INTRODUCTION
In the virtual world, there have been different forms of media developed by resourceful and entrepreneurial groups of people. They each provide business owners in the virtual world different opportunities to reach the eyes and ears of the virtual marketplace.
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SL PUBLICATIONS
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Special Guest Carter Giacobini of Venture Magazine
Topic: How Virtual Magazines Work (An Introduction) and why this is good for Virtual World Business.
Inworld magazines and periodicals work in one of three ways:
1) They create a prim "magazine" that is used as either a hud to read or rezzable and the reader cams in close to the magazine to read it.
2) A publication uses a website or blog out of world on the Internet and simply advertises it inworld.
3) A combo of the above. Meaning, they print the magazine inworld and have a copy on the web for people to use. This is probably the best way to get maximum exposure and a more loyal readership.
There are many positives to advertising with inworld publications. Since advertising your virtual world business in the real world is just beginning, most residents count on blogs or inworld news publications to find out where they can find designers, prefab makers, great places to visit, etc. And, since most publications are fairly inexpensive to advertise in (compared to any real world publication) it's easy to be able to place ads in several magazines.
First, find publications that you feel would best represent you. For instance, asking Runway Magazine or Venture Magazine to run an ad about your Gorean sim would be a waste of money. However, running an ad in Runway about your new fashion mall would be right on target. You also want to be careful that the publications you advertise in represent the style and quality that you want your business to reflect. Rarely will you find Tiffany's advertising in the Enquirer, even though I'm sure some of the readers of the Enquirer can afford to buy from there.
After finding the right publications, contact the people listed in the publication who would be able to give you advertising rates and info. You'll need to find out the ad specs from each magazine, as many have restrictions and different sized pages. For instance, PrimPerfect Magazine requires that each ad be done in photoshop in order to ensure that they have a polished look and feel. My magazine requires that each ad be 512x512 in size, whereas many others have different size restrictions. Also, some magazines require that you email your ad to someone while others ask that you pass them the ad inworld.
You can also ask to be placed closer to the front of the mag, as well. This will generally cost more money, but you'll be seen by more people. Make sure that you request this right away and close to the beginning of the month or the publication cycle, as these spots get quickly taken.
Lastly, you'll want to keep track of where you put your ads in and get a copy of the publication to make sure that the ads are in there - just like in the real world :-) If your ad is forgotten, most of the time it's simply an oversight and you're entitled to your money back, or a free ad the following month. This has never happened when I've placed ads, but I've heard of it happening.
All in all, advertising inworld is VERY easy! And, just like with most other business dealings in the virtual world, it's the personal contact that may get you a spot closer to front, so try to develop a relationship with your publications!
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Special Guest Natalie Niven of SLInWorldToday
Topic: How Virtual Publications reach the virtual marketplace, including its own marketing strategies to reach more people.
When I first started in the sl media business I learned a lot of things really quickly. One was to be open and honest and the other was to thicken my skin. My newspaper has that "REAL" THING going on with it
I decided that since there was so many sl celebrities, I was gonna be the one to give them that full sl celebrity experince just like a real life newspaper.
Marketing such a paper isnt a problem as I only do fun stuff that people wanna read and its not done from newspaper boxes in the virtual world either.
My studies have shown its done by either passing links in sl while gossiping or at real life work on monday morning...
In fact, advertising has never been a big thing for me, I am in this business for the fun any money made from my site pays for other adverts for the paper.
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Special Guest Valerie Rosewood of Lipstick Publishing
Topic: Challenges in publishing a SL Magazine
Here in the Virtual World, one of the most important things is knowing your target audience or demographic. You attract readers to your magazine, or media by providing content that appeals to them. You have to know what they like and don't like, what is "old news," boring or of great interest. Ongoing research is important. Things often change, rules change, and in some cases, activities are outlawed and removed. Stay on top of what is important to your reader, and what is happening with the virtual Gods, so to speak.
You can make a publication, a magazine, newspaper, video, podcast about anything here in the virtual world. That's one of the magical things about the virtual world! Chances are that there will be others out there who are interested in the idea of the type of media and topic that you want to do. But if you do your homework and know your audience, you can stay ahead of the game. Giving the reader what they want is also important to success, but do use common sense.
There are alot of challenges in providing content. One, is you need to acquire that content! Either you yourself have to go out and get it, or hire a writer or reporter to do it for you. The information has to be accurate and true (unless you run a tabloid, then just make it interesting, LOL). Another thing to consider, is it relevant to the theme of your media? There is no use making a report about combat in the virtual world when you publish a Christian magazine for example. Finally, is the information current? Has it been around for a few months or years? If it's not timely news, people may not be interested in reading it, and have a negative opinion about your media.
One of our challenges has been getting people to talk to us about news. Some people "in the know" are reluctant to share any information until it's publically announced. Some people are so busy that they never get the information to you in time for your deadlines. The best way we at Lipstick Publishing found is just keeping in touch with sources of information, and keeping a good rapport with them, so they feel more inclined to share any information with us. Might not be now, or next month that something really good will come in, but over time, something might that will put you on top, or ahead of anyone else in the virtual world in covering this information. Make friends all over in beneficial areas and before you know it, you'll have interesting content to keep you in stories all the time. :)
We keep our eyes out on the SL blog for anything interesting, and we employ many writers to go out and meet with people to get their views on things for our magazines. Our magazines cover some unique fields so there's usually alot of good news and content to use for our magazines. Basically to over come any problems, we simply put ourselves into the shoes of our readers and ask ourselves "would WE be interested in reading about this? Why? Does it impact me?" To alot of our readers, it's about them, and what they're interested in. We go out and ask them, what do you want to see in our magazines? What would interest you? Sometimes readers come up with ideas we never thought of and it's worked for us. We listen to our readers alot and make changes for the better. Readership has gone up, and they're happy and return to get next month's issues. This pleases our advertisers and they renew their ads, or we attract more advertisers to our line of magazines. :)
Lipstick Publishing creates 10 monthly magazines, every month, and has been in Second Life for over a year (starting in January 2007). The company tailors to many unique areas of the virtual world including: Lesbians, Escorts/Nightlife, Weddings, Weapons & Security, Women's Shoes, Women's Lingerie, BDSM Doms and Submissives, and a new men's magazine.
For the conference here today, and to the Vio Business Group, Lipstick Publishing is willing to offer 1/2 price for advertising in any of its magazines, good to the end of this year. Lipstick Publishing has the best rates for advertising in the virtual world for an in-world publication. Message Valerie Rosewood if you would be interested in finding out more information about our line of magazines, and how you can advertise with Lipstick Publishing.
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SL STREAMING MEDIA
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Special Guests SmoothHcw Carter , Justice Rolls and Spinner Voom of WJAM Radio Network
Topic: How advertising or sponsorship works with streaming media outlets in SL.
Small startup companies as well as Global 1000 giants are recognizing that virtual environments can help improve the bottom line, by reducing costs and increasing revenues by extending reach to customers. The signs are clear: Virtual BUSINESS @ Work is becoming standard business practice, and is a great way for any company to easily take advantage of these emerging opportunities." WJAM will discuss how internet radio streaming plays a vital role in advertising and or sponsorship for the virtual business owner .
Let's take a look at some facets as it pertains to virtual business owners and the promotion of their businesses.
1. Virtual world streaming provides an opensource for vitrual businesses to reach global virtual businesses markets across the world.
2. Virtual world streaming also allows virtual business owners the privy to reach real life business that has tapped into virtual globe market by advertising there businesses via streaming by interactive stations like WJAM RADIO.
3. Virtual world audio streaming for virtual businesses allocates a source for reaching the average consumer on secondlife by featuring products and/or goods and services advertised via online streaming.
4. Advertising , whether audio or visual gives the business owner a platform for increase sales of a products produced by the company or individual.
5. Sponsorship as it pertains to virtual world media outlets/businesses provides an opportunity for growth and futher development of the company by enlisting sponsors that will generate and or provide revenues that will increase sales .
In conclusion, utilizing effectively the SL media streaming options will promise growth and increased revenue potential for your business.
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SUMMARY
When agreeing to advertise or sponsor a virtual media outlet, get all of the details up front and get an agreement in writing. That can be a real world agreement that is received by fax or mail. Or it can be as simple (but not as binding) as a Notecard. If you experience any disputes, you should use proven dispute resolution providers in the virtual world, such as OliveEue Sholokhov.
Visit our new blog for Vio Business Seminars: http://successfulvirtualbusiness.blogspot.com
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BACKGROUND
About The Speaker: Xander Newman has owned Virtual Innovative Opportunities (VIO) since April 2007, a virtual business community and incubator in Second Life. His expertise is bringing together businesses and resources in SL and RL. In the real world, Xander Newman has been an expert with Internet technologies since 1995, owning his own Internet development and SEO company. He also has a Bachelor's degree in Advertising from the University of Texas. Xander is trained in creating organizations and team-building, and by combining all of his skill set, he has been able to:
1) Co-found a publically-trading Internet auction company
2) Create two non-profit organizations, including the largest volunteer organization serving the needs of Hurricane Katrina survivors.
3) Create a documentary film
4) Become an advocate for the indigenous (tribal) people of the world, speaking in front of world leaders at the United Nations in May 2004.
5) Co-founded a business consortium bringing companies to China for joint venture projects.
In his view, the secret to his successes in life come from making his goals about the benefit of others, and surrounding himself with a variety of talent and expertise.
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For more information on this topic, feel free to contact Xander Newman or any of the Vio Team.
Xander Newman
Alexi Mizin
Kalvin jefferson
Slatestone McCall
©Copyright 2008 Virtual Innovative Opportunities. All rights reserved.
Sunday, July 27, 2008
Sunday, July 20, 2008
Virtual Marketing 201
Virtual Marketing 201
Vio Business Series #3
INTRODUCTION
Most owners of a virtual business or organization usually focus on marketing in the virtual world. They miss out on the opportunity to reach potential customers through real world marketing venues. Not only can real world media venues reach people who already have accounts in the virtual world. It can also help bring new people into the virtual world, which means potential expansion of the virtual marketplace. That is a good thing for everyone!
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WHY SHOULD WE REACH EXISTING VIRTUAL WORLD MEMBERS THROUGH REAL WORLD MEDIA?
Think about it... As fun as it is to spend time in the virtual world, no one is here 24/7. Many people who are enthusiasts of the virtual world read magazines and browse the Internet for virtual world information and trends.
One of the general concepts of marketing is the importance of branding. The more a customer sees a brand name, even a virtual brand name, the more credibility they associate with that brand. It is also a fair assumption that customers may attach more credibility to a (virtual) brand they see in the real world media than they do within the virtual world, especially if they still see the virtual world more as a game than a serious business marketplace.
Also, the search tools for business in the virtual world are not very sophisticated. It is not easy to find what you are looking for or to be found in virtual world searches. As more virtual world businesses create a presence on the Internet, the more customers will realize they can use Internet Search Engines to find what they are looking for in the virtual world.
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Example:
One of the leaders in virtual world scripted products in Hippo Technologies. They sell products and solutions that only exist in the virtual world. Vio uses their rental box solutions and billboards, because they are a trusted name and their products are very good. We found out about them through a RL web site, SLExchange.com, and saw that they had a decent RL web site and was found easily in the search engines. They also had a good community presence in real world blogs. Because of this real world branding, I see them as being more reputable than another company with no real world presence that may provide the same services.
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To recap this section, what virtual business owners achieve through the real world media is:
1) Improved branding to existing virtual world members
2) Access to more sophisticated and accurate searching available on Internet search engines
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WHY SHOULD WE TRY REACH VIRTUAL WORLD NON-MEMBERS THROUGH REAL WORLD MEDIA?
The marketplace in the virtual world is relatively small. In Second Life, there may be 30,000-40,000 people who spend any significant time in-world, and of that group, perhaps less than 25% bring their RL money into the virtual world to spend. The biggest benefit of marketing and branding through RL media is to add momentum and visibility of the virtual world to the general public. There was a huge influx of new members into Second Life around November 2007 - January 2008 when there was a flood of news stories in the media about the virtual world. The reason people are making money today in the virtual world owes a lot to that "rush" of new members signing up to find out about what they were hearing.
Getting your brand and virtual company seen by people in the real world also helps change people's perceptions of the virtual world. In the early days of the Internet, most people saw the Internet as a place for entertainment and porn. They did not see it as a serious marketplace for business. It took some time and a lot of businesses who were pioneers to start changing that perception.
The virtual world is seen by a majority of the general public as a place for games and sex. The virtual business community has grown considerably, but the perceptions have not changed accordingly. It is up to the virtual business community to make the effort to change the public perception by communicating in the real world what is available in the virtual world. There are enough resources available for every budget to accomplish this goal.
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REAL WORLD MARKETING RESOURCES
Here are some examples of Real World Marketing Resources:
INTERNET
1) Web Sites: Every SL business should have a web site, so they can be easily found in real world search engines. One should also search for web sites that provide content about the virtual world. On these sites, one can try to have links to thier web site or perhaps banners. One excellent web site for the SL marketplace is SLExchange.com. Another good web site about SL businesses is www.OneTreeFrog.com, owned by Slatestone McCall, a member of VIO Business. If you can get your virtual business in the SecondLife.com web site by mention or product placement, that will also have a huge impact on your virtual business.
2) Blogs: Blogs are a popular and free resource. You can find popular blogs to be mentioned on, or you can create your own blogs in a matter of minutes, with no costs to you. Content on blogs is searchable in real life search engines as well. One popular blog is RLSL.org (German) owned by Vio Business member Peach Asbrink. Others include: virtualworld.blogspot.com, blogs.cisco.com/virtualworlds, and http://virtualeconomicforum.com/content-library/blogging. These blogs are looking for content to stay fresh, so contact them.
3) Internet Radio: Get your message heard on a fast-growing and important media. One such Internet (and SL-streamed) radio nework is WJN Radio Network owned by SmoothHcw.
4) Publications and TV: To get stories published about your virtual business, or virtual solution, write a press release about how it applies to people in the real world. You can send press releases to the news wire for free, but be prepared to spend about $80 per release to have them also included in the search engines. PRweb.com is the online news wire of choice for Vio Business.
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SUMMARY
Marketing virtual business in the real world media provides great opportunity, but the virtual business community is not taking advantage of these benefits. Also, the virtual marketplace is hurting when the perception of the general public is not accurate about what is available in the virtual world. It is up to the virtual business community to educate themselves and get the world out to the real world as to what they offer. Only when we apply a serious business mentality to our virtual business can we expect the rest of the world to see our business as a serious opportunity.
The community needs to spend the time and capital if they are to make an impact. Successful businesses, including virtual, typically set aside a budget for their branding strategy, which is a part of the marketing campaign. Successful businesses typically spend 15-40 percent of their revenues on their marketing campaigns. There are plenty of free and cost-effective media outlets to use, so there are plenty of options for every budget.
When agreeing to use a real world marketing resource, get all of the details up front and get an agreement in writing. If you experience any disputes, use an attorney or mediator in the real world.
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BACKGROUND
About The Speaker: Xander Newman has owned Virtual Innovative Opportunities (VIO) since April 2007, a virtual business community and incubator in Second Life. His expertise is bringing together businesses and resources in SL and RL. In the real world, Xander Newman has been an expert with Internet technologies since 1995, owning his own Internet development and SEO company. He also has a Bachelor's degree in Advertising from the University of Texas. Xander is trained in creating organizations and team-building, and by combining all of his skill set, he has been able to:
1) Co-found a publically-trading Internet auction company
2) Create two non-profit organizations, including the largest volunteer organization serving the needs of Hurricane Katrina survivors.
3) Create a documentary film
4) Become an advocate for the indigenous (tribal) people of the world, speaking in front of world leaders at the United Nations in May 2004.
5) Co-founded a business consortium bringing companies to China for joint venture projects.
In his view, the secret to his successes in life come from making his goals about the benefit of others, and surrounding himself with a variety of talent and expertise.
------------------------
For more information on this topic, feel free to contact Xander Newman or any of the Vio Team.
Xander Newman
Alexi Mizin
Kalvin jefferson
Slatestone McCall
©Copyright 2008 Virtual Innovative Opportunities. All rights reserved.
Vio Business Series #3
INTRODUCTION
Most owners of a virtual business or organization usually focus on marketing in the virtual world. They miss out on the opportunity to reach potential customers through real world marketing venues. Not only can real world media venues reach people who already have accounts in the virtual world. It can also help bring new people into the virtual world, which means potential expansion of the virtual marketplace. That is a good thing for everyone!
--------------------------------------------------------------------
WHY SHOULD WE REACH EXISTING VIRTUAL WORLD MEMBERS THROUGH REAL WORLD MEDIA?
Think about it... As fun as it is to spend time in the virtual world, no one is here 24/7. Many people who are enthusiasts of the virtual world read magazines and browse the Internet for virtual world information and trends.
One of the general concepts of marketing is the importance of branding. The more a customer sees a brand name, even a virtual brand name, the more credibility they associate with that brand. It is also a fair assumption that customers may attach more credibility to a (virtual) brand they see in the real world media than they do within the virtual world, especially if they still see the virtual world more as a game than a serious business marketplace.
Also, the search tools for business in the virtual world are not very sophisticated. It is not easy to find what you are looking for or to be found in virtual world searches. As more virtual world businesses create a presence on the Internet, the more customers will realize they can use Internet Search Engines to find what they are looking for in the virtual world.
----------------------
Example:
One of the leaders in virtual world scripted products in Hippo Technologies. They sell products and solutions that only exist in the virtual world. Vio uses their rental box solutions and billboards, because they are a trusted name and their products are very good. We found out about them through a RL web site, SLExchange.com, and saw that they had a decent RL web site and was found easily in the search engines. They also had a good community presence in real world blogs. Because of this real world branding, I see them as being more reputable than another company with no real world presence that may provide the same services.
----------------------
To recap this section, what virtual business owners achieve through the real world media is:
1) Improved branding to existing virtual world members
2) Access to more sophisticated and accurate searching available on Internet search engines
--------------------------------------------------------------------
WHY SHOULD WE TRY REACH VIRTUAL WORLD NON-MEMBERS THROUGH REAL WORLD MEDIA?
The marketplace in the virtual world is relatively small. In Second Life, there may be 30,000-40,000 people who spend any significant time in-world, and of that group, perhaps less than 25% bring their RL money into the virtual world to spend. The biggest benefit of marketing and branding through RL media is to add momentum and visibility of the virtual world to the general public. There was a huge influx of new members into Second Life around November 2007 - January 2008 when there was a flood of news stories in the media about the virtual world. The reason people are making money today in the virtual world owes a lot to that "rush" of new members signing up to find out about what they were hearing.
Getting your brand and virtual company seen by people in the real world also helps change people's perceptions of the virtual world. In the early days of the Internet, most people saw the Internet as a place for entertainment and porn. They did not see it as a serious marketplace for business. It took some time and a lot of businesses who were pioneers to start changing that perception.
The virtual world is seen by a majority of the general public as a place for games and sex. The virtual business community has grown considerably, but the perceptions have not changed accordingly. It is up to the virtual business community to make the effort to change the public perception by communicating in the real world what is available in the virtual world. There are enough resources available for every budget to accomplish this goal.
--------------------------------------------------------------------
REAL WORLD MARKETING RESOURCES
Here are some examples of Real World Marketing Resources:
INTERNET
1) Web Sites: Every SL business should have a web site, so they can be easily found in real world search engines. One should also search for web sites that provide content about the virtual world. On these sites, one can try to have links to thier web site or perhaps banners. One excellent web site for the SL marketplace is SLExchange.com. Another good web site about SL businesses is www.OneTreeFrog.com, owned by Slatestone McCall, a member of VIO Business. If you can get your virtual business in the SecondLife.com web site by mention or product placement, that will also have a huge impact on your virtual business.
2) Blogs: Blogs are a popular and free resource. You can find popular blogs to be mentioned on, or you can create your own blogs in a matter of minutes, with no costs to you. Content on blogs is searchable in real life search engines as well. One popular blog is RLSL.org (German) owned by Vio Business member Peach Asbrink. Others include: virtualworld.blogspot.com, blogs.cisco.com/virtualworlds, and http://virtualeconomicforum.com/content-library/blogging. These blogs are looking for content to stay fresh, so contact them.
3) Internet Radio: Get your message heard on a fast-growing and important media. One such Internet (and SL-streamed) radio nework is WJN Radio Network owned by SmoothHcw.
4) Publications and TV: To get stories published about your virtual business, or virtual solution, write a press release about how it applies to people in the real world. You can send press releases to the news wire for free, but be prepared to spend about $80 per release to have them also included in the search engines. PRweb.com is the online news wire of choice for Vio Business.
--------------------------------------------------------------------
SUMMARY
Marketing virtual business in the real world media provides great opportunity, but the virtual business community is not taking advantage of these benefits. Also, the virtual marketplace is hurting when the perception of the general public is not accurate about what is available in the virtual world. It is up to the virtual business community to educate themselves and get the world out to the real world as to what they offer. Only when we apply a serious business mentality to our virtual business can we expect the rest of the world to see our business as a serious opportunity.
The community needs to spend the time and capital if they are to make an impact. Successful businesses, including virtual, typically set aside a budget for their branding strategy, which is a part of the marketing campaign. Successful businesses typically spend 15-40 percent of their revenues on their marketing campaigns. There are plenty of free and cost-effective media outlets to use, so there are plenty of options for every budget.
When agreeing to use a real world marketing resource, get all of the details up front and get an agreement in writing. If you experience any disputes, use an attorney or mediator in the real world.
--------------------------------------------------------------------
BACKGROUND
About The Speaker: Xander Newman has owned Virtual Innovative Opportunities (VIO) since April 2007, a virtual business community and incubator in Second Life. His expertise is bringing together businesses and resources in SL and RL. In the real world, Xander Newman has been an expert with Internet technologies since 1995, owning his own Internet development and SEO company. He also has a Bachelor's degree in Advertising from the University of Texas. Xander is trained in creating organizations and team-building, and by combining all of his skill set, he has been able to:
1) Co-found a publically-trading Internet auction company
2) Create two non-profit organizations, including the largest volunteer organization serving the needs of Hurricane Katrina survivors.
3) Create a documentary film
4) Become an advocate for the indigenous (tribal) people of the world, speaking in front of world leaders at the United Nations in May 2004.
5) Co-founded a business consortium bringing companies to China for joint venture projects.
In his view, the secret to his successes in life come from making his goals about the benefit of others, and surrounding himself with a variety of talent and expertise.
------------------------
For more information on this topic, feel free to contact Xander Newman or any of the Vio Team.
Xander Newman
Alexi Mizin
Kalvin jefferson
Slatestone McCall
©Copyright 2008 Virtual Innovative Opportunities. All rights reserved.
Virtual World Marketing 101
Virtual Marketing 101
Vio Business Series #2
INTRODUCTION
When it comes to marketing your business or organization in the virtual world practically the same rules apply as they do in the real world. In order to reach people who may become your customers, you need to get your value proposition in front of people. There are ways to use real life marketing resources to market your virtual business or organization, but for the purpose of this presentation, we will focus on virtual resources.
There are some things that make marketing in the virtual world different than marketing in the real world.
1) Nature of the virtual marketplace
2) Dynamics of virtual relationships
3) Improving economies of scale
4) Marketing resources
Making an effort to understand these differences and catering your marketing campaign to the virtual marketplace will go a long way in determining your success.
THE NATURE OF THE VIRTUAL MARKETPLACE
Many companies in the virtual world are real-world companies who use the virtual world platform to promote their product or service to a global market, much like they do on the Internet through web sites and other new media. Some companies in the virtual world, actually only exist in the virtual world, providing a virtual service or virtual product.
The marketplace within virtual worlds is similar to the marketplace reached by web sites and other online forums. You are reaching people from around the world in the comfort and security of their homes, sitting behind a computer. You are communicating to them using text, images and sound.
The communication experienced in Virtual Worlds is a deeper (more dimensional) and more interactive visual format. With the element of human Voice introduced, interaction becomes more social and impactful.
Although the marketplace in the virtual world tends to be global, it also seems to me to generally consist of a demographic of younger adults who visit for entertainment purposes, and older adults who visit to experience a more youthful virtual lifestyle. The motivation for the great majority of the virtual population is to have fun and to socialize from the safety and comfort of their homes. Business-minded people are making headway in the virtual world, but if you want your product or service to be noticed, you may want to consider how to tap into the entertainment aspects of the virtual world with your marketing efforts.
For example, a real-world financial services company can do something like:
1) Purchase a banner at a virtual concert event
2) Sponsor a virtual fashion magazine
3) Sponsor a virtual music stream
4) Create and sponsor a virtual car race event.
5) Host a financial workshop for virtual club/entertainment venue owners.
Look at your own virtual business, and think of ways you can tap into the entertainment realm. If many people view the virtual format as a game, then it may be best to incorporate your message into "the game" so it becomes "relevant" to your target market.
DYNAMICS OF VIRTUAL RELATIONSHIPS
In the real world, one of the most effective marketing tools is word-of-mouth. People value communication from people they know far more than from paid advertising. In the virtual world, word-of-mouth can be even more effective, as things happen and move at a much faster pace in the virtual world.
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Let me illustrate a real example:
I can tell you about a brilliant scripter named Loki Ersetu who has created something really helpful to me as a business person in the virtual world. Meeting people and networking is very important in my line of business, and when I am online, I want to know WHO is around me online in the same area, because they may be interested in business in general, or perhaps my business. I want to be able to strike up a conversation with them quickly. So nothing is more helpful than a HUD (heads up display) script she created called LYRS. It pulls up on the screen in front of me the names of anyone who is about a half a Sim away from me in distance, and tells me how far and in what direction they are located. This makes it easy for me to send them an instant message or look up their profile quickly and before they leave the Sim.
Loki is now creating an upgraded version of the LYRS HUD script that allows me to click on the name in the HUD to pull up their Profile, so I don't even have to type their name in the Search tool. The first version sells for only 100L (US 3.7 cents?) and the new one, which REALLY saves time because it is a much more complex script, will cost about 1,000 L (US $3.75) The time it will save me is worth far more than that. so it's a no brainer for me.
I now share that with you in this room. Or I can even throw a spontaneous party of about 50 of my virtual friends, which can be created within a matter of minutes. I can share about this hot new script, and even use it to send IM's to everyone. Then I ask them to go home and invite all of the friends on their Friends List to see them and check out the new product. Through the power of word-or-mouth and viral marketing, this script can be wanted by thousands of people in a matter of a few hours.
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Conversations happen fast in the virtual world, and can be easily supported with files, images and links to web sites to illustrate the message. Social structures exist in the virtual world with great variety, and maybe to even a greater extent as people feer more free to express themselves in the virtual environment. Also, people are leaders or followers, and in the virtual world, people often feel more freedom to take on both roles. It doesn't hurt to establish yourself in a leadership position, or partner with those who are already established to share your message.
IMPROVING ECONOMIES OF SCALE
If there is one thing you notice quickly in the virtual world, is the relative cost of objects and services is much less than in the real world. Cost of something is relative to the perceived value. You may notice that virtual services, like advertising in virtual publications, or banner in shopping malls costs very little. There are several factors at play here:
1) The reach (exposure) may not be very high.
2) The reach in virtual space is much harder to track and validate than in RL media
3) The cost benefit of customers of virtual services may not be very much (a sale in the virtual world may only provide a few pennies)
As an advertiser, one may not be able to do much with the first or second factor. Perhaps we can provide more valuable and attractive content to the SL media to increase interest and viewership, but that is something that needs to be developed across the board by many people over time. We can have a more direct effect on the third factor.
The return on investment on your advertising can be much greater if we can justify higher prices or attract a very large base of customers. If the perceived value of things in the virtual world (seen as a game by many people) is hard to justify, then try to find value for your product or service as it relates to the real world. This may be a stretch for some products, but you may be able to adjust the way your product or service works in order to be tied to a function in the real world.
------------------------
Example:
Bill sells furniture in the virtual world. He sells exquisite bookcases. An opportunity is to position the bookcases as a "Real World Money-Generating Affiliate Library System" for virtual world residents. He creates a system of customizeable books that fit perfectly in his bookshelves, that can link to any URL, but for this purpose can link to affiliate links selling books, services and products on real world web sites. He can marketing this bookshelf and linkable library system in-world as a way to use virtual space to generate real revenues from real world affiliate programs. He offers instruction and help with setup, and even a list of real world affiliate programs to link to.
Bill is now no longer selling bookshelves. He is selling a money-making system to the virtual marketplace. The value of his bookshelves, which once sold for 500L, can easily be justified at 5,000L. Plus he can sell components along with the bookshelves to improve the system.
Bill also has the opportunity to sell to the real world marketplace, a money-making affiliate program tool using a unique "virtual technology," thus expanding the number of people he can reach. With the ability to make at least 10 times the revenues for his product, and probably get a lot more people interested, his investment into virtual marketing will seem insignificant.
------------------------
MARKETING RESOURCES
Marketing resources in the virtual world is largely underdeveloped. As the business grows its presence and financial influence in the virtual world, more efforts will be given to virtual marketing tools and systems. For example, there is no online PR newswire to get press releases to all of the media in the virtual world. Vio is actually in the process of building such a system. Until the developers of this virtual world provides a more plexible format, we will be using their framework of a GROUP membership and communication.
------------------------
Here are some examples of Virtual Marketing Resources:
1) Image Consultants, Photographers, Designers and other Creative Professionals: Before paying to share your message, refine it and make it stand out. It is always best to use professionals and experts to refine the image you project in the virtual world. We have great resources on Vio, such as Alexi Mizin (image consultant) and BigTee Goodliffe (photographer).
2) Virtual Publications (magazines and newspapers): Most are entertainment-related, but there are some business-oriented publications such as Venture Magazine published by Carter Giacobini. Also check out SLInWorldToday published by Natalie Niven.
3) Virtual Radio Stations and Radio Shows: Have your message heard, and not just seen. There is are pioneers in this industry on Vio such as Sean Cinquetti, Novad Rovio and Spinner Voom.
4) Groups: There are thousands of Membership Groups covering a wealth of topics and interests. This is a great way to get to know people interested in what you have to offer. If you can't find one, create your own. Also, create a Group just for your business and give people incentives to joining your group. This will give you a nice customer database you can contact with special deals and promotions. Join as many business groups as you can handle. There are quite a few with large memberships.
5) Banner and Billboard Space: These may not be as effective in creating direct sales, but they do build brand awareness and trust over time. You can find the most popular Sims in the virtual world and ask for billboard opportunities. Always ask for authentic Traffic Count and make sure they are not pumped up by TrafficBots. Virtual world-related web sites and blogs offer great banner ad opportunities. Check our SLExchange.com and also RLSL.org blog published by Peach Asbrink.
6) Networking Events and Seminars: This is, of course, my favorite for obvious reasons. Attend seminars and networking events. Get to know as many people as possible and find out what they need and what they offer. You may not need what they offer, but you may be able to refer them to others you meet. What comes around goes around.
------------------------
When agreeing to use a marketing resource, get all of the details up front and get an agreement in writing.
That can be a real world agreement that is received by fax or mail. Or it can be as simple (but not as binding) as a Notecard. If you experience any disputes, you should use proven dispute resolution providers in the virtual world, such as OliveEue Sholokhov.
BACKGROUND
About The Speaker: Xander Newman has owned Virtual Innovative Opportunities (VIO) since April 2007, a virtual business community and incubator in Second Life. His expertise is bringing together businesses and resources in SL and RL. In the real world, Xander Newman has been an expert with Internet technologies since 1995, owning his own Internet development and SEO company. He also has a Bachelor's degree in Advertising from the University of Texas. Xander is trained in creating organizations and team-building, and by combining all of his skill set, he has been able to:
1) Co-found a publically-trading Internet auction company
2) Create two non-profit organizations, including the largest volunteer organization serving the needs of Hurricane Katrina survivors.
3) Create a documentary film
4) Become an advocate for the indigenous (tribal) people of the world, speaking in front of world leaders at the United Nations in May 2004.
5) Co-founded a business consortium bringing companies to China for joint venture projects.
In his view, the secret to his successes in life come from making his goals about the benefit of others, and surrounding himself with a variety of talent and expertise.
------------------------
For more information on this topic, feel free to contact Xander Newman or any of the Vio Team.
Xander Newman
Alexi Mizin
Kalvin jefferson
Slatestone McCall
©Copyright 2008 Virtual Innovative Opportunities. All rights reserved.
Vio Business Series #2
INTRODUCTION
When it comes to marketing your business or organization in the virtual world practically the same rules apply as they do in the real world. In order to reach people who may become your customers, you need to get your value proposition in front of people. There are ways to use real life marketing resources to market your virtual business or organization, but for the purpose of this presentation, we will focus on virtual resources.
There are some things that make marketing in the virtual world different than marketing in the real world.
1) Nature of the virtual marketplace
2) Dynamics of virtual relationships
3) Improving economies of scale
4) Marketing resources
Making an effort to understand these differences and catering your marketing campaign to the virtual marketplace will go a long way in determining your success.
THE NATURE OF THE VIRTUAL MARKETPLACE
Many companies in the virtual world are real-world companies who use the virtual world platform to promote their product or service to a global market, much like they do on the Internet through web sites and other new media. Some companies in the virtual world, actually only exist in the virtual world, providing a virtual service or virtual product.
The marketplace within virtual worlds is similar to the marketplace reached by web sites and other online forums. You are reaching people from around the world in the comfort and security of their homes, sitting behind a computer. You are communicating to them using text, images and sound.
The communication experienced in Virtual Worlds is a deeper (more dimensional) and more interactive visual format. With the element of human Voice introduced, interaction becomes more social and impactful.
Although the marketplace in the virtual world tends to be global, it also seems to me to generally consist of a demographic of younger adults who visit for entertainment purposes, and older adults who visit to experience a more youthful virtual lifestyle. The motivation for the great majority of the virtual population is to have fun and to socialize from the safety and comfort of their homes. Business-minded people are making headway in the virtual world, but if you want your product or service to be noticed, you may want to consider how to tap into the entertainment aspects of the virtual world with your marketing efforts.
For example, a real-world financial services company can do something like:
1) Purchase a banner at a virtual concert event
2) Sponsor a virtual fashion magazine
3) Sponsor a virtual music stream
4) Create and sponsor a virtual car race event.
5) Host a financial workshop for virtual club/entertainment venue owners.
Look at your own virtual business, and think of ways you can tap into the entertainment realm. If many people view the virtual format as a game, then it may be best to incorporate your message into "the game" so it becomes "relevant" to your target market.
DYNAMICS OF VIRTUAL RELATIONSHIPS
In the real world, one of the most effective marketing tools is word-of-mouth. People value communication from people they know far more than from paid advertising. In the virtual world, word-of-mouth can be even more effective, as things happen and move at a much faster pace in the virtual world.
------------------------
Let me illustrate a real example:
I can tell you about a brilliant scripter named Loki Ersetu who has created something really helpful to me as a business person in the virtual world. Meeting people and networking is very important in my line of business, and when I am online, I want to know WHO is around me online in the same area, because they may be interested in business in general, or perhaps my business. I want to be able to strike up a conversation with them quickly. So nothing is more helpful than a HUD (heads up display) script she created called LYRS. It pulls up on the screen in front of me the names of anyone who is about a half a Sim away from me in distance, and tells me how far and in what direction they are located. This makes it easy for me to send them an instant message or look up their profile quickly and before they leave the Sim.
Loki is now creating an upgraded version of the LYRS HUD script that allows me to click on the name in the HUD to pull up their Profile, so I don't even have to type their name in the Search tool. The first version sells for only 100L (US 3.7 cents?) and the new one, which REALLY saves time because it is a much more complex script, will cost about 1,000 L (US $3.75) The time it will save me is worth far more than that. so it's a no brainer for me.
I now share that with you in this room. Or I can even throw a spontaneous party of about 50 of my virtual friends, which can be created within a matter of minutes. I can share about this hot new script, and even use it to send IM's to everyone. Then I ask them to go home and invite all of the friends on their Friends List to see them and check out the new product. Through the power of word-or-mouth and viral marketing, this script can be wanted by thousands of people in a matter of a few hours.
------------------------
Conversations happen fast in the virtual world, and can be easily supported with files, images and links to web sites to illustrate the message. Social structures exist in the virtual world with great variety, and maybe to even a greater extent as people feer more free to express themselves in the virtual environment. Also, people are leaders or followers, and in the virtual world, people often feel more freedom to take on both roles. It doesn't hurt to establish yourself in a leadership position, or partner with those who are already established to share your message.
IMPROVING ECONOMIES OF SCALE
If there is one thing you notice quickly in the virtual world, is the relative cost of objects and services is much less than in the real world. Cost of something is relative to the perceived value. You may notice that virtual services, like advertising in virtual publications, or banner in shopping malls costs very little. There are several factors at play here:
1) The reach (exposure) may not be very high.
2) The reach in virtual space is much harder to track and validate than in RL media
3) The cost benefit of customers of virtual services may not be very much (a sale in the virtual world may only provide a few pennies)
As an advertiser, one may not be able to do much with the first or second factor. Perhaps we can provide more valuable and attractive content to the SL media to increase interest and viewership, but that is something that needs to be developed across the board by many people over time. We can have a more direct effect on the third factor.
The return on investment on your advertising can be much greater if we can justify higher prices or attract a very large base of customers. If the perceived value of things in the virtual world (seen as a game by many people) is hard to justify, then try to find value for your product or service as it relates to the real world. This may be a stretch for some products, but you may be able to adjust the way your product or service works in order to be tied to a function in the real world.
------------------------
Example:
Bill sells furniture in the virtual world. He sells exquisite bookcases. An opportunity is to position the bookcases as a "Real World Money-Generating Affiliate Library System" for virtual world residents. He creates a system of customizeable books that fit perfectly in his bookshelves, that can link to any URL, but for this purpose can link to affiliate links selling books, services and products on real world web sites. He can marketing this bookshelf and linkable library system in-world as a way to use virtual space to generate real revenues from real world affiliate programs. He offers instruction and help with setup, and even a list of real world affiliate programs to link to.
Bill is now no longer selling bookshelves. He is selling a money-making system to the virtual marketplace. The value of his bookshelves, which once sold for 500L, can easily be justified at 5,000L. Plus he can sell components along with the bookshelves to improve the system.
Bill also has the opportunity to sell to the real world marketplace, a money-making affiliate program tool using a unique "virtual technology," thus expanding the number of people he can reach. With the ability to make at least 10 times the revenues for his product, and probably get a lot more people interested, his investment into virtual marketing will seem insignificant.
------------------------
MARKETING RESOURCES
Marketing resources in the virtual world is largely underdeveloped. As the business grows its presence and financial influence in the virtual world, more efforts will be given to virtual marketing tools and systems. For example, there is no online PR newswire to get press releases to all of the media in the virtual world. Vio is actually in the process of building such a system. Until the developers of this virtual world provides a more plexible format, we will be using their framework of a GROUP membership and communication.
------------------------
Here are some examples of Virtual Marketing Resources:
1) Image Consultants, Photographers, Designers and other Creative Professionals: Before paying to share your message, refine it and make it stand out. It is always best to use professionals and experts to refine the image you project in the virtual world. We have great resources on Vio, such as Alexi Mizin (image consultant) and BigTee Goodliffe (photographer).
2) Virtual Publications (magazines and newspapers): Most are entertainment-related, but there are some business-oriented publications such as Venture Magazine published by Carter Giacobini. Also check out SLInWorldToday published by Natalie Niven.
3) Virtual Radio Stations and Radio Shows: Have your message heard, and not just seen. There is are pioneers in this industry on Vio such as Sean Cinquetti, Novad Rovio and Spinner Voom.
4) Groups: There are thousands of Membership Groups covering a wealth of topics and interests. This is a great way to get to know people interested in what you have to offer. If you can't find one, create your own. Also, create a Group just for your business and give people incentives to joining your group. This will give you a nice customer database you can contact with special deals and promotions. Join as many business groups as you can handle. There are quite a few with large memberships.
5) Banner and Billboard Space: These may not be as effective in creating direct sales, but they do build brand awareness and trust over time. You can find the most popular Sims in the virtual world and ask for billboard opportunities. Always ask for authentic Traffic Count and make sure they are not pumped up by TrafficBots. Virtual world-related web sites and blogs offer great banner ad opportunities. Check our SLExchange.com and also RLSL.org blog published by Peach Asbrink.
6) Networking Events and Seminars: This is, of course, my favorite for obvious reasons. Attend seminars and networking events. Get to know as many people as possible and find out what they need and what they offer. You may not need what they offer, but you may be able to refer them to others you meet. What comes around goes around.
------------------------
When agreeing to use a marketing resource, get all of the details up front and get an agreement in writing.
That can be a real world agreement that is received by fax or mail. Or it can be as simple (but not as binding) as a Notecard. If you experience any disputes, you should use proven dispute resolution providers in the virtual world, such as OliveEue Sholokhov.
BACKGROUND
About The Speaker: Xander Newman has owned Virtual Innovative Opportunities (VIO) since April 2007, a virtual business community and incubator in Second Life. His expertise is bringing together businesses and resources in SL and RL. In the real world, Xander Newman has been an expert with Internet technologies since 1995, owning his own Internet development and SEO company. He also has a Bachelor's degree in Advertising from the University of Texas. Xander is trained in creating organizations and team-building, and by combining all of his skill set, he has been able to:
1) Co-found a publically-trading Internet auction company
2) Create two non-profit organizations, including the largest volunteer organization serving the needs of Hurricane Katrina survivors.
3) Create a documentary film
4) Become an advocate for the indigenous (tribal) people of the world, speaking in front of world leaders at the United Nations in May 2004.
5) Co-founded a business consortium bringing companies to China for joint venture projects.
In his view, the secret to his successes in life come from making his goals about the benefit of others, and surrounding himself with a variety of talent and expertise.
------------------------
For more information on this topic, feel free to contact Xander Newman or any of the Vio Team.
Xander Newman
Alexi Mizin
Kalvin jefferson
Slatestone McCall
©Copyright 2008 Virtual Innovative Opportunities. All rights reserved.
Collaboration and Team Building
Collaboration and Team Building
Vio Business Series #1
INTRODUCTION
When it comes to your business in the virtual world (or the real world for that matter) are you feeling too busy or overwhelmed, and having limited results?
If so, you may want to consider that you are not taking advantage of the power of teamwork and duplication of your efforts.
The ability to make real profits in your business and get a large return on your investment comes from the ability to duplicate your efforts and to get compensated for those efforts. And where do you start to make sure your business is duplicatible?
OPTIMIZING YOUR BUSINESS MODEL
Before you begin your venture, you should analyze and evaluate the feasibility of your business. With the information you gather, through research and competitive comparisons, put together a business plan, or in the very least, map out your business model. Often, during this stage, one can determine that a business may not be worth getting into, OR even better, may see improvements that need to be made to have the company achieve profitability.
Study your business plan and identify your income streams, and profit margins. Determine if those profit streams can be duplicated, and if the profit margin will change as you duplicate. Once you know your business model is duplicatible, then you know your company has expansive profit potential.
The following VIO Business Partner can assist you in this area:
Complex K, Suite 2, 4 - Vanguard - Research and analysis services. Compile reports on businesses that are currently considering selling up, or liquidating within SL, and distribute those reports to potential investors. Market research and feasibility studies. - Contact Barnes Boa
TEAM BUILDING
Only with a team can enough coordinated effort be provided to get timely results on an expanded scale. But even with the obvious benefits, many people do not work as part of a team when they take on a new business. Why is that?
Roadblocks to Team Building
Most people with their own ideas, especially in their own areas of expertise have a hard time building a team. They may have the following concerns:
"No one can do it as well as I can."
"How can I really trust this person?"
People may have been disappointed or had their trust broken in the past, and they may be influenced by their past experiences in making decisions about their business. Remember, in looking back to the past too much, you will be slowed down and too cautious in your approach and be overtaken by people who are more natural forward thinkers and risk-takers. Before deciding to build your team, remember, that although other people may not have your knowledge or abilities, they may have abilities or even connections you may not know about that will add depth and dimension to your business.
Another roadblock is poor communication. Not being on the same page or having the same goals is the quickest way to being disapponted with your team effort, and losing faith and trust in them. Make sure you build in with your team, organized goal setting, (daily, weekly,quarterly) structures of communication, and a good chain of command.
Effective Team Building
1) Identify key positions in your business model
2) Evaluate team members and determine where their skill sets best fit in your business model
3) Provide clearly to team members their roles, and responsibilities, and give them an understanding on how they fit in with the rest of the team.
4) Make sure your team members have the proper training necessary to fulfill their tasks.
5) Provide clearly to team members what compensation and benefits they are working for.
6) Provide the structures and channels of communication to your team. Make sure they know how to use them and are committed to using them.
7) Have meetings/conference calls to set (weekly) goals and to evaluate progress.
COLLABORATION/PARTNERSHIPS
Another great resource to growing your business is working with other businesses to provide greater value for clients. This type of collaboration enhances the value of your business by association, and increases credibility. Being part of something larger than yourself often connects you with larger opportunities. Think about how your business can be a missing piece for a larger purpose, or think about how other pieces connected to yours can serve a bigger purpose.
How to build effective partnerships
1) Search for and work with businesses that are related and complementary to yours. You probably don't want to find a business partner that does exactly what you do. Find one in your industry that does something different.
2) Join business groups, and network.
3) Create clear roles and distinct separation of roles and responsibilities between your companies. Establish clear compensation models.
4) PUT ALL AGREEMENTS IN WRITING!
SUMMARY
Your business deserves the chance to flourish. Why restrain its potential with an overly slow, analytical, safe approach. Yes, we should do our due diligence, check for feasibility, create a business plan, analyze results, build teams, set goals, etc, etc... This is only slow and painful if we don't learn to let go. The magic happens in business when you allow the element of the unexpected and energies of other people to be a part of your game plan.
BACKGROUND
About The Speaker: Xander Newman has owned Virtual Innovative Opportunities (VIO) since April 2007, a virtual business community and incubator in Second Life. His expertise is bringing together businesses and resources in SL and RL. In the real world, Xander Newman has been an expert with Internet technologies since 1995, owning his own Internet development and SEO company. He also has a Bachelor's degree in Advertising from the University of Texas. Xander is trained in creating organizations and team-building, and by combining all of his skill set, he has been able to:
1) Co-found a publically-trading Internet auction company
2) Create two non-profit organizations, including the largest volunteer organization serving the needs of Hurricane Katrina survivors.
3) Create a documentary film
4) Become an advocate for the indigenous (tribal) people of the world, speaking in front of world leaders at the United Nations in May 2004.
5) Co-found a business consortium bringing companies to China for joint venture projects.
In his view, the secret to his successes in life come from making his goals about the benefit of others, and surrounding himself with a variety of talent and expertise.
For more information on this topic, feel free to contact me or any of the Vio Team in Second Life.
Xander Newman
Alexi Mizin
Kalvin jefferson
Slatestone McCall
©Copyright 2008 Virtual Innovative Opportunities. All rights reserved.
Vio Business Series #1
INTRODUCTION
When it comes to your business in the virtual world (or the real world for that matter) are you feeling too busy or overwhelmed, and having limited results?
If so, you may want to consider that you are not taking advantage of the power of teamwork and duplication of your efforts.
The ability to make real profits in your business and get a large return on your investment comes from the ability to duplicate your efforts and to get compensated for those efforts. And where do you start to make sure your business is duplicatible?
OPTIMIZING YOUR BUSINESS MODEL
Before you begin your venture, you should analyze and evaluate the feasibility of your business. With the information you gather, through research and competitive comparisons, put together a business plan, or in the very least, map out your business model. Often, during this stage, one can determine that a business may not be worth getting into, OR even better, may see improvements that need to be made to have the company achieve profitability.
Study your business plan and identify your income streams, and profit margins. Determine if those profit streams can be duplicated, and if the profit margin will change as you duplicate. Once you know your business model is duplicatible, then you know your company has expansive profit potential.
The following VIO Business Partner can assist you in this area:
Complex K, Suite 2, 4 - Vanguard - Research and analysis services. Compile reports on businesses that are currently considering selling up, or liquidating within SL, and distribute those reports to potential investors. Market research and feasibility studies. - Contact Barnes Boa
TEAM BUILDING
Only with a team can enough coordinated effort be provided to get timely results on an expanded scale. But even with the obvious benefits, many people do not work as part of a team when they take on a new business. Why is that?
Roadblocks to Team Building
Most people with their own ideas, especially in their own areas of expertise have a hard time building a team. They may have the following concerns:
"No one can do it as well as I can."
"How can I really trust this person?"
People may have been disappointed or had their trust broken in the past, and they may be influenced by their past experiences in making decisions about their business. Remember, in looking back to the past too much, you will be slowed down and too cautious in your approach and be overtaken by people who are more natural forward thinkers and risk-takers. Before deciding to build your team, remember, that although other people may not have your knowledge or abilities, they may have abilities or even connections you may not know about that will add depth and dimension to your business.
Another roadblock is poor communication. Not being on the same page or having the same goals is the quickest way to being disapponted with your team effort, and losing faith and trust in them. Make sure you build in with your team, organized goal setting, (daily, weekly,quarterly) structures of communication, and a good chain of command.
Effective Team Building
1) Identify key positions in your business model
2) Evaluate team members and determine where their skill sets best fit in your business model
3) Provide clearly to team members their roles, and responsibilities, and give them an understanding on how they fit in with the rest of the team.
4) Make sure your team members have the proper training necessary to fulfill their tasks.
5) Provide clearly to team members what compensation and benefits they are working for.
6) Provide the structures and channels of communication to your team. Make sure they know how to use them and are committed to using them.
7) Have meetings/conference calls to set (weekly) goals and to evaluate progress.
COLLABORATION/PARTNERSHIPS
Another great resource to growing your business is working with other businesses to provide greater value for clients. This type of collaboration enhances the value of your business by association, and increases credibility. Being part of something larger than yourself often connects you with larger opportunities. Think about how your business can be a missing piece for a larger purpose, or think about how other pieces connected to yours can serve a bigger purpose.
How to build effective partnerships
1) Search for and work with businesses that are related and complementary to yours. You probably don't want to find a business partner that does exactly what you do. Find one in your industry that does something different.
2) Join business groups, and network.
3) Create clear roles and distinct separation of roles and responsibilities between your companies. Establish clear compensation models.
4) PUT ALL AGREEMENTS IN WRITING!
SUMMARY
Your business deserves the chance to flourish. Why restrain its potential with an overly slow, analytical, safe approach. Yes, we should do our due diligence, check for feasibility, create a business plan, analyze results, build teams, set goals, etc, etc... This is only slow and painful if we don't learn to let go. The magic happens in business when you allow the element of the unexpected and energies of other people to be a part of your game plan.
BACKGROUND
About The Speaker: Xander Newman has owned Virtual Innovative Opportunities (VIO) since April 2007, a virtual business community and incubator in Second Life. His expertise is bringing together businesses and resources in SL and RL. In the real world, Xander Newman has been an expert with Internet technologies since 1995, owning his own Internet development and SEO company. He also has a Bachelor's degree in Advertising from the University of Texas. Xander is trained in creating organizations and team-building, and by combining all of his skill set, he has been able to:
1) Co-found a publically-trading Internet auction company
2) Create two non-profit organizations, including the largest volunteer organization serving the needs of Hurricane Katrina survivors.
3) Create a documentary film
4) Become an advocate for the indigenous (tribal) people of the world, speaking in front of world leaders at the United Nations in May 2004.
5) Co-found a business consortium bringing companies to China for joint venture projects.
In his view, the secret to his successes in life come from making his goals about the benefit of others, and surrounding himself with a variety of talent and expertise.
For more information on this topic, feel free to contact me or any of the Vio Team in Second Life.
Xander Newman
Alexi Mizin
Kalvin jefferson
Slatestone McCall
©Copyright 2008 Virtual Innovative Opportunities. All rights reserved.
Successful Business In The Virtual World
With the surge in growth in the first quarter of 2007 of Second Life® (http://www.secondlife.com) , a well-established virtual world created by Linden Labs, the business community began to take notice of this global online community as a potential marketplace. Since then, a host of other virtual platforms or grids, such as CentralGrid (http://www.centralgrid.com) have been born, catching up to capitalize on this trend. Even behemoth Google has gotten into the act and created its own virtual world platform (Lively). From our observations of its roll-out, Lively shows promise, but it has a long way to go.
There was a virtual Gold Rush of new members joining Second Life, when an article appeared on CNN about the first "virtual millionaire," Anshe Chung (real name: Ailin Graef). With a growing economy within the virtual world, consisting of credits convertible into real currency, there was a opportunity for people to make real income.
Many businesses sprung up as entrepreneurial members explored a virtual platform that had seemingly fewer barriers for business. Stores selling accessories for avatars, clothing, vehicles, homes, scripts, and animations became very successful. People could buy and sell or rent "virtual land" or space in the virtual world, and could turn a profit as long as demand surpassed supply.
There has been a growing trend of real world businesses (Such as IBM, Toyota, and Oracle) who have ventured into the virtual world to expand their marketing efforts and/or to develop communication and technology tools that benefit their business. The virtual business community of VIO has attracted the likes of real world companies Fedex, Oracle, and Camenae Healthcare. By providing the real world clients with access to virtual world resources, tools and training, VIO has shortened the learning curve of these companies.
For most people in the virtual world, this trend hasn't grown fast enough. There have been challenges to growth of the virtual world. There has been a general lack of momentum for embracing the new technology, and a general perception of the virtual world as a place for gaming and sex. This was a similar perception experienced by the pioneers of the world wide web in the early 1990's. What it will take to overcome these perceptions, is for the business community to take the lead. They will need to invest in the technology, and share their successes with the public through the media. More blogs about virtual business won't hurt, either.
We welcome feedback from others in the business community about their successes and challenges faced when forging a beneficial presence in the virtual world.
------------------------
The Successful Virtual Business blog is a service provided by Virtual Innovative Opportunities (VIO) and the web solutions provider, PROactive Media. The blog is mediated by web technology consultant and speaker Tony Coolidge.
VIO, founded by Howard Odor and Tony Coolidge, is a leading in-world business community and incubator within Second Life®, promoting collaboration and growth through partnership between virtual world businesses and real world companies.
PROactive Media has developed web solutions for hundreds of clients since 2001. The company's current strength is web marketing and search engine optimization (SEO) solutions. Its web marketing packages, branded as SEO TrafficBoost™ (http://www.seotrafficboost.com), builds traffic-building web assets for clients, including assets in the virtual world.
Tony Coolidge has been a web development professional since 1995. He started as a partner with Orlando Online. In 1999, he co-founded a B2C Internet auction company that became a publicly-trading company on the American Stock Exchange. In 2001, he founded PROactive Media, an Internet and new media consulting company. In 2005, he founded Katrina's Angels, one of the largest non-profit volunteer organizations serving the needs of Hurricane Katrina survivors.
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