There is a new breed of small business on the boil and it is about to shine.
One of the developments to emerge from of the recent financial crisis is the birth of a new breed of SME. They are niche companies born out of a need to fill a void in an increasingly small global market. They work in a market of ever finer market segments that mass marketing and generic products can’t cater to.
Affordable ecommerce solutions, coupled with cheap outsourced manufacturing or product sourcing, are connecting with market segments identified through social media – and providing them the products and services that suit them. Social media is allowing consumers to congregate and be heard in a way that is revolutionary.
Australia is in a unique position to be launching pad for many of these ‘new SMEs’. It has come through the GFC better than any other developed country. That means as markets are still growing, funding is readily available and the Federal Government spending on the new broadband infrastructure will only make it easier for these new business to get off the ground. The cost of setting up and operating a business drops dramatically with online software services that provide accounting, project management, and a myriad of other management and business tools.
This is not something to be feared. These new businesses are not ’stealing’ market share. They are creating new market opportunities. And they need help – maybe from you.
There is a fundamental change coming to our economy and it’s going to be driven by the little guy – and everyone will want a piece of the action.
Best Buy may not always be thought of as trail-blazers but this video presented by their CMO shows how much they have embraced digital marketing and social media.
As a follow up to my article on what newspapers needs to do to survive I have found some hard numbers on circulation. No wonder they are making a lot of noise.
In case you haven’t realised the global financial crisis has changed things. Crises reshape the mindset of consumers and this one has also accelerated the ‘online’ trend. Consumers now communicate, make decisions and spend their dollars differently – and they expect to be heard. This is more than just a passing fad. Things are never going to return to the way they were. This is the ‘new normal’.
Before the new normal ’stability’ is what everybody wanted and that suited marketers just fine. When you have stability you know what people are going to do. Markets are predictable and pliable. You don’t need to have a conversation to sell a widget. Just tell your market that it is great and will make them fell safe and part of a group, they will buy it.
This has changed, forever. Your market now hates stability. They want new. They want fast. They don’t care how long your company has been around. If you don’t listen to them they will drop you and move on. Markets want to be targeted. They are busy splitting themselves into millions of special interest groups. If you can’t market to those groups you will lose them
Companies and, more importantly, the marketers who work for them need to accept this change. Stop thinking “things will return to normal soon” and start preparing for a new normal that is more profitable. Move now. Your competition will be. Use the new tools that are available to gather information, learn and get ready. Social networks can be used to gather huge amounts of very rich information about what your market is doing right now – not a week ago, right now. With that information you can start to see patterns and prepare for the future better.
Those who see the fundamental change that has happened in our world and learn to embrace it will win.
MySpace is in trouble. Membership is dropping and people are leaving in droves. Some people assert that the mass exodus started when News Corp bought the social network and others say it is simply a sign of how fast fashion changes online.
The real truth is that the owners of MySpace failed to clearly understand what they had acquired. They are used to managing newspapers and TV networks and the social media space has started to look more like a threat.
So here is a simple concept, explained in more familiar terms, that could help save MySpace and help start the next big jump in social networks.
The problem with MySpace, and many other social networks for that matter, is that they are built on two assumptions: 1) that fame alone will be motivation enough for users to create content; and 2) that this is sufficient to create a successful business. The millions of MySpace pages, YouTube videos and Flickr photos have proven that while this is true, it is not enough to keep quality content streaming in that will underpin a successful business model. Think of it this way: if MySpace was a TV network, it would be a free-to-air network with bad advertising and programs created by people who will never get paid for them. Doesn’t sound like anything most of us would want to invest in.
If you want a good TV station, you need to have quality programming with a good adverting strategy and the revenues must be shared among owners, programmers and content providers. Currently, MySpace is being treated more like a community notice board than a content network. For this to change, the people generating the content need to be able to share in the advertising revenue. The more popular their MySpace page, the more they earn. A simple pay-per-click model could work.
This idea will meet resistance. Why would they give away a percentage of the advertising revenue when it is already on the decline? But if they had invested in a TV channel that was failing, they would be implementing a turnaround plan to lift the quality of content and attract more, high-value advertising.
Currently the people doing the best out of MySpace are musicians. It helps them connect with their fan base, they can sell songs and mechanise directly – thereby cutting out the record label – and it is a wonderful promotion tool. But to be successful they need to keep generating quality content on a regular basis. The way they monetise this content is through the sale of merchandise and tickets. They use it as a springboard to larger mainstream fame.
Obviously, not all people are in bands. But there is a huge pool of global talent, in every field imaginable, that is yet to be successfully tapped into. This is why I’m suggesting sharing adverting revenue with these content creators. Anybody passionate and motivated enough can develop a niche market. And they should be able to get paid for it. The big idea here is that, with a simple change in policy and little additional investment, MySpace would no longer be the place where people simply try and get famous enough to make it to TV or newspapers. It could become the destination. Just give the MySpace users a model to work with.
For all of MySpace’s faults, it is well positioned to do this. There are things it needs to improve, like restricting its customisability to improve and standardise the user experience. But it is a very simple platform. It already has access to a large online population and it can leverage the video and image networks to reduce its server requirements. Why pay for the cost of hosting video when someone is willing to do that for you? Let other social networks connect in. Stop treating your content providers as free labour and realise everyone wants to get paid for their work. Allow interest groups to connect in a better way. Market to these groups. Let them come up with ways to market to each other that you may never think of. Get smarter.
It’s time for social networks to grow up. There is a lot of money to be made if everybody learns to share. Big business needs to get behind them and stop running scared.
If you want to monetise social networks successfully, then give the people creating the content the ability and the framework to do the same.
The world of medical services is changing fast. Traditional word-of-mouth marketing and life-long loyalty to one medical practice is being eroded by rapid developments in the online world. Your customers now use the internet to connect with other customers, find and evaluate services, products and conduct extensive research on topics that matter the most before making decisions.
This article gives you insights into the current trends and explains how you can make the most of them.
Image is important:
Not so long ago marketing a medical practice was simply a matter of putting a sign up and choosing a nice font. Now your customers expect more. Today a website is an essential tool for strengthening current relationships and assisting potential patients learn about what you stand for and even connect with your practice. However, simply having ‘a website’ is not enough. A poorly executed online presence can backfire, result in disappointed users and may even damage reputations. News spreads fast in the online world! On the other hand, a considered online marketing strategy and a well-designed website is your chance to appear inviting and professional.
Before you run off and build a new website make sure you have thought about the ‘image’ you are have chosen to convey. Of course ‘trust’ is a given but there are other important decisions you will need to make about your chosen persona. For instance, do you want to be seen as friendly, professional, modern or traditional? Good web agencies will help you understand your options in regards to colours, layout and language and how these link to your personality.
What is important is finding the thing that makes you ‘different’. Ask some of your patients. They may have some valuable insights that you have failed to spot.
Help people find your site:
As anyone who has searched for a ‘doctor’ on Google knows the web is a very big place. In fact Google has now indexed well over 1 trillion web pages. So having a website gives you no guarantee that anyone will see it. You need to think beyond ‘website’ if you are to get results and ensure you do not waste your budget on a solution that will become obsolete or too expensive to maintain or expand.
Fortunately, a good online marketing strategy does not need to cost the earth – in sharp contrast to traditional channels such as newspaper, radio or TV. It takes some careful planning and a little bit of time but it will be very beneficial. Much of it comes down to choosing the right partner to supply you with sound advice and solutions.
Optimising for search engines:
Part of any build phase of a new website should be ‘Search Engine Optimisation’ [SEO] which is the combination of a number of strategies employed to make your website easy to find. To some extent the ease with which potential customers can find you through search engines comes down to the way the site is built. So make sure your web agency has a good understanding of this. The words you opt to use on your site will also affect search ‘efficiency’.
Search engines rank sites on original content so avoid copying text from other sites. Make your text clear and easy to ‘skim read’ and ask your web development company to give you a list of commonly used ‘key’ words to include: The more you use the better your results from web search activity.
Creating well ‘optimised’ website text is not rocket science. Just be sure you get professional guidance before you start.
Online advertising:
There are many types of online advertising available but the most common, and by far the most cost effective, is search engine advertising. You probably have seen this form of advertising when performing a Google search. They are called “sponsored links” which have been designed with smaller businesses in mind, and can be very effective. But don’t assume this is the right choice for you.
There are many ways to run a search engine marketing campaign and getting it right can save you a lot of money. Look to partner with a company that has experience in this field and work with them to set targets and budgets.
Directories:
Online directories are a simple way of raising your profile. There are many online directories available in Australia including Sensis, Yellow Pages, AMA and other official medical directories.
Some directories are free but many charge for a listing. Before you take the plunge and pay for a listing make sure you know the profile of the directory’s viewers. If the operator of a directory can’t provide that type of information it may be a sign that it’s unlikely to work for you.
Utilising social networks:
Social Networking seems to be the buzz word of 2009. In fact, online social networking has existed for a very long time. What’s new are services such as Twitter and Facebook having recently taken off. Networking sites may come and go but what won’t go away is the desire of your customers to connect and share thoughts and information. Developing a Social Networking strategy will be worth the effort.
Depending on how you want to approach the market you may want to make this a big part of your overall plan or just a small addition. Either way it is worth remembering you can’t do everything. Blogs, Facebook, Twitter, article writing and participating in forums are all forms of social networking and it is easy to get caught up trying to influence all of them. A far better approach is to identify where the people you want to communicate are found and target a few areas that will help add to your reputation.
Understand the rules:
Doctors hold a special place in society so advertising can get tricky. The Medical Practices Act and State Medical boards will have information on rules and regulations around marketing your practice. Spending some time reading and understanding these documents will help you avoid any pitfalls.
Measuring success:
After doing your research, optimising your site and fine-tuning your online marketing strategy, you’ll want to know how successful it is. The obvious way is to look at your bottom line. But building a brand name takes time so getting some higher level data is necessary to check if you’re on the right track.
Make sure your website has an analytics device attached so you can see who visits your site and how long they spend there. This knowledge is essential in achieving success with your online efforts. Luckily Google offers site analytics for free. The information gathered will give you a greater understanding and assist in the allocation of your marketing budget to further strengthen your online marketing efforts.
Act now:
A wide range of new technologies are changing the way everyone is using the web. The global financial crisis has just added momentum to that trend as individuals and firms switch to more cost-effective and valuable ways of communicating and marketing. There is no better time to take advantage of this shift and build yourself a great online presence and strengthen your reputation.
