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In today’s digital age, business innovation is a must for companies to stay competitive. To gain more profit, business owners shall leverage digital business innovation. Despite its fame, many still doubt how the innovation works and the way it makes money. If you are one of them, say no more by reading below.
Digital business innovation: real examples
Before the real models of digital business innovation, readers should know what the term refers to. Digital business innovation is the creation of new business models, offerings, and processes enabled by emerging digital technologies. The technologies include mobile, analytics, AI, social media, sensors, and cloud computing. It aims to improve operations, engage customers, enter new markets, and stay competitive by leveraging digital capabilities for strategic differentiation. The examples include:
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Digital marketing services
Offering digital marketing services like SEO, content & social media marketing, influencer marketing, and paid advertising on platforms.
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Commission-based services
Earning commissions by purchasing ad space on digital platforms like websites, newsletters, and social media platforms on behalf of clients.
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Paid consultations
Providing digital strategy consultations online via video conferencing tools and earning fees for expert advice.
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Outsourcing work
Outsourcing digital tasks like website development, graphic design, and content creation to freelancers and digital contracting agencies.
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Client referrals
Getting referral business from existing clients to acquire new digital marketing clients.
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Digital assets
Creating digital products like ebooks, online video courses, and webinars focused on digital marketing topics to sell online.
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SaaS products
Building software-as-a-service products that automate digital marketing processes like influencer outreach, social media scheduling, etc.
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Affiliate marketing
Promoting digital products and services like SEO or web hosting through affiliate links and earning commissions.
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Partnering with agencies
Collaborating with other digital agencies to offer expanded digital marketing services.
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Equity deals
Taking an equity stake in digital startups in exchange for digital marketing services.
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Hosting events
Organizing digital marketing conferences, seminars, and meetups to promote services.
How to make money from digital business innovations
In a nutshell, here are step-by-step to make money from digital business innovation.
1. Define your goal
Decide what you want to achieve and set a timeline. Though there are various models, they could be grouped into three potential sources. They include selling products/services, advertising, and charging for content.
2. Research business models
After deciding the innovation models, look into different variations like affiliate marketing or e-commerce to pick the right one.
3. Make an action plan
Create a plan with timelines, budget, and tools/skills needed to succeed.
4. Research options
Identify and evaluate different online platforms for your chosen business model.
5. Invest in resources
Get training, courses, books, etc. to gain the necessary knowledge and skills.
6. Set up a website/store
Choose a domain, or hosting plan, and use a website builder or platform.
7. Optimize with SEO
Use search engine optimization to improve visibility and get found online.
8. Create products/services
Identify your skills and passions to create online offerings.
9. Research the market
Check competitors’ pricing to determine what to charge.
10. Market and advertise
Promote your products/services on social media, SEO, and paid ads.
Tips for Creating Your Digital Business Innovations
To make your digital business innovation flourish, here are a few tips to follow.
- Focus on building relationships with customers rather than just making sales. Take a long-term approach to connecting with people.
- Be consistent with publishing high-quality content on a regular schedule. This builds audience loyalty over time. Don’t be sporadic.
- Only offer your absolute best content. Hire professionals if needed to ensure audio, video, and writing quality. Don’t compromise on production values.
- Optimize your content for SEO. Use relevant keywords, metadata, alt text, and backlinks. This will help people find your content organically in search engines.
- Leverage influencer networks and affiliates to expand your reach. Collaborate with others who might have a great impact on your business. Offer commissions for referrals.
- Keep innovating and improving over time. As you learn more about your audience, double down on what works and try new approaches. Continually optimize.
Conclusion
Indeed, digital business innovation does help everyone make money online. It provides people with plenty of choices that suit every individual’s interests. To get the money, the work still needs to be done and a few tips are ready to help. So which innovation suits you the most? Do you know any other innovations not listed above?
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