If you didn’t know, UTECH’s Joan Duncan School of Entrepreneurship, Ethics and Leadership in collaboration with JMMB Joan Duncan Foundation held the 7th Annual Joan Duncan Memorial Lecture virtually on September 27th. The theme of the lecture was Digital Entrepreneurship: Breaking Boundaries. For those who don’t know Joan Duncan is the co founder of JMMB (Jamaica Money Market Brokers). She formed JMMB with Dr. Noel Lyon in 1992.
Digital Entrepreneurship is “broadly defined as creating new ventures and transforming existing businesses by developing novel digital technologies and/or novel usage of such technologies”. Entrepreneurship is of course, different now, because of technology. In the digital age, you can fully run a successful business online which is fairly new and more accessible than its ever been. If you sell digital products like courses or even run an IG store, you’re an entrepreneur.
With COVID-19 and the looming recession, it may be time to learn about digital entrepreneurship as it can provide you with extra income or become your whole job.
You can watch the entirety of the lecture here but keep reading because I’ll give you some takeaways.
The two presenters were Tyrone Wilson who is the Founder, President and CEO of iCreate and Stacy Kirk who is CEO, Quality Works Consulting Group, California, USA.
Understanding the Digital Customer Journey- Tyrone Wilson
According to Wilson, the digital customer journey refers to the path the customers take from initial contact to conversion which is a sale. The diagram below will give you a good idea of what customer journey is all about.
This is how Wilson broke it down:
- Browse- At this stage is customer is simply browsing/looking at your product or service. They can do this via your website, Instagram or wherever you’ve posted your product. They may opt for videos or reviews of your product.
Tools to Consider For This Stage
-CRM (Customer Relationship Management) Tools- Eg Monday.com, Sales Force
-Automation Tools- Zapyear (connects all the different platforms you use)
Using these tools can help you create a buyer persona.
2. Compare- Naturally, people may not be looking at your product/service alone. People will look and compare your products with your competitor.
3. Contemplate- At this point, customers are contemplating what product/service they should purchase. Want them to choose yours? Use content marketing strategies here to aid people in their contemplation.
While Tyrone Wilson didn’t get to finish his presentation, I did some research to fill in the blanks.
4. Purchase- At this point, the customer would have decided on your product and purchased it.
5.Return/Recurring Customer-The customer then purchases from you again. Employing good customer service tactics will help you retain customers.
The good thing about digital entrepreneurship is that you’re better able to collect information on your customers. Wilson points out that when someone walks into a physical store, you don’t really know anything about them. Online, however, people leave a digital footprint, they might have liked your post on Instagram or left their email addresses. You’re better able to find out more about these people, what they like and what they don’t like.
Digital Entrepreneurship-Surviving the New Digital World by Stacy Kirk
Kirk suggests using the Lean Canvas model which is a one page business plan. This is what it looks like:
Stacy Kirk also suggested that we bear the following in mind:
Validation and Testing
To build a great product you have to test it often.
- Proof of Concept- Ask yourself, is what I plan to do feasible? Can I find supplies? Can the product be built?
- Build a Prototype- This looks at the customer’s perspective. Is this something they want to buy then look at the customer’s feedback. Use real customers, friends and family may not tell us the truth about the product.
- Build a Minimum Viable Product (MVP)– Start with one service or product and get feedback from it before expansion.
Stacy suggests using Hive if you’re a freelancer. In addition to that, form partnerships, even though you may enjoy working alone.
She said there is a 60% chance that is a small business is attacked, it won’t last six months. Check out the rest of the lecture on JMMB’s YouTube to hear about cyber security and other nuggets of information.
So what do we do with this information? Keep them in mind as your create and market your business.
Looking for a copywriter to help you take your business to the next level. Look no further, follow this link to book me. Don’t think you need a writer? Read: 5 Reasons Why Your Business Urgently Needs a Writer
Special thanks to JMMB for providing the pictures.