mmBOP - Solve the top 3 frustrations of doing business online - 010514
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Every small business needs an advantage in the growing digital economy - something that puts them ahead of other businesses. Doing business online isn’t always easy so it is important to focus your resources effectively and avoid becoming 'digital roadkill'. We surveyed small businesses in March 2014 and asked, what are the three biggest frustrations of doing business online? Through this presentation we will outline the results and present practical solutions based on those businesses who have a digital advantage now and those that want one. This starts by undertaking a Digital Health Check and building an action plan to improve your online: - focus and effectiveness - investment and return - engagement and relationships - productivity and practices
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mmBOP - Solve the top 3 frustrations of doing business online - 010514
- 1. Solve the top 3 frustrations of doing business online Wendy Perry, Workforce BluePrint Allison Miller, Vanguard Visions Ian Newton, TAFE NSW – North Coast 1 May 2014 - #mmBOPau
- 3. #mmBOPau Webinar protocols • Webinar is recorded • 1 person speaking at a time – all muted • Get involved – use questions/chat box and raise your hands • Put a smile in your voice when using a mike
- 5. #mmBOPau Small Business Online Survey – March 2014 What's frustrating you about doing business online?
- 6. #mmBOPau Question? What are your top 3 frustrations for doing business online?
- 7. #mmBOPau CC-BY Image: from Wikipedia - http://en.wikipedia.org/wiki/Hypertext_Transfer_Protocol Join Digital Enabled Capability Development Network linkedin.com/groups?home=&gid=4297104
- 8. #mmBOPau Frustrations we can solve: Why be online? How to get started? Who to engage with?
- 10. #mmBOPau How can mmBOP help? 2014 Stay Smart Online Week Free Webinar: Top tips for protecting your business online 3 June 2014 bit.ly/StaySmartOnline-TTPYBO
- 11. Doing Business Online Where is your business on the Digital Superhighway Matrix? KNOW about doing business online DON’T KNOW about doing business online KNOW how to do business online DIGITAL NAVIGATOR (Destination) DIGITAL BLINDSPOT (Overtaken) DON’T KNOW how to do business online DIGITAL HITCHHIKER (Transit) DIGITAL ROADKILL (Death)
- 12. #mmBOPau Case studies • Hitchhiker - Fringes • Blindspot - Harvey Norman, David Jones • Roadkill - Borders • Navigator – The Aston Club, Uber and Braintree
- 13. #mmBOPau
- 14. #mmBOPau
- 15. #mmBOPau
- 16. Focus and effectiveness (Strategy) The Roadmap needed to be a digital business survivor Investment and return (Sustainability) The Fuel needed to run your digital business Engagement and relationships (People) The Passengers needed to interact with your digital business Productivity and practices (Business processes) The Car needed to drive your digital business Doing Business Online – Where are your business’ strengths and gaps? Rate your business out of 10 for each dimension
- 17. #mmBOPau Text
- 18. #mmBOPau Navigator Balanced Scorecard 1. Develop the product concept - strategy 2. Scale the offer – productivity and practices 3. Measure and increase the lifetime value of a customer - sustainability 4. Acquire customers at scale – engagement and relationships Michael Fox – Shoes of Prey
- 19. #mmBOPau • Bespoke Women’s Shoes • 3 founders - range of complementary skills • Addressed Key Problems: • Style • Access • Customisation • Constantly fine tuned the concept Concept
- 21. #mmBOPau Scale the Offer • Team had considerable technical expertise • Used cloud services for scalability • Increased team size but used outsourcing for production
- 22. #mmBOPau Measure and increase the lifetime value of a customer • LTV = Expected Life x Avg. Revenue per User x Gross Margin • Repeat business is the best business • Increase the value to your customers • Raise Productivity – bigger margin
- 23. #mmBOPau Acquire customers at scale 16 yr old youTuber, Juicystar07 aka Blair Fowler - fashion tips webinar broadcast
- 24. #mmBOPau Acquire the right customers • 13 to 16 year old girls liked designing shoes on website but didn’t buy – but required massive scale up of website • Article in Wall Street Journal and other business and ebusiness blogs about the success of the webinar informed the right customers i.e. business women with high disposable income and a need to dress formally • Sales increased dramatically
- 25. #mmBOPau Question? What do you need to do to solve your frustrations of doing business online?
- 26. #mmBOPau Future Webinars & Programs • Social Media Strategies for Small Business – webinar - 8 May 2014 - 7.30 pm AEST • Engaging Young People via Social Media – 6 June 2014 – 2.30 pm AEST • mmBOP – all programs and tools
- 27. #mmBOPau Please follow us … North Coast Institute: • https://www.facebook.com/NCTAFE • https://twitter.com/nctafe • http://www.youtube.com/user/NorthCoastTAFE • http://www.linkedin.com/company/north-coast-tafe • https://plus.google.com/+northcoasttafe/posts • http://feeds.feedburner.com/NorthCoastTAFENews
- 28. #mmBOPau Please follow us … Vanguard Visions: • twitter.com/vanguardvisions • facebook.com/vanguardvisions • linkedin.com/company/vanguard-visions-consulting • bit.ly/VVC-Googleplus • slideshare.net/vanguardvisions • pinterest.com/vanguardvisions
- 29. #mmBOPau Please follow us … Workforce BluePrint: • LinkedIn: Workforce BluePrint • LinkedIn Group: http://www.linkedin.com/groups/Workforce- Planning-Tools-4245718?trk=myg_ugrp_ovr • Twitter: https://twitter.com/WorkforcePlan • Facebook: http://www.facebook.com/WorkforcePlanningTools?ref=ts • YouTube: http://www.youtube.com/user/WorkforceBluePrint?feature =mhee • Slideshare: http://www.slideshare.net/WorkforceBluePrint • Pinterest: http://www.pinterest.com/wendyaperry/
Editor's Notes
- WendyWelcome
- WendyIntroduce Ian Newton, Allison Miller, Wendy Perry
- WendySafe environmentHelp people feel comfortable about attending webinarsHints, tips and tricks about troubleshooting getting into webinar roomsProtocol about being a webinar participant
- Why are we doing this? Small business growth, sales, savings, productivityASTON CLUB - HOW IT WORKSWhen downloading the app and joining the Club, you will automatically be given a Silver membership. This is your base membership and allows you to receive basic Aston Club offers. To increase your Membership Status, you will need to accumulate enough Status Credits. To get Status Credits, simply use Aston Club to pay for you bar tab or restaurant bill, and we will give you 1 Status Credits for every $10 you have spent.UBER – Connects you with a driver: https://www.uber.com/
- AllisonWe undertook a survey and research in March 2014 to determine what the top 3 frustrations were for doing business online.N= 17 responses supported the responses we received at our NBN Digi Forum held in July 2013 + research from Deloitte Access Economics.
- Allison….Before we share the results of the survey – use the Question Box and share your top 3 frustrations for doing business online
- AllisonIt’s probably no surprise that the no 1 frustration about doing business online was the need for better internet connectivity.Unfortunately, Wendy, Ian and I can’t solve this issue for you alone, but as a group we can lobby together for better internet connectivity. Join the “Digital Enabled Capability Development Network” on LinkedIn - http://www.linkedin.com/groups?home=&gid=4297104
- Allison Top three frustrationsWhy - digital disruption and avoiding digital roadkill (lack of understanding of uses/benefits)How - to get startedWho - to engage with (Web developers, SEO, digital marketing, cloud tools, govt, BECs)
- Allison….Has this helped you think of any other frustrations?
- Allison….How can mmBOP help?2014 Stay Smart Online Week Free Webinar:Top tips for protecting your business online3 June 2014 – 30 min webinarbit.ly/StaySmartOnline-TTPYBO
- Wendy
- Wendy
- https://www.facebook.com/pages/Fringes/27642684214
- https://www.uber.com/
- https://www.braintreepayments.com/?partner_source=AU_DT_SEA_GGL_TXT_RES_STR_CPC_GW_YBR_m*e_c*36010030667_k*braintree_d*[AU]-Braintree-Branded_g*[braintree]_f*c_p*1t1&gclid=CIqk7ovtib4CFZcjvQod34EA2Q
- WendyThen hand over to Ian
- Navigator - Shoes of PreyPresent Doing Business Online Balanced ScorecardmmBOP products and Partnership opportunitiesDigi-Advantage Business Consulting ProgramTool to choose an online business provider and apply to each quadrant of the scorecard - 4 slides with mmBOP products listedOffer discount for each product from each partnerPoll - vote which mmBOP most needed (could do webinars on these topics)mmBOP Products Promo - Investment and return
- http://www.22michaels.com/2011/01/simple-business-plan-for-online-retail.htmlDevelop the product conceptDevelop a concept – is this a niche that isn’t being served adequately e.g. new product, no service providers in area.Make a keypromise as how you will deliver that product or service.Keep your promise.As for constant feedback to improve the service or make a promise that better serves your customers needs.2. Scale the offerhttp://www.22michaels.com/2010/03/juicystar07-and-world-of-new-media.htmlIf you increase traffic to your site how can you scale the value you have developed for individual customers to service. Cloud computing means it is now much easier to scale the hardware (webservers + network capacity). But is there a physical component (products). How will you scale up production? How will you provide a consistent product? How will you get the people to consistently deliver the products and services when you raise demand? Training, recruitment, outsourcing?3. Measure and increase the lifetime value of a customer4. Acquire customers at scale
- http://www.22michaels.com/2010/01/custom-made-womens-shoes-online.htmlIn an earlier post we discussed the pros and cons of sharing your business idea with other people prior to your launch. Our conclusion was that other people have had your idea anyway, and who succeeds will come down to execution rather than the idea itself, so you're better off sharing your idea and getting feedback and thoughts from anyone and everyone.To show you why we think that's true, we thought we'd share with you 8 other design your own women's shoe businesses that we've come across since the launch of ourcustom made women's shoe site, Shoes of Prey.Atelier ShoesNina ShoesEidia LushDream HeelsShoesUSAShoes 4 StarsSole Search (A competition run by Steve Madden and Zappo's)And there's even another Australian based site - Princess Chic! We've been in touch with Tanya from Princess Chic and will meet up with her in March when we're next in Brisbane.And no doubt for each of these that actually launched there were 100s of other people who had the same idea but never got around to executing on it.It's interesting looking at the different takes people have on the idea and how they've addressed the same problems we've encountered. Most of these sites don't let you customise the shoe design a great deal, they focus on letting you change the colours and adding decorations. Dream Heels and Zappos/Steve Madden run shoe design competitions and the winning shoes are produced, you can't actually order your design. And they've all addressed the shoe sizing conundrum and approached their returns policies in slightly different ways.It's nice to see that other people think the idea has enough merit for them to have launched design your own women's shoes businesses, and the market for women's shoes is massive, so there's no reason that we and all the other businesses above can't all be successful. But having competitors is a good reminder that we need to have a great product and treat our customers well if we want to succeed. :)Have you seen an idea you've had been executed by someone else?
- http://www.22michaels.com/2011/01/finding-suppliers-in-china.htmlDon’t have the technical skills – learn them or buy them in.With an aging workforce the challenge is to help people stay engaged and productive in work. Big opportunities exist for older workers, women with children, people with disabilities and disengaged youth.
- http://www.22michaels.com/2011/01/simple-business-plan-for-online-retail.htmlThis formula highlights 3 levers a business like Shoes of Prey can pull to increase LTV.Expected Life or the number of shoes each customer purchases from us. How can we offer better value to encourage single visit customers to make repeat purchases from us?Avg. Revenue per User or the $ value of each sale we make. Can we sell complimentary products to our existing customer to increase the value of their basket each time they purchase? Can we upsell them from our cheaper ballet flats to our more expensive ankle boots? Can we encourage people to buy a higher value gift certificatefor their friends and loved ones?Gross Margin. How can we reduce our cost base to increase our gross margin without having to raise our prices? Can we introduce new, higher margin products into our range?These are all things we need to work on to increase the lifetime value of our customers. For a great post describing how to measure the lifetime value of your customers have a read of this blog post from the Venture Capital from Lightspeed Venture Partners.http://lsvp.com/2010/07/19/how-to-estimate-lifetime-value/
- You'll need to test different marketing channels to find out what works best. Is it TV advertising, print media, PR, YouTube, social media, search engine optimisation, search engine marketing or a mix of all of these that works best for your business? What marketing tactics and campaigns within these channels help you acquire customers at a low cost and at scale?
- You'll need to test different marketing channels to find out what works best. Is it TV advertising, print media, PR, YouTube, social media, search engine optimisation, search engine marketing or a mix of all of these that works best for your business? What marketing tactics and campaigns within these channels help you acquire customers at a low cost and at scale?
- WendyUse the Question Box to tell us …
- Wendy- Vanguard Visions in partnership with Broome Community Resource Centre - Social Media Strategies for Small Business – webinar - 8 May 2014 - 7.30 pm AEDT - http://www.eventbrite.com.au/e/social-media-strategies-for-small-business-tickets-11149790323 mmBOP Program:Being a Digital Business Survivor Balanced Scorecard mmBOP Services MatrixFocus and effectiveness (Strategy) mmBOP ServicesThe Roadmap needed to be a digital business survivorInvestment and return (Sustainability) mmBOP ServicesThe Fuel needed to run your digital businessSmall (Digital) Business Health CheckBe Ahead of the Pack eBusiness Development Program – Strategic Implementation ModuleBe Ahead of the Pack eBusiness Coaching and Mentoring servicesOnline business success webinars or workshopsDeveloping a social media strategyImproving your online professional profileDigi Advantage Program – An example of a program that ran successfully in the Northern Rivers NSW in 2013. Contact Ian Newton 0427882215 if you would like to work with us to have a similar program in your area.Social Media Management SpecialEngagement and relationships (People) mmBOP ServicesThe Passengers needed to interact with your digital businessProductivity and practices (Business processes) mmBOP ServicesThe Car needed to drive your digital businessDigital Capability Self-AssessmentWebinar HostingWorkforce Plan Generator™Be Ahead of the Pack eBusiness Development Program – Workforce Development ModuleOnline business success webinars or workshopsBuilding online networksCommunicating with your customers via email (using Mailchimp)Driving customers to your websiteFacebook marketing for small businessImplementing online customer services strategiesIntro to Teleworking – How can your business benefit?Sourcing, leading and managing people from anywhereStaff Reward, Retention and MotivationProfessional Development Australia – Business CommunicationSocial Media – start building online business relationships – a low cost way to develop a web presenceWeb skills -keep your content fresh by reviewing and maintaining your small websiteBasic Computer Skills – learn how to use a computer and maintain your digital assetsOnline business success webinars or workshopsCreating and managing a WordPress business websiteManaging the risk of using the CloudRunning your business from anywhereSelecting and managing a business websiteThe Cloud + MoreTop tips for protecting your business onlineDigital Capability webinars:Search results – how search engines judge your websiteAugmented reality – the next big thingDigital productivity – all the tools you need to save time and improve efficiencies
- Wendy
- Wendy
- WendyFinal raise your hand if this quick session has been useful?
- Wendy and we’ll be in touch!