Any new business has to satisfy a need (or convince customers there is a need to be filled). It can answer that question: Why doesn't somebody do something about that?
Paul Graham has written about Startup Ideas We'd Like to Fund.
And here are 10 Totally Stupid Online Business Ideas That Made Someone Rich.
Google has launched a site for non-profits with free Google tools to promote their work, raise money, and operate more efficiently
Whilst I have been aware of Savings & Loans credit union's blog for some time, the Better Banking Blog has drawn my attention to RaboPlus's Executive Blog and its demonstration of the value of interactive communication with customers.
In the comments section on a post about Westpac's online banking downtime, RaboPlus's Head of Financial Services for Australia and New Zealand receives comments both about his site's own downtime and design and responds to both quickly receiving praise from the commenters.
There's no point in being defensive: if you're open about problems and show that you'll respond to comments you'll attract a favourable response.
Here's the link between knowledge management and user-generated content...an excellent video
One of the first questions asked by brand advisers is "how would you describe your firm if it was an animal...or a car...or a person?" Is it a camel or a hippo or a tiger? A porsche or a volvo?
They try and express the character of your business graphically or through design.
Most often we see this on websites. Is your website modern and efficient? Or clunky and conservative? Does it have personality?
Community First Credit Union have tried to express their personality on their website through an online greeter (a concierge?) called Lisa. Is she fun, innovative or a failure?
Type "dance" into the question field and decide whether she's appropriate for a financial institution.
In the Corporate and Business Blogging session at the recent Australian Blogging Conference, 2 of the reasons given for a business to blog were to demonstrate your expertise and to show thought leadership.
During the discussion we talked about blogging policies and I said that I self-edit: I do not discuss confidential client matters and I do not talk about proprietary business methods I have developed.
The discussion moved on but I want to go back and discuss the importance of sharing information with (even educating ) potential customers.
It's long been my view that businesses (including doctors and lawyers) benefit by talking about what they do and by giving free information, whether it's building a cupboard, making cakes, medical information or administering an estate.
With information, potential customers are able to make some basic decisions: do they need your service/product or not? How do your services/product compare with others? Can they do it themselves? Do they need an expert?
I also believe in the value of collaboration with other like-minded people (see my wiki).
I believe that the best businesses are those who are willing to share information. Because by doing so they demonstrate that what they do is work with you from a common base and add more value to your relationship than if you did not have that shared knowledge.
Who would you rather work with? Someone who is willing to provide you with information and evidence of their expertise or someone who isn't prepared to communicate at all?
It's often said that a business's best marketers are its employees (and conversely unhappy employees result in bad service).
In a time when we have technological social networking tools are you giving your staff the opportunity and encouragement to publicly talk about your business? Are you monitoring what's being said about your business online?
Here's what happened when an employee of Lloyds TSB (a UK bank) read critical reviews of her employer: she posted a write-up about the trials and tribulations of being a bank cashier and ended with this:
Why do I stay - I enjoy the job, the staff and regular customers are
lovely. The bank are very flexible regarding part-time work,maternity
arrangements and are understanding regarding kids being ill swapping
days around etc. I suppose they need to keep the dedicated workforce
happy,as at lower levels it mainly consists of part-time women...
I'm not sure how long there will be traditional large banking
organisations. With the increase of internet banks, telephone banks and
supermarket banking. I believe their only chance of survival is to
provide outstanding customer service. So far they haven't been getting
it right. My impression is they have now recognised the need to change
and hopefully things will improve for the better.
This clearly shows an employee acting as advocate and the importance of not undervaluing your frontline staff. (via Bankwatch)
If you want to know what's being said about you online, sign up for Google Alerts.
What makes a business video a YouTube success?
Looking at the blendtec videos gives you a good guide: they are funny, authentic, original and relevant to the product.
Groundswell reviews the blendtec story starting with one $50 video and the question: will it blend?
One of the lessons fom the fast-moving technology sector for new businesses or new projects is "fail fast, fail cheap".
This does not mean that you start a business with the intention of failing, but that you must have pre-determined measures of success and failure. By observing these you control your costs, and the losses you suffer if you fail. This is one of the hardest things to do for a project you are passionate about.
The BBC expresses this as "Fall forward, fast: make many small bets, iterate wildly, back successes, kill failures, fast."
My second podcast is now available!
You can now listen to me while you eat your lunch (just turn up your speakers) or download it to your mp3 player and listen while you commute or go for a walk. Let me know what you think!
This month I discuss my collaborative compliance wiki, marketing, web 2.0 and communities of practice and what all that has to do with law, compliance and improving your business.
The podcast goes for 10 mins 35 seconds and is 9.69mb.
