Richard North has managed to pull himself away from his £35 million company Wow! Stuff, to talk to GoldSand Digital about business, digital marketing, and (of course) The Secret Millionaire.
1.In 2011, how important will digital marketing be for small businesses looking to make their names within competitive markets?
Digital media and the use of it for marketing purposes should no longer be a choice for businesses of any size, it should be compulsory. It’s the lowest cost for return and can help a small business compete with much larger rivals.
2.How much of a role has social media played in the success of Wow Stuff!?
It’s getting ever more important and fundamental to our success as we network across the internet with toy inventors all over the world. There are no country boundaries with the net so sharing and reviewing ideas and knowledge is more efficient than it has ever been. You will see many, many more internet millionaires over the next five years as people from emerging countries such as the BRIC (Brazil, Russia, India and China) who cannot afford to travel develop their ideas online and sell to customers around the world.
3.Marketing is a passion of yours, do you get as excited about digital marketing?
I get passionate about opportunities wherever they come from, and particularly borrowing ideas from one sector or industry and adapting them for use in another. Digital marketing and the use of the internet and mobile technology opens up some incredible and effective opportunities.
4.Why do businesses need to have digital mindset when it comes to growing their business in 2011?
I think the answer to this lies in the rate of change that commerce is going through as a direct result of the digital space. The importance of the internet as a channel in which to sell and communicate your products or services across most industries is without question. The only outstanding question then is how best to harness this and make it work cost effectively for your company. And therein appears to be the dilemma many entrepreneurs and corporate business people face. It’s their responsibility as head of the organisation to ensure they are as familiar with the digital arena as they are any other channel.
5.And…just the one Secret Millionaire question: Everyone will be keen to know whether you’ve been back to Wales to see anyone that you helped on The Secret Millionaire?
Yes, we returned en masse! I took Wow! Stuff with me on a visit at the end of November. It has absolutely changed their lives in so many ways – well beyond what I had ever imagined. While I had plenty of recognition on my travels and through business, they had fame (and I mean the good kind of fame) in their neighbourhoods. This has made an extremely positive difference to them and those who they help or live amongst.
Too much to write here but feel free to see the video of our return here