New Hybrid Web Based Business Models are Scrapping Traditional Marketing Strategies
66306
Business
Feb 27, 2008
jackdeal
New Hybrid Web Based Business Models are Scrapping Traditional Marketing Strategies
The new entrepreneur is not content with just buying a job; her business and personal goal is not to work hard and make a living in the 'traditional' sense. She understands that it's better to become an employee of someone else than to run a mediocre, stressful and problematic business. Besides, mediocre business is no fun. Mediocre is just not interesting and not acceptable; much pain, little gain. With little or no potential, why even bother? Thus the appeal and potential of the new hybrid business models which are based on results and not just working harder. These new business models can be called hybrids because they evolve and combine more than just one business idea or concept. The success of companies in the future will depend on their ability to utilize and adapt multiple ideas and concepts at once to create value. The bad news is the hybrids are more complex and the strategies more tedious to implement; the good news is a world of new marketing opportunities opens up. In terms of the model infrastructure, technology is the key driver. The capability to creatively combine technologies for new applications in the marketplace is creating a new series of 'hybrid' business tools for the entrepreneur. This open way of thinking helps owners and managers apply new methods to old processes and gain competitive advantage, even on a local level. Public Relations is being replaced by internal marketing. The clearest advantage of a hybrid model is low cost expansion of the targeted market. No longer relegated to just local sales and marketing, the new hybrid models look to a mix of local, regional and world markets. Success is now defined as the matrix of the right mix and match across markets for profitability and growth. The new hybrid models all look to new and expanding revenue streams; it's all about strategy and process. These hybrid models are not only proactive but also results driven. If a marketing campaign is not working, the new model says either fix or replace it. Since traditional media are bringing in a reduced return on investment (ROI), more internal, guerrilla and Internet based marketing is used. The new entrepreneurs do not contract out all marketing because they create most of the marketing themselves. These hybrid business models are designed to grow and expand. By leveraging technology the new entrepreneurs make sure they get the data and information they need when they need it. And since they just are not content with 10% gross margins, these hybrid models have built in feedback and ongoing research looking for ways to expand and grow with minimal capital and debt. Many of these companies can plan expansion with little capital outlay. The quest is constantly one of tapping into opportunities and for new and expanding revenue streams. This growth may also require diversifying into new products/services or expanding into new locations but not necessarily major franchising, maybe three or four locations. Slow and steady is the course and these new models are a bit averse to rapid and unwarranted risk. Since working capital is often used, expansion is OK if it is a sure thing or as sure a thing as one can anticipate in business. Each small expansion is a calculated winner. Almost all these of these new models have mix and match products and services to fit specific customer/client's needs, a customization the customer cannot get elsewhere. As this creativity drives customer value an increasingly clear distinction is made from the competition. If the perception is relayed successfully to the target market and the price versus cost analysis is positive, then the conditions are conducive for a successful sale and transaction. But the new hybrids also bring new challenges. Not all employees are appropriate for these new models so the new entrepreneurs look for employees that 'fit'; they understand a good employee is a productive employee and not just a time and space physical presence. The key is to provide opportunity and the chance to learn and develop especially by developing those skills needed in the new hybrid business models; for example, working with computers and dealing professionally with prospects and customers at the same time. The bad news is the new hybrid models are multidimensional and are also driven by a time factor meaning they can be unwieldy and at times very frustrating. The good news is a good hybrid business model can offer a powerful series of strategic advantages enabling today's entrepreneur to develop new products, services and combinations to deliver increasing value across an expanding marketplace. What's not to like about that?
Jack Deal is the owner of Jack D. Deal Business Consulting. Related articlesmay be found at http://www.jddeal.com/blog/business and http://www.freeandinquiringmind.typepad.com
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