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Old 11-09-2009, 09:17 AM
bholus10 bholus10 is offline
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Default Did You Design Your Website with An Exit Strategy?

Most businesses use their web site to do many of the basic functions that off-line tools and marketing systems do; sales, branding, market research, customer service, etc.

Most businesses typically use their web site for 1 or 2 of the functions listed above and rarely more that 3 at the same time. It all depends upon what the business owner wants to get out of their web site, however, how many of them design their web site with an exit strategy?

What is an exit strategy? In this case it is the way in which you are going to end the ownership of your website. Will you just close your web site down or will you get your investment back and sell it?

Most business owners just close their web site down when they are done with it and fail to realize that they could be flushing a valuable asset down the drain.

It would be similar to walking away from your store and leaving the inventory, customer list and all of your trade secrets behind for who ever is clever enough to come by and salvage what is possible.

If you have your web site for several years, over that time you have developed a following, traffic, content, gained a lot of knowledge about your niche based upon customer buying patters, or visitor traffic patterns, and so much more.

You don't realize that it is an asset. If you can determine how much your web site makes per month, you can know how much you can sell it for. If you have a sizable email list, you have an asset that a smart email marketer can make use of to generate even more income on a monthly basis.

If you get considerable traffic to your website, and your website is not branded to who you are (such as oprah.com), then you should create an exit strategy based on how much you can get from your web site when you decide to sell it.

If your are going to sell off your business, your web site will add that much more to the value of your business when you sell it. How can you know how much to sell your web site for?

There are some websites out there that will give you an estimate of how much your web site is worth. Some of the factors these sites take into account include:

The amount of traffic your website gets

The number of Inbound links your website has

It's popularity in the Web 2.0 Space

How much it comes up in the search engines.

Domain Name

How many directories your website is included in.

When building and marketing your web site, you will want to incorporate as many of these factors as you can. Be sure to build your web site so you can easily add content, and always add new links pointing to your web site as well through the numerous linking strategies that are available.

You want to create your website with as much value as possible. If you create your website with the mindset that you will sell it, you will end up with a web site that has much more value in a few years than if you just put one up as an online brochure.

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Old 11-09-2009, 09:18 AM
bholus10 bholus10 is offline
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Default Why Social Norms in Social Media Are Sacred

I recently finished reading 'Predictably Irrational', a book about behavioral economics by Dan Ariely. The book was fascinating and offered many examples of research in buyer behavior.

One other concept that Ariely covered heavily in the book was a fundamental of behavioral economics: social norms versus market norms.

What are Social Norms and Market Norms?

Ariely defines social norms: Social norms include the friendly requests that people make of one another [they] are wrapped in our social nature and our need for community.

Tye are usually warm and fuzzy. Instant paybacks are not required. It's like opening a door for someone: it provides pleasure for both of you, and the reciprocity is not immediately required.

By contrast, market norms, as described by Ariely: There's nothing warm and fuzzy about it. The exchanges are sharp-edged: wages, prices, rents, interest, and cost-and-benefits.

Such market relationships are not necessarily evil or mean-in fact, they also include self-reliance, inventiveness, and individualism-but they do imply comparable benefits and prompt payments. When you are in the domain of market norms, you get what you pay for-and that's just the way it is.

Social Norms vs. Market Norms in Business:

Social norms and market norms typically maintain separate paths - personal versus business. But many businesses have tried to bring social norms into our market economy. Think of companies that want to treat you like a friend or like family.

Ariely gave examples of State Farm Insurance, who's tagline is 'Like a Good Neighbor, State Farm Is There.' or Home Depot with 'You Can Do It. We Can Help.'. There are many other examples as well, such as 'You're In Good Hands with Allstate.',

'Fly the Friendly Skies' (United Airlines), or 'We Love to See You Smile' (McDonald's). Everywhere you look today, you can easily find examples of companies using a more social norm approach to their advertising - trying to form a 'relationship' with customers.

Sounds great, right? Absolutely. But there are dangers in bringing social norms into a space that must also rely on market norms to drive revenue. Once a business makes its relationship more social with customers, customers then expect the benefits of a social relationship, such as instant payment not being required.

Say for example, a credit card company uses social norm language to market its credit cards. Because companies think of the credit card company as a 'friend,' they may expect lenience if a payment is not on time, because wouldn't a friend be understanding if you had to be a little late to a lunch meeting?
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