100 Days Digital Mastery Challenge Review
Date : 2nd July 2020
Review of Day #2
Just finished the second
session of 100 days Asheghar Digimentors Digital Mastery Challenge.That was one hell of a session. Wanted to write about it before
going to sleep. Because, O boy, that was tiresome.😴 Mr. Shan did slow down a
bit, compared to his first session of the 100 days challenge and that is a good thing.😊 This was just too
much information to take in. And it was hard to keep myself concentrated (as always)😬. Even then,
it was a great session. I am still going through his notes to take it all in
and will try to share his ideas and information in this blog post.
In this session he was basically briefing through the portions he would be covering over the upcoming days. He did pitch in some interesting ideas to keep looking forward to the Saturday session.😃 The world of online marketing is slowly opening up infront of us. Showering all the information together can be intimidating.😐 This session was too much to take in, but a lot of concepts will be elaborated later.😊 That is definitely a relief to someone like me, who has a very little experience whatsoever in online business. It was difficult to catch up with him and his ideas. The systematic steps to building up an online business was very well briefed.
His plea to support ADM’s social media campaign to honour the health workers was thoughtful. Kudos to ADM team for the idea.😊
I think
going through the notes will help me understand better. Still there are a lot of
confusions and doubts. Some doubts were cleared by himself in the Mastermind
session. I will update the post once I catch up.
After a good night’s sleep and going through notes and referring, here are the takeaways from yesterday’s session as I understood.
10+ Internet Business Models
- Classifieds Model in which we give a valuable platform to
the customers to place their classifieds.
- Discussed elaborately about Dropship model. It was
interesting to know you can start a business online with just minimal
investment on stock and services.
- Donation model adopted by Wikipedia.
- Subscription model by which you get a specific amount every
month or year according to renewal. Seen in examples like ADM’s website builder
itself, SAAS etc.
- Monetization model as in placing advertisements in your
site. With enough traffic comes enough money to keep our spirits up.
- Social Media influencer model, as he said, one of the best
place to start marketing. Different types of marketing like Directly explicitly
and indirectly explicitely will be discussed later.
- Blog model can be combined with various other models to
generate revenue.
- Youtube model, which is among the current largest online
platforms is a promising one.
- Website flipping model was interesting. The idea of “you make
money even when we lose our business” is motivating. ADM’s upcoming project of
ADM website flipping will be launched soon.
- Affiliate model will be detailed in Saturday session. He
seemed so confident about this model. Excited for his next session on this topic.
- Ecommerce combined with Affiliate marketing was one of his idea to capitalise maximum on both models.
How to choose business models?
Business models should be chose based on the factors like
our interest, passion, skills, resources as in time and money availability,
future plans and future expectations.
He emphasised again on the things he said in the previous
class, about the three factors to build a business and the two important steps.
Three factors being, Strategy, Organisation and Technology.
Steps to build a business online
Step 1 : Choose a business model
Step 2 : Promtion of the business model
We should also determine if the business model we chose is
B2B or B2C or any other type.
B2B model is basically transactions between businesses,
probably between a manufacturer and wholesaler or between a wholesaler and a
retailer.
Which products should we sell?
Products should be chosen based on DEMAND and COMPETITION.
High demand and low competition is the optimum condition to
optimise our revenue.
-Important thing to remember is, it is meaningless to fight
for market with corporates with huge investments and branding. It is also hard
to create a demand for a product too. Therefore, it would be best to capitalise
on an existing market. Mr. Shan’s example of Qatar being a Rolex market and
bringing in CAT products will not be profitable enough was good.
-He also gave an insight on how to find a vague idea of the
demand and competition online. We can look into popular.ebay.com or
google.com/trends/topcharts or amazon.com/besetsellers.
How to build business Online?
- Have a Business idea.
- Choose a Business model.
Develop it based on Business model. - Research on Legal entities, products or services and
potential targeted customers.
- Have domain name, website or mobile app etc.
Work on Content, SEO, Social Media.
- Setup a payment gateway, logistics, packaging, CRM tools.
- Tools, Techniques and tactics.
Offshore companies and Offshore banking
Rest of the topics
Demographics and Psychographics
200 factors of Google’s SEO
Importance of Business Plan
Business plan would include research on Products and
services, Target customers, Vision about customer expectation, Website
competitors, Realizable goals, Operation manuals of daily activity. Time frame,
Start up costs (monthly yearly). He introduced a tool to create our own
business plan. That was really helpful.
Funding and investment.
100 ways to promote business
Introduced to concepts of Email marketing, SMS marketing
etc. using automated solutions, Social media marketing, Remarketing and
retargeting etc. Will be discussed in detail in upcoming sessions I hope.
Importance of CRM tools, CRO tools, CBO, content management
system will all be discussed later.
Success Motto
- Study the market potential and competition analysis of my product/service before starting the digital business.
Make sure u have a business plan document
There are a lot of reasons to look forward to Saturday’s session.😃 Will keep you guys updated.
So all in all, that was a very informative session. To some extent it is good to be intimidated by a lot of information. Just makes us realize there is a lot more to know. This session really did clarify on a lot of doubts regarding what areas of online business will be covered during the program.
Mr.
Shan’s talks based on his personal experiences are so informative and
intriguing. Hope he will include more of his own ventures, successes and
failures to make newbies like me to understand some concepts of digital
marketing. Waiting for Saturday’s program.💪 A lot of ideas will be elaborated in
Saturday session I think. Eager to know more about Affiliate marketing. It is
something he always talks about during his sessions. Well, lets see how good it
is.😎
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