Internet Marketing
Today’s marketplace has evolved dramatically. Imagine this scenario. When you are introduced to a company that you don’t know by a friend, the first thing you’ll probably do is to Google the company, or search for it on Twitter/Facebook. In other words, the marketplace has become very Internet driven. The so-called competitive advantage, in this day and age, is shaped by technology, social media, and other Web 2.0 tools. So what is the success recipe for companies who know how to leverage these tools?
Well, I have included 7 key elements in terms of how to develop a viable business in today’s marketplace.
1. Freemium
Chris Anderson, in his new book “Free: The Future of a Radical Price,” mentions the concept of “Freemium.” Why is Facebook able to attract 390 million active users? How did Mark Zuckerberg become the “Accidental Billionaire” at such a young age? How did Google, Wikipedia, and Craigslist become such high trafficked websites? One simple concept, free rules!
How do you implement this concept?
I executed this idea by starting a blog and a networking group in NYC. The articles written for my blog are mostly how-to tutorials. We build up our audience by offering free content. For the networking group, all networking events are free. This is rare in New York City, but I figured it is the right thing to do since it’s an effective way to unite people, and build a community. This is precisely the reason why NY Entrepreneurs Business Network has become the fastest growing Meetup group ever. In addition to what I’ve done, you can also try other ideas, such as free podcasts, free newsletter, free e-books, etc. The options are endless with all the Web 2.0 tools we possess today.
2. Googley
Google is absolutely killing it today. Now they have their own operating system, browser, search engine & even URL shortner. Yet, all these have one thing in common, which is the fact that they are all free. This concept, in some way, correlates with the “Freemium” pointer that we mentioned above. However, in order to build a truly Googley business or workforce, it takes more than just being free.
How do you implement this concept?
Well, the biggest win Google ever had is the fact that they are in search business. A decade ago, no one would consider Internet search as such a lucrative business to be in in the 21st century. Google is able to use the revenue it generates through its search business to expand into different sectors. They even plan to have their own phone right now. Google’s ability to take risks and innovate is incredible.
It would be difficult to implement what Google has done for a regular business. However, one thing we all can do is to think outside of the box, and predict future trends. Innovation is the name of the game. For example, if you have a good idea, take action to implement it before others people do it first. In essence, make it Googley!
3. Content, Content, & Content!
Well, you probably know it as well as me that content is the key to success no matter what you do. If you are in business, you’d better make sure that you have something valuable to offer for your audience. Otherwise, they will leave you and go to your competitors.
How do you implement this concept?
If you are a blogger, start everyday by writing down a list of ideas that you come up with. Then do research and evaluate how feasible to put these concepts into reality. Do this on a consistent basis, soon you will have the capacity to generate excellent ideas frequently. If you have product to sell, start each day by thinking how you can add value to your current product. Remember, when satisfaction exceeds your customers’ expectations, you win!
4. Links
Openness is the real currency in the Internet age. Nothing is better to make your site more open than spreading your links all over the Internet. After all, what’s the point of building a website or an online community if you have no plan to show people what you’ve got?
How do you implement this concept?
Become a guest blogger for other well known blogs in your niche. Contribute frequently for other forums, and leave comments for blog posts written by experts in your industry. Put your site links in your email signature, on your business card, etc.
5. Consistency
Rome is not built in one day. Consistency is critically important for anybody who wants to succeed with an online business. If you are a blogger, try to post at least 4 times a week. If you are a podcaster, do an episode of your program once a week. Or if you are super aggressive, you can podcast everyday (Like what CNET’s Buzz Out Loud does).
How do you implement this concept?
Prepare a checklist each day. Check off things that you want to accomplish on a consistent basis. Start each day by reviewing the checklist, and stick to your schedule. This idea may be challenging to implement at the beginning if you are a busy person. However, you will succeed at this once you make a habit of doing this consistently.
6. Social Media
I think the majority of the business owners who do business online have realized the importance of social media. We have many how-to articles on our site about social media. Check it out here.
How do you implement this concept?
Make sure the content you provide online does not deviate from your business. For example, if you have a restaurant business and you want to promote eating healthy, tweet about tips on how to eat healthy on Twitter, including what kinds of food constitute a well-balanced healthy diet. Of course, you can start a blog, publish articles, and position yourself as a healthy food expert. It is also important to advertise your blogs in your local directory if you decide to target your local market. You get the idea.
7. Other Web 2.0 Tools
Here is a list of other Web 2.0 tools you can take advantage of accordingly depending on the nature of your business
- Photo sharing sites (i.e. Flickr)
- Video sharing sites (i.e. Vimeo)
- Podcasting (i.e. TWiT)
- Wikis (i.e. Wikipedia)
- Blogs (i.e. Mashable)
How do you implement this concept?
All these Internet tools are used to build a community, not to pitch or sell anything. With this in mind, you can subscribe to some of the best blogs I’ve stumbled upon about social-media-related topics. Information is the most powerful weapon. Learn more and evaluate what web 2.0 tool(s) would work best for your own business. Experimenting is the key. You are the only one who can tell which works and which not.
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