For recurring revenue, a healthy ROI and an improved LTV for you customer, you need to build a strategy that works for your type of business. The process by which a business adopts a web-based approach to marketing and engaging its customers through a proprietary website. It includes tactical web-based applications for increasing its competitive advantage, improving customer and employee communications, and increasing marketing efficiencies. For example crowdsourcing. This is innovation at its finest. You can leave the limitations of our own capabilities within your company to rally the troops and ask for help and input from the world at large. This means you’ve got some level of scaleability that has never been possible before the rise of the internet. You have a Global audience helping to not only fund projects, but develop products or services for your company too. Many businesses, from corporate world to the SME’s and startups of the world have adopted the crowdsourcing model – with awesome results. That’s not to say that your customers do all the work and you reap the rewards – an option here is co-creation, whereby the potential customer is heavily involved in the design process as well as the selection process. However, back to the process of building a strategy. It is a good start for the management to start with brainstorming around the below topics. Service or Product It can be tangible, like an actual product, or it can refer to services or ideas, too. It’s important to ask yourself: – What needs are met by your product – What are the product’s features – What do we call the product – How will it be branded? It too, is important to research a bit about what your competition is doing in these field by making a competitor analysis or benchmarkking. Pricing your service or product Next to consider is the price point the product will be assigned. Here is where perceived value comes in. This is not the actual product’s cost to make, nor its actual value. When I say perceived, it is the customer’s opinion of what the product is worth. Therefore, it would be beneficial to make market research before setting a price. Promote This is the communication aspect of the entire marketing function. Are you selling B2B it is going to difference compared to B2C. How will you get your message to your audience? A good point to consider is when the right time to approach your audience with your marketing messaging should be. This would mean that a different strategy may need to be adopted. Again, take a look to your competitors. How do they implement promotions? What exactly is your value proposition? Use that! Place You need to ask yourself how the product or service is delivered to the customer. Do you need on-boarding software or perhaps technical consultants for a a new a new technical innovation? Distribution is a key element to consider in your strategy. Basically, you need to consider who your audience is, and how you may be able to get your product or service to them. Here is a short checklist to use when you setting up your strategy. Where are we now? Performance Review Market research Competitor Analysis Capabilities and Resources Where do we want to be? Sales Targets Customer Satisfaction Targets Level of Engagement we are seeking from our customers. How do we get there? Generate more followers? Get more sales? Plan, plan, plan How exactly do we get there? Content plan Scheduling plan Which Tools to Implement Check against Resources & Budgets Let’s do it Who does what? How do they do it? When do they do it? Time constraints Allocate resources Look at external resources Hire Help (if needed) Fiverr is a great platform that can use for a low cost. How are you monitoring performance? Frequency of measurement Level of detail Required Assign Key Performance Indicators (KPIs) Process of Reporting Actions and adjustments according to performance Best of luck!