Wealth Systems: Digital Commerce, Part II
We are continuing our Wealth Engine series, this is Wealth Engine #5 — Digital Commerce.
If you haven’t enjoyed Part I yet:
Today we’re exploring what makes building digital businesses, developing digital assets, and all related enterprises that execute digitally increasingly valuable.
Last time out we talked at a high-level about the BIG BENEFITS:
low start-up and operating costs
global reach
24/7 market
scalability, precision marketing, real-time analytics, and more…
In previous articles I’ve referred to this period as The Digital Gold Rush.
You can find unmet needs, rapidly prototype solutions, interface to the market and build a business in record time, with minimal resources required upfront.
Let’s talk about winning in this environment.
Welcome to the Arena
Good news: anyone can sell online.
Bad news: everyone is selling online.
Technically its great news for consumers... but as a business owner stretching the rubber band between costs and revenue to extract profit, the presence of infinite competitions means margin compression and intense battle.
Battle for attention most of all.
You can’t grow your business if you are unable to gain the attention, and then the respect, of your ideal client.
To succeed you’ll need to build marketing engines. Sources of energy that direct leads / prospects… ultimately just people toward you. These come in 1,001 varieties but fall into a few categories:
Paid Media
Owned Media
Earned Media
Shared Media
Some refer to this as the POEM framework (Paid, Owned, Earned Media) and personally I think Sharing and Social often blur these days.
Let’s explore this surface area a bit to prime your mind.
Paid Media: This refers to any marketing efforts that involve paying to promote your content or brand.
Traditional advertising: TV commercials, print ads, billboards, radio spots.
Digital advertising: Pay-per-click (PPC) ads, display ads, social media ads, sponsored content, influencer marketing.
Owned Media: This refers to any channels or assets that a brand has complete control over and doesn't require payment to utilize.
Website or blog
Social media profiles
Email lists
Mobile apps
Brochures and other company literature
Earned Media: This refers to publicity gained through efforts other than paid advertising. It is essentially "free" exposure generated by third-party sources and can be highly valuable for building brand awareness and credibility.
Press mentions and articles
Reviews and testimonials
Social media shares and mentions
Word-of-mouth marketing
Shared Media: This refers to content that is created and shared by consumers or fans of a brand.
User-generated content on social media
Reposts and retweets
Online reviews and ratings
Each of these categories plays a unique role in a comprehensive marketing strategy. Paid media can provide a quick boost in visibility and reach, while owned media helps to build a loyal following and control the brand narrative. Earned media adds credibility and authenticity, and Shared media demonstrates social proof and builds community around a brand. Shared is critical because it authenticates with social proof and other mechanics.
By understanding and leveraging the POEM framework, you can create a more holistic and effective marketing approach that combines the strengths of different channels to achieve your goals.
Let’s discuss how to leverage it tactically.
The POEM framework can be instrumental in building a powerful wealth engine online, even in a saturated market.
Paid Media (Fueling the Engine)
Even though I list this first, you MUST have a winning Owned Media strategy with assets in place before you start investing in Paid Media.
You don’t want to create buzz if you don’t have landing pages in place to convert attention to prospects, and convert prospects to clients.
Targeted Advertising: Utilize paid social media ads, Google Ads, and other platforms to reach your ideal audience precisely. Focus on platforms where your target demographic spends time.
Retargeting: Implement retargeting campaigns to re-engage users who have shown interest in your product or service. This keeps your brand top-of-mind and can increase conversion rates.
Influencer Marketing: Partner with influencers who have audiences that align with your target market. Their endorsement can significantly boost your brand's visibility and credibility.
Sponsored Content: Collaborate with reputable websites or publications to create sponsored content that subtly promotes your offerings. This can provide valuable backlinks and increase organic traffic.
Owned Media (The Engine Itself)
This is the crown jewel of your enterprise.
High-Quality Website/Blog: Invest in a professional, user-friendly website that clearly showcases your value proposition. Optimize it for SEO to attract organic traffic.
Compelling Content Marketing: Create valuable content (blog posts, videos, podcasts) that educates, entertains, or solves problems for your audience. This positions you as an authority in your niche and builds trust.
Email Marketing: Build an email list and nurture subscribers with personalized content and offers. Email remains a powerful tool for direct communication and driving conversions.
Social Media Presence: Maintain active profiles on relevant social media platforms. Share engaging content, interact with followers, and build a community around your brand.
Video content is a great tool to explore here. It builds trust quickly, the assets are evergreen and you can host the videos for free on Youtube.
Earned Media (Amplifying the Engine)
This is where trust is truly established. The interface with the community is critical — earned media is fantastic at building credibility and opening Owned and Shared media opportunities (e.g. posts about community engagement).
Public Relations: Reach out to journalists and bloggers in your industry to secure media coverage for your product launches, company news, or expert opinions. Positive press can significantly boost your brand's reputation.
Customer Reviews & Testimonials: Encourage satisfied customers to leave reviews on your website, social media, or third-party platforms. These testimonials act as social proof and build trust with potential buyers.
Community Engagement: Participate in online forums, social media groups, and industry events. Offer valuable insights, answer questions, and build relationships with potential customers.
Shared Media (Turbocharging the Engine)
User-Generated Content (UGC): Encourage customers to share their experiences with your product or service on social media. This can create a ripple effect of organic reach and engagement.
Contests and Giveaways: Run contests or giveaways that encourage users to share your content or tag their friends. This can rapidly expand your reach and generate excitement around your brand.
Affiliate Marketing: Partner with affiliates who will promote your products in exchange for a commission. This can be a cost-effective way to reach new audiences.
Integrating the Framework for Maximum Impact
As I’ve teased several times, the real power comes when we sync these marketing engines together.
Paid media can drive initial traffic to your owned media (website, social media), where you can capture leads and build relationships.
Owned media can provide the foundation for generating earned media (press coverage, social shares) that further amplifies your reach.
Shared media acts as a multiplier, propelling your brand's message even further and creating a loyal community.
By strategically using the POEM framework, you can create a self-sustaining wealth engine that consistently attracts, engages, and converts your target audience.
How the Pieces Fit Together
In my past I’ve launched a revenue intelligence company with a recurring revenue model.
This was the strategy we used.
Targeted LinkedIn Ads: Precisely target decision-makers and analysts in specific industries (e.g., finance, healthcare) with ads showcasing unique capabilities (e.g., real-time dashboards, predictive analytics).
Google Search Ads: Bid on high-intent keywords like "business intelligence software" or "data analytics tools" to capture leads actively searching for solutions.
Sponsored Content on Industry Websites: Partner with reputable tech publications and business blogs to publish thought leadership articles that subtly introduce your enterprise and its value proposition.
Owned Media
The companies’ owned media serves as a central hub for attracting and nurturing potential customers:
Informative Website: A sleek, modern website clearly explains the platform's features and benefits, offers case studies demonstrating ROI, and includes a prominent call-to-action (e.g., "Request a Demo" or the stated benefit).
Blog with Expert Insights: Publish regular blog posts on data-driven decision-making, industry trends, and customer success stories. This content establishes you as a thought leader and attracts organic traffic.
Engaging Social Media: Share informative content, interact with followers, and run live Q&A sessions on platforms like LinkedIn and Twitter to build a community of data enthusiasts.
Lead Magnets: Offer free resources like e-books, webinars, or templates in exchange for email addresses, building a valuable list for nurturing.
Lead magnets and volume outbound strategies are working less and less… but being an authentic voice with useful solutions + tactical advice is having a bigger impact than ever.
Social is a huge platform, but we’ll get to that in a minute.
Earned Media (Amplifying the Engine):
Our company earned media coverage and social buzz through various channels:
Press Releases: Announce product launches, partnerships, or major milestones to attract media attention and secure coverage in relevant publications.
Thought Leadership Outreach: Encourage company executives to contribute guest articles to industry publications or speak at conferences to establish their expertise.
Customer Success Stories: Publish case studies highlighting how clients achieved significant results using your serivce or enjoying your product, showcasing the stated impact.
Shared Media (Turbocharging the Engine):
You can ignite social sharing and community engagement by:
User-Generated Content: Encourage customers to share their Data Insights-powered dashboards or insights on social media, tagging the company.
Social Media Contests: Run contests (e.g., "Best Data Visualization Challenge") that incentivize users to share their creations and tag your company…. Obviously craft competitions that align with your enterprise.
Online Community Forum: Create a branded online forum where users can ask questions, share tips, and discuss their experiences with the platform, fostering a sense of community.
By seamlessly integrating paid, owned, earned, and shared media, my team created a powerful flywheel effect. Paid media drives traffic to owned media, where leads are nurtured and converted. Owned media serves as the foundation for generating earned media, further expanding reach. Shared media reinforces the brand message, fosters a loyal community, and drives organic growth.
This holistic approach not only maximizes visibility and engagement but also builds a sustainable wealth engine for your Digital Enterprise, ensuring continued growth and profitability in the competitive market.
Look Ahead to Part III
We’re going to dive deeper into Marketing and connect that to Sales via a concept called Revenue Operations.
We we will start discussing the role AI plays in Digital Commerce with specific examples across the revenue engine. Part VI and V will explore the future of Digital Commerce and methods to optimize the performance of this wealth engine as we accelerate into the future.
👋 Thank you for reading Wealth Systems. I started this in November 2023 to share the systems, technology, and mindsets that I encountered on Wall Street.
💡The BIG IDEA is share practical knowledge that can be applied toward the development and refinement of wealth building systems.
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