Do you have a business that makes most or all its revenue online? Are you considering to rebuild your website to bring your business to the next level and accomplish your goals? Perhaps you are in the process of talking to web developers as we speak. You might be wise to consider a new concept and a revenue opportunity: the digital turnaround.
Before you decide to take the plunge on an expensive web overhaul watch the video of Dr. Stephie Althouse, CEO of Top-Notch CEO, and Robert Donnell from P5 Marketing, on the concept of a digital turnaround. The video discusses why the quest to overhaul a website needs to be shifted to one where the business as a whole is viewed with fresh, strategic eyes first before the decision is made which tactics and actions will have the most impact.
Enjoy the video (or see our summary or the transcript of the video below).
[video width="1280" height="720" mp4="https://topnotchceo.com/wp-content/uploads/2017/11/video_digital-turnaround.mp4"][/video]
For your convenience, here are the main points summarized (you can find the full transcript below):
- Digital turnaround is about making your online business successful when revenues have been disappointing.
- Oftentimes the business owner is reaching out, often somewhat disjointed, to web developers, web designers, maybe content writers, social media experts, SEO experts, but not necessarily to someone who also understands the overall strategy. But to be successful, it has to be a strategy in conjunction with all of the above. Really, the strategy has to be first so that you can decide on which of the other tactics are needed and in what order and at what cost.
- The digital turnaround process can be made more affordable because you first see the strategy. At this stage, we will help you evaluate the current pain points in the business.
- Good news! We can help you stop the bleeding quickly, provided we decide that the patient is worth saving, i.e, the opportunity is good and worth pursuing.
- Then we design smart stages for developing the process forward.
- Ultimately, we treat your money like it's our own. We're helping you as the business owner manage risk for the maximum chance of success.
If you would like to read the transcript here it is:
Robert: Hi Dr. Stephie. It's good to be here.
Dr. Stephie: Thank you. Today we're going to have something really special for you all and that is to talk about digital turnaround. Robert, why don't you tell them real quick, how do we even get to this term “digital turnaround” and what is it?
What Is a "Digital Turnaround"?
Robert: Well, it's interesting because we had a long conversation yesterday about a potential client. We were sitting there, and they had basically asked for a website. They had a budget for a website, and they felt they had a need for a website. They had done a really good job of describing the technical aspects of the website. It was probably one of the more complete specs that we'd ever had and ...
Dr. Stephie: For sure, yes. Very extensive.
Robert: We were sitting there and finally ... the embarrassing part, I think maybe, is that we were an hour into this before we went, "You know, they might not need a website. They may need something else."
Then we started digging and we analyzed some of the numbers that they'd given us and we began to realize that they had such a low conversion rate on the traffic that had come into the website that they really needed a turnaround. They were faced with turning around a company. They'd done a good job of building it, the proof of concept was there, but they weren't scaling and they weren't delivering and that's where we came up with the concept of a digital turnaround.
They Were Faced with Turning Around a Company. They'd Done a Good Job of Building It, the Proof of Concept was There, But They Weren't Scaling.
Dr. Stephie: Yeah. Right. So, certainly they do need something done on the website, but what we came to realize is that there's something else that needs to be done beforehand. Here they're getting quotes from website developers and putting together extensive specs for that, but we realized there was an essential piece missing. That's really the overhaul of the business strategy.
We ended up breaking down the digital turnaround process into a few essential points. We're talking about businesses that do business online, obviously, and so the first bullet that we came up with is, you don't just need a website in this particular situation, but you actually need a digital turnaround. For that we need to decide, is the patient savable and is the patient worth saving? Also, we need to understand the main pain points. What led to that request for needing a new website?
In this particular case, I had a pretty extensive conversation with the potential client. When I say potential client, I mean we really look at those people more like as partners. We put ourselves in their shoes and look at it more from that perspective.
In any case, we identify the pain points. In this case, there were some things broken about the website. It was stated that there was a lot of traffic to the site, but very little conversion. Basically, the business had low revenues and had an employee and was more or less at a break even, but not really making money. Then, also, the owner was spending 50-60 hours a week on handling things that the owner thought the website should be able to do automatically.
That's pretty much the situation we started discussing. And then ... Go ahead.
Robert: We actually were looking at it from the position of a consultant. What happened, I think, was that in the beginning we started out looking at it from the website need, but we ... well, my background is business consulting. Your background's business consulting. I went marketing. You went operations and running the company.
We Had a Shift in Perspective When We Started Looking, and We Said, "Holy Moly, These Guys Don't Have a Lot of Revenue but They've Identified a Good Opportunity."
What we ended up with was a shift in perspective, and we go, "Holy moly, these guys don't have a lot of money." They don't have a lot of revenue, but they've identified a good opportunity, so the question is, how do you turn that around with the limited resources you have, rather than necessarily jumping to the conclusion of building a website. It's what we talk about a lot, which is strategy first, tactics second.
Dr. Stephie: Right and we're talking about building a really expensive website, so I know that in this particular case, the first quote they got was a $30,000 website.
Robert: Right. Right.
Dr. Stephie: It's not like we're saying they don't need a website. They do, but maybe they don't need a $30,000 website.
You Have to Design a Turnaround strategy, But Probably the First Thing You're Going to Do, Even in Parallel, is to Stop the Bleeding.
Robert: Correct. We were talking about the patient, is the patient worth saving, and in this case, there's bleeding. We need to stop the bleeding. Once we get the strategy put in place and we decide that we want to save the patient if you will, or go ahead with the turnaround, you have to design a turnaround strategy, but probably the first thing you're going to do, even in parallel, is to stop the bleeding.
Dr. Stephie: Right, for example, if it's a seasonal business and you know that a lot of the purchases are about to happen and your site is broken, then you might not want to have a super fancy website that takes several months to build, but you might want to have something simpler to build that can be quickly operational again.
This Is An Emergency. Let's Fix This. Let's Create Function First, So That We're Converting People and Then Go Into the Nice-to-Haves Parts.
Robert: Right. I'd be standing on a soapbox screaming, "This is an emergency." Let's fix this. Let's get able to convert people. Let's create function first so that we're converting people and then go into the nice-to-haves or the other parts.
Dr. Stephie: Exactly. You emphasize that you actually have turnaround experience and I do as well. You're the sales and marketing pro. I'm more of the operational side like you said, but both of us have a pretty hefty dose of strategy understanding and also have some tools around that. The bottom line though is that we treat our client's money like it's our own, and therefore, we design smart phases. Really, there are two emphases there. One is “smart” and the other is “phases”.
The Bottom Line Is That We Treat Our Client's Money Like It's Our Own, and Therefore, We Design Smart Phases.
You don't have to do it all at once, but you can have a smart phase that stops the bleeding after we understand the pain points and understand the strategy and do this very quickly instead of dragging our feet so that we can stop the bleeding and get revenue back in the door. And then with that revenue back in the door, we can go to the next step.
Robert: Absolutely. I wouldn't take all of my budget and build it on a future until we know we had a short-term future. In this particular company's case, the booking time for their seasonal travel is now. Every day lost, today may take a year to make up.
Dr. Stephie: Yes. I don't know exactly if it's now, but it's either now or very soon, but the main business period is, I think, from March to September and here we are in mid-November. Time is of the essence.
Let's summarize. We don't want to make this video too long.
Digital turnaround is about the idea that, in many cases, when a business that makes its revenue predominantly or exclusively online, oftentimes the business owner is reaching out to web developers, web designers, maybe content writers, social media experts, SEO experts, but not necessarily to someone who also understands the overall strategy. It has to be the strategy in conjunction with all of the above in concert. Really, the strategy has to be first so that we can decide on which of the other tactics are really needed and in what order and at what cost. This is really what's been really beautiful about our collaboration.
The second point is that we can make this process affordable because we first see the strategy. We then stop, very quickly, the bleeding, if we decide that the patient is worth saving. And, of course, we understand the pain points.
From there, we design the third part, which is smart phases for developing the process forward. Ultimately, we treat the client's money like it's our own.
We Are Helping the Business Owner Manage the Risk for the Maximum Chance of Success in the Digital Turnaround.
Robert: Absolutely. We're helping them manage the risk. I mean, there's always risk at any time you're investing and moving forward and we're helping them see the pain points, what are the risks and how to manage those risks for the maximum chance of success.
Dr. Stephie: Yeah. Exactly. So, strategy and execution, not just execution.
Robert: Amen. Amen.
Dr. Stephie: All right, on that note, we'll say ciao.
Dr. Stephie: Thank you, Robert. Bye-bye.