The Cyberdosh Challenges have been around since 1999, so we've tried many different methods of promoting the concept. Then along came social media...
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Scottish £100 Note |
A LITTLE BIT OF HISTORY
Initially, the Cyberdosh site was set up as an online game, combining free to enter, cash prize competitions with sponsor advertising. The initial experiment met with some success, more so because it was, inadvertently, mentioned on the FT.com website. The event caused great hilarity in the office at the time, as prospective investors were emailing to ask when there would be a share issue!
This was never going to happen, as we were merely promoting a dozen or so local businesses by offering a £100 prize fund by way of an online treasure hunt. Most of the represented businesses were homebased. I intend to recreate this simplistic marketing 'toy-ploy' soon, in a bid to compare results with those from a decade ago.
Following on from the game, we then took Cyberdosh to eBid, the UK based alternative to the globally famous eBay. It was an ideal platform, offering free membership and a secure platform on which to build a small business. Most people automatically assumed that eBid was the poor relative of the better known online auctions, but there's so much more to the site than first meets the eye, especially when you start considering the huge potential it offers for serious frugal entrepreneurs harnessing free advertising, marketig and promotional opportunities. Of course, it is still an auction-based selling platform, so jumping in with both feet at a whopping great cost of less than £50 for a lifetime membership was a no brainer for someone like me.
Forums, blogs and social media were still a long way from where they now are, but in the year 2000, I dipped my toes into the public forum foray, eventually running Cyberdosh challenges on a monthly basis. We succeeded in proving that sales increased accordingly with any increase in advertising, marketing and promotion, even when no money was spent. Not exactly rocket science, you may think, but for many newcomers to online cash generation, it convinced them to take the plunge and start a small business. From late 2007, part of the challenge was taken to Martin Lewis' Moneysavingexpert forums, where it still continues, albeit in a slightly different format to what was originally intended. Nowt as strange as folks, as they say, changes were brought about owing to circumstances beyond my control.
A DECADE LATER
Much has happened over the past decade. For homebased, working parents, family commitments often took over, more often than not at the expense of starting up or succeeding in business. Nowadays, opportunities abound for everyone and anyone with a little bit of entrepreneurial spirit and it is my belief that this is still only the tip of the iceberg.
Cash, or more specifically credit, isn't as readily available, so budgets are being squeezed and stretched to breaking point. But times continue to change. I'm not rich, but NYK Media is still here. I was able to do enough to suvive this far, but what of the future?
Cash, or more specifically credit, isn't as readily available, so budgets are being squeezed and stretched to breaking point. But times continue to change. I'm not rich, but NYK Media is still here. I was able to do enough to suvive this far, but what of the future?
How can any small business expect to survive, let alone generate a healthy profit, when there are so many restrictions? What makes the difference between success or failure? What are the incentives for bringing great ideas, services and products to market if the essential investment capital is unavailable? In order to get started and to survive during any economic slump we need to think outside the box - we need to be prepared to jump at every opportunity for extra exposure and ensure that every minute spent in doing so is geared towards benefitting your longterm business plan.
ABOUT THE CHALLENGE
For the purposes of the 2012 challenge, we are looking for a few enterprising individuals to join us in a bid to create, maintain and/or grow a small business of their own. It might be something you have already started or it might even be a brand new business idea. The main point is that it fits in with the concept of the 'frugal entrepreneur'..
In my next blog post, I will explain what I understand to be the meaning of a 'frugaleur'.
The Cyberdosh Challenge is completely FREE. Anyone is welcome to join at any time and no business is too small. If you choose not to take part, you are more than welcome to observe from the sidelines or throw in your tuppence worth if you see anyone making any glaring mistakes or taking any expensive wrong turns.
At the end of the day, this is about how much you can generate from how little.
At the end of the day, this is about how much you can generate from how little.
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1998 - 2011 (c) by NYK Media
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