Is your business optimised online and secure from new disruption?
At The Alpha Group we make certain that you build a successful online business or substantially enhance your existing online presence.
So, how does this happen?
Easy, its a six step-process using the power of the peer-to-peer advisory board.
Firstly the peer-to-peer advisory board help you identify what is your strategic problem.
You’ve successfully grown your existing company in traditional ways e.g. you sell your products/ services in conventional ways and you deliver these products/services through normal channels.
What’s the problem that you could be facing now or in the near future? Because of E- commerce and M-commerce many companies have new competitors coming at you from many directions. Many customers now expect 24/7 service. If they don’t get this service from you, they will get it from one or more of your competitors. Moreover, information and feedback on your prices and your competitors’ products and services is commonplace.
Rate the risks, market opportunities and the urgency for you to create your own successful online business. Using the boxes below, rate these 3 factors on a scale 1 to 10(where 1 is low and 10 is high).
(the risk to your company)
(the market opportunity for your company to create an online business)
(the urgency of your company to act)
What are your strategic conclusions on your ratings above? Please write these below:
Secondly the peer-to-peer advisory board help you evaluate the potential for building your successful online business.
Using the 10 statements below, evaluate the beneficial potential for building your successful online business. Use the scale 1 to 10, where 10 is outstanding potential and 1 is a low potential.
What are your key strategic conclusions on the above? • •
1 You have a new idea that is a compelling proposition for your target customers
2 Your target market is growing
3 In your target market there is little competition
4 Your proposition gives you a dramatic differentiation
5 Only a small financial investment is required for your online venture
6 You can raise this financial investment easily
7 You have some trusted, strategic partners for your online venture
8 You, your team and your strategic partners have the key skills, knowledge and contacts for your online venture
9 You can easily acquire the technology for your online business
10 You have the attitudes for providing outstanding service to your online customers Your Total Score out of 100(%)
Thirdly the peer-to-peer advisory board help you define and assess your compelling proposition.
Who are your target customers for your online business?
What’s the critical problem that your target customers have that your online business Will solve? So what customer need are you meeting?
What’s your clear, compelling proposition to your target customers?
What’s your online solution for delivering this proposition?
On a scale 1 to 10, where 1 is a “me too” proposition and 10 is a proposition that “disrupts” your chosen market, rate your proposition in the box below:
On a scale 1 to 10, where 1 is difficult for your potential customers to use your online solution to your problem and 10 is easy for you to use, rate the ease of use of your solution in the box below:
What are your strategic conclusions on the above? Write these below:
Fourthly the peer-to-peer advisory board help you choose the right model for your online business.
Your business model defines how your business operates and makes money. For your proposed online business, it’s crucial that you make the correct decision about the right business model.
based on your strategic conclusions from page 3, what are some of the main business models for you to consider for your online business? These models include:
1 E-commerce and M-commerce Model
Selling your products via the web or via mobile phones. Successful examples include books, gifts, games and software. You can also sell additional services with your products to your customers e.g. insurance services.
2 Subscription Model
Selling content such as your expertise on a regular subscription basis and also selling advertising alongside your content. In order to charge customers for your content it needs to be high quality and tailored to your customers’ needs.
3 App Model
Selling your content and expertise as an app via smart phones and tablet computers. Today, almost any idea can be turned into an app and the rewards for companies who have successful apps are huge.
4 Price Comparison Model
Some of the most successful online businesses sell data, price comparison reviews and match buyers and sellers e.g. Trip Adviser.
5 Another Model
For your proposed online business, which of the above business models is closest to what you need? It may be a combination of two of the models. Please write your strategic decision on your proposed model below:
Fifthly the peer-to-peer advisory board help you create your plan for the online business.
In this workbook you have already made some strategic decisions on your successful online business. Summarise your strategic decisions below: 1. What is the % potential for building your successful online business? (i.e. your total % score on page 2)
now decide your bold goal for your online business, the benefits and potential financial rewards to you from achieving your goal.
1 Decide your bold goal
Given the size of your target market, your business proposition and chosen business model, what is your bold goal for your proposed online business? Write this goal below in 7 to 12 words. (Make it bold yet SMART i.e. Specific, Measurable, Achievable, Realistic & Time-bound).
Within _____ months, we
Now write your goal on a small post-it.
What are the benefits to you and your company of achieving this goal?
To you personally:
To your company:
What will be the likely financial rewards to you and your company of achieving this goal?
3 Identify your priorities to achieve your goal What are your priorities to achieve your goal? Identify your six priorities from the list below. Mark each priority with an asterisk and then write each one on a small post-it.
A) Increase your sales
1. Research your market
2. Research your competitors
3. Decide your special niche
4. Refine your compelling proposition
5. Decide your messaging
6. Decide your charismatic brand name
7. Register your domain name
8. Prototype your new, online product or service
9. Test your prototype using e.g. Google AdWords
10. Generate product awareness
11. Build your online reputation
12. Generate in high probability customers
13. Gain your ideal customers
14. Achieve your optimal selling prices
15. Manage relationships with potential customers
B) Build your team
1. Decide the team for your online business
2. Change your team if necessary
3. Identify your strategic partners
4. Decide your best strategic partners
5. Build strategic alliances with experts
6. Build your balanced team
7. Build your positive, powerful belief about your online venture
8. Build your engaged team
C) Enhance your profit
1. Plan your low break-even
2. Develop your chosen business model for your online business
3. Decide your payment process e.g. PayPal
4. Select appropriate technologies
5. Streamline your business processes
6. Implement effective Key Performance Indicators (KPIs)
7. Raise the finance for your online venture
8. Build your Intellectual Property (IP)
9. Protect your IP
10. Monitise your E-commerce & M-commerce site
Lastly the peer-to-peer advisory board help you refine your plan, engage your team and take massive action.
The profound impact on you and your company of building a successful online business is that within 18 months your online business is contributing significantly to your bottom line and the value of your company.
If you would like to find out more about how The Alpha Group members build a successful online business then please get in touch and I will be happy to send you further information about visiting a suitable group, online, face-to-face or blended with a mixture of real world and virtual board meetings.