Brian Clark delivered a fantastic presentation on business models. This is really important for people who are starting a business or looking for ways to expand a current effort. This will be especially helpful for freelancers and small businesses. It fits in well with the coaching component of the blog consulting services I sell.
Often, people have not clearly defined their business as well as they should have before engaging in the marketing efforts of blogging. Brian’s points below should help you understand and refine your business model. Keep in mind he’s addressing people who started with a blog and who are looking to make it into a business, rather than the other way around (that group tends to be my clients).
Business Model is NOT:
- It’s not your revenue source
- It’s not your traffic strategy
- It’s not blogging
Blogging is part of what you do to execute on your business model. Your business model is NOT blogging. Think of yourself as an entrepreneur, rather than a blogger.
Biz Model is:
- The right product or service (for)
- The right target audience (at)
- Content is marketing
- You’re always selling
- Sell everything possible
Sell ad space, content, lead generation. Look at every possible avenue of revenue.
The three A’s of a social media business
- Phase One: Attention
- Phase Two: Authority
- Phase Three: Acceleration
Attention: is it enough, the right kind, and do you know what to do with it?
Expertise creates authority. Never hide that you’re in business. A subscriber not interesting in buying is not good for your business. Acceleration: maximize your asset to make money even if you’re not doing anything with it.
Sorry, it gets a little sloppier here (no lists) but great points:
Attention
Choose a high-demand subject area
Position the site to be remarkable
Offer independent value with content
Utilize headlines and hooks
Authority Rules
Transform attention into authority via social proof
Capitalize on link equity for search engine optimization
Maximize subscriber base and build sub-lists
Promote affiliate offers to see what the market wants
Segment your audience by interests so that you can target one group without annoying the other groups
Acceleration
Build “back end” pages and spin-off sites
Develop your own products and services
Test landing page copy and offers
Outsource and automate — remove yourself from the equation (have an asset not a job)
[...] dudes you could ever meet. He answers a question I had for him after he had just delivered his presentation: what was the most important take-away point from his presentation. He didn’t have just one, [...]
Michael,
It appears that Brian has done a very good job of outlining the Social Media Business Model. This is one of many business models. But of course not all.
I am curious about your statement that “It fits in well with the coaching component of the blog consulting services I sell.†What do you consider a “coaching component?â€
Bill, that’s a great question. Many of my clients buy a package that includes design and installation/configuration work for their blog as well as a series of coaching phone calls. For the coaching, I help them get the most out of the WordPress system, offer feedback on their blogging and social media strategies and make suggestions. Often, they are part strategy sessions, and part education for the client.