deep - developing a digital buisness
TRANSCRIPT
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GOING DEEPER INTO DIGITAL:
DEVELOPING A DIGITAL BUSINESS
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WHO THE HELL IS ANDREW WALKER?
• Easy Answer: Not a trainer
• Practicioner works better…
• The purpose of today’s workshop
• The practical outcome (mwa ha ha)
• The input you’ll need to make
• There are only wrong answers (That’s a scientific fact…)
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Developing a Digital Business(Who wants any easy life anyway?)
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– Digital Business Mission Statement
“Digital businesses rarely exit through the same door they
used to come in.”
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Knowing Your Domain
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– Style Research UK
“Oh yeah, you’re the tweet guy.”
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Domain = Digexistential Angst?
• Change your thinking: You don’t define the audience, they define you.
• You’re only an expert within your domain. Outside it, you’re a schmuck.
• You need to know your domain and build a strategy that is domain specific.
• Twitter is a great domain mining tool. Lousy for sales but great for data insights…
• NB: you don’t have a great idea for a <insert the thing you’re copying here>
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• Typical Domain mismatch…
Look at this event company feed: is their domain finance community or…?
(clue is in the pic)
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Domain Mining / Insight• This is the most constructive thing you can do with Twitter...
• Tools: IFTTT.com / Hashtagify.me / Feedly.com / Yahoo.pipes Use the tools to automate a snapshot of your percieved domain, then match it back to your digital presence – is that your target market (or even a market?)
• Is there a domain mismatch between what you do and user interests – “climate change” is a good example.
• Is there a client domain / public domain clash? (Tweetminster was… what? A media utility? A newsfeed dashboard? Twitter Politics or just generic “news”?)
• Get a handle on where your domain is headed…
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Digital USP?
(no… UBR counts)
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– Ake Ødin
“The only thing that makes you unique is the fact you’re not actually a clone of another
human being. The rest is ego.”
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Unique Brand Relationship (UBR)
• USP in a digital business is often ‘under the hood’ differentiation -can be a source of negative differentiatiation
• Brand loyalty doesn’t exist online You lack the advantages of real world marketing / point of sales to express USP & build loyalty
• The crowd is a self-selecting audience is not a marketplace
• Consider the way you build connections – corporate level is hard, interpersonal is easier
• UBR isn’t always a public conversation (USP is broadcast logic) think Beta community building
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Adopting a UBR strategy• Everyone in the company is in marketing and own a client
base
• Tools: Use analytics effectively – Kissmetrics / Leadforensics / Active Campaign – tools that analyse page peformance, user behaviour and enable automated action point contact around user events
• Capture data and commit to analytical approach - it’s a job, not a project.
• Consider using tech to enhance customer experience – e.g. Rainbird AI
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Routes to market?
(Think paid, act organic)
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– Conventional digital wisdom
“The essence of digital marketing is shifting costs from
your bottom line into other people’s free time.”
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– Me
“The essence of digital marketing is stop spending
money on marketing and spend it on content or targeted
Facebook ads, possibly both.”
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Routes to market 2.0
• There is no discreet market online, you need identify it through a multidisciplinary approach – metrics, content, multiplatform presence
• Don’t be fooled by people who sell social media services (esp. training), inbound marketing, sponsorship, SEO, Google Ads (etc.) Each case is different.
• Is your marketing ROI dependent or not? Make a choice.
• Consider integrating marketing into your development process from design to delivery – grow a pre-crowd.
• Market to individuals not a marketplace (subscription economics)
• Partnerships are good for PR, bad for business – encourage de-focusing
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Practical routes to market• Cross post content – re-use – manage a cross-platform
presence
• “Cutting room floor” approach (or selling broken biscuits)
• Be realistic about your content potential, build beta communities/clubs if “too niche” - you can’t be too niche, btw.
• “Curate” for bums on seats – but don’t expect traction
• Pay to boost visibility of posts, pay for highly targeted ads, don’t pay for generics, sponsorships or ‘native ads’ – they’re geared up for established businesses (and even then they don’t work)
• Consider reward crowdfunding for pre-orders, equity crowdfunding for expansion capital
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Positioning
(A self referencing paradox)
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– Carlos Ruiz Zafón
“Some like to believe it’s the book that chooses the person.”
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Positioning is all art, no science
• “Geek Squad” started as a deliberately ‘geek chic’ brand.
Now look at it. Badly dated, associated with something that feels like an irritating phone scam…
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Monetisation of ideas?
(In digital domains, ideas are assets)
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– Nicholas Negroponte (Paraphrased, badly)
“Computers aren’t good at drawing smooth curves, so computer based graphic
designers need to make hard lines cool”
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Monestisation? Really…
• Most digital businesses don’t monetise easily… why?
• Simple answer: Because everything on the internet is free.
• Complex answer: Because our purchasing decisions are affected by distributed social decision making – crowd wisdom is indistinguishable from herd mentality
• You need a strategy that monetises all your assets (less obvious than you think… APIs, data, customer’s social network presence – like AirBnB media ownership)
• Digital customer has a lifetime value, physical customers don’t (subscription economics, again)
• Consider R&D as investment in monetisation programme, not a luxury
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Practical monetisation• Freemium models – effective & established (Buffer, Feedly,
Hootsuite, Apps, reports & delivery – part of the commercial ecosystem)
• Freemium requires meaningful free services = bottom line costs (infrastructure & community management) vs. conversion factor
• AVOID “get users first” approach – been there, Zuckerberg’d that
• Successful models emerging – Zuora’s BRM model for enterprise, works for start-ups too…
• Use Monetisation goals to define product development & build offers around most convertible users with data.
• Don’t expect JVs or partnerships to monetise in your favour – client equality is the only reliable approach
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Scaling a digital business
(growing pains are a natural part of life’s journey)
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– Cynical Shoreditch Burnout (er… me)
“The best thing about digital business is the ability to scale.
Ego scales best, closely followed by cost and disappointment.”
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The Scaling S-words
• Sustainability: Your operations need this – social media a prime example, think automation first.
• Sources: Open source platforms, agile methodologies and APIs don’t always scale.
• Suppliers: Third parties rarely scale the way you need them to – applies to offices, service providers, salaries etc.
• Staff: Scaling is an emotional journey, not everyone can handle it
• Supply: Digital businesses scale best when leveraging supply side economics, not just meeting demand
• Small: Is scaling really something you need to worry about? It can be the wrong goal…
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Which S-word is the most important?
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Staff.
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Right… your turn ;)
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