The 10 rules of success in digital business
Nowadays it would seem that anyone with a mobile phone or a computer or $ 10 to spend an afternoon in an internet cafe could start their own business, and in strict theory it is true.
The question here is: If it’s so easy to put a business on the Internet … Why are so few people living the “laptop” lifestyle? You know, working in a bathing suit from the beach, recording videos from the pool, recording your podcast in your convertible driving on Ocean Drive, taking margaritas in Acapulco while you have Skype calls with your clients in New York who are also taking margaritas ?
Why is this stereotype of the digital entrepreneur so far from the reality of entrepreneurs in Latin America that today they have invested time and money in their own digital businesses?
The answer is very simple: most of the new business ideas are simply bad ideas, so things, you have to call them by their name. Most entrepreneurs have bad business ideas. I’m sorry but it’s the truth.
I heard from my friend Alex Berezowsky that in digital business technology is the easiest thing to learn and implement, the real challenge lies in marketing.
I am here today to tell you the truth, and to tell you that if you are about to start a digital business you think twice. It’s not that it’s a bad idea to start, just the opposite, but please, before you start throwing your money, make sure you have a solid foundation for your business. okay?
That is why today I have written for you 10 unbreakable rules that you must follow when planning your online business.
First rule: Plan your business considering your generational group and at least one generational group as part of your market.
We all know that in school they do not teach us what we need because usually (not always, teachers) and curricula are outdated. And we all know also that a business idea that works today tomorrow can simply fail, even if you do not change anything.
So, why do we believe that the market we know today will remain static tomorrow?
Every day humanity makes progress, and every day we have advances in every way, but every once in a while there is a quantum leap that distinguishes a generation from another in a slightly more obvious way.
So. If you are from generation X, think about your generation, but also think about generation Y at least.
If you are from generation Y, think about your generation, but also and above all, think about Generation Z. The truth is that you have no choice.
Second rule : If your business depends on a procedure that you can not automate in the present or in the future, do not start a digital business.
In fact, the only or at least the most important motive that makes digital businesses an extraordinary option for a remarkable lifestyle is that practically everything can be automated. Marketing, customer service, purchase process, delivery, etc. That’s why you can scale at low cost and often without hiring other people.
In fact, if you have a digital business, but you take care of things like sending products by postal mail, or making customer prospecting calls individually, or visiting your clients in your office for a meeting on Tuesday in the first hour, the reality is that you do not have a digital business. It may be that you have a traditional business improved by technology, but a digital business itself can be automated in all its links and that is why it can be scaled. That is the joke of this.
Third rule : If your market is a group of consumers over which you can not measure or track their behaviors through digital media, change the market.
This is explained very simple. If your client is on the internet, it is most likely that you can track their behavior one way or another, but if your client is not on the internet, or the activities that make you your client can not be tracked online, then it is a good time to change focus or market.
Fourth rule : If your idea can not be internationalized, change your mind or turn it into a global business idea.
Fifth rule: If your business idea does not respond to a real, current and urgent need for your market, do not start that business.
It’s the same thing that I told you a moment ago, the point of all this is to climb, and if you live in Cuernavaca or Guayaquil or Salta and you just want to sell to the members of your nearest community, the safest thing is that you do not have enough people to whom to sell your digital products or services.
Global is the surname of digital entrepreneurship. Does it make sense? Do not waste your time launching a business that can not be applied to all of Latin America or, if possible, to the whole world.
Sixth rule: If you do not enjoy marketing and you can not find passion in analyzing and communicating with the market, do not start a digital business.
Russell Brunson once told me: who is successful in the digital business world is not one who has a passion for their business, but one who is able to develop or find a passion for marketing around their business. Interesting truth?
It is not what you sell, not even the mission you have that will keep you afloat. It is your ability to be passionate about marketing, that is, to understand your market and communicate with who integrates it.
Seventh rule: Keep the model as simple as possible.
If you spend five minutes explaining your business model and people have not understood you yet, the most likely thing is that complexity is clouding your judgment and you suffer workshop blindness.
Good business as the truth is explained quickly, they understand quickly because it is obvious that the market needs them. it is understood?
I sell a package with a hamburger, potatoes and soda: three seconds to explain. I sell coffee in a bar, two seconds to explain. I sell online courses to commercial managers: four seconds to explain.
Eighth rule: If you do not enjoy working with a specific market, change the market or do not start a digital business.
The people who integrate your market can become the people with the longest you have to spend, in those who have to invest more imagination, in whom you will think from when you wake up until you go to bed.
So, if from before you know that you do not empathize or you do not like them, you better look the other way. You have to be able to have fun with your audience, it has to be a growth experience for you.
Ninth rule : If you do not feel able to keep the same speech with the same message for the same audience over the years, look for another market.
Building a business brand or a personal brand is a job of your whole life. If you spend two weeks trying to position your company as a provider of customs logistics services and the day after tomorrow turn it into a legal office, it will not work. And the same happens in digital. You have to select a message, engage with an audience and sustain it over time.
The branding is a race of endurance, not speed, your brand does not live on your site or in your business cards, live in the minds of your audience, and if it happens one day and stop communicating with your audience, probably you go To forget.
Tenth rule: If there is no competition do not do it.
I do not know why, but many think things like this: nobody is doing a one stop shop for pet products, it sure is a good idea!
I’m here to tell you the truth. If nobody has done it, it probably is not because nobody has thought of it. In 90% it has to do with the fact that there is no mature market. This is one of the most generalized confusions.
Hey Gerardo, what about innovation?
In another moment I talk about innovation, but for now let me tell you this: you have to innovate in the solution, not in the need.
Does what I say make sense to you?
So, you already have the 10 unbreakable rules, keep this article and when that million dollar idea comes, pass it through this sieve. Save yourself time and money and focus on what matters the market.