editor’s Note: This is a guest post from by Tara Rodden Robinson

When it comes right down to it, marketing is really simple: it’s the process of getting people to know, like, and trust you on the way to buying or hiring. If you’re a small business owner and wearing every single hat in your business (not to mention a bunch from home, too) then marketing isn’t simple at all. It’s a complex set of strategies and tactics that you have to design and implement, make time for and keep up with, and monitor in a way that allows you to know whether or not it’s working.

There’s good news, though: you can harness the power of GTD to move your marketing forward and grow your business. Here’s how.

Marketing is a project that is never completed

The first thing to remember is that marketing is never done. It’s a role or an area of focus (which puts in at the 20K horizon of focus). There will be next-actions, projects, and goals that you complete, yes. But as long as you’re in business, you’ll need some marketing to keep the leads–and the cash–flowing.

Get clear on your vision of success. In this case, ask yourself what successful marketing looks like to you. Harken back to the idea of know, like, and trust on the way to a decision about buying or hiring. When leads are moving along the path from first introduction to you or your products, what are the signs of success at each step along the way?

Don’t censor your vision on your thoughts about what’s likely, possible, or feasible. Don’t worry about how. Just create a rich, compelling vision of success.

Once you’ve got your vision of success pinned down (you did that step, right?), look at your current process and find one aspect of what’s happening now that you want more of. For example, let’s say you’re getting some leads from Twitter. You’d like more of those. So focus your attention on those leads–how can you serve those leads even better? Poll them–ask what enticed them to want to learn more. And then do that.

Finally, choose a handful of tactics that you can implement consistently. If it’s blogging, then set your writing schedule and post–come what may. If it’s Twitter, then tweet regularly. Put those tasks into your trusted system, just like you do any other next-action, and plow through them. Or create a checklist. Either way, use your GTD skills to get your marketing done. Every day.

About the Author
Known as The Productivity Maven, Tara Rodden Robinson is an author, coach, and educator. You can learn more about her here: Tara Robinson.com.

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