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Digital Assets vs Liabilities

What is the difference?

When we redesigned our corporate website, we initiated the use of the term “Digital Assets” as part of our company’s culture. This confused many of our clients and staff, but has now become a big part of our daily vernacular. Digital assets, refers to Websites, blogs, social portals and pretty well anything that is used for online personas and business.

My other passion of Investment properties had a lot to do with the adoption of the term Digital Assets. Thus, I’ve imparted my passive investment views and applied it to digital technology.

I define any digital asset as “something that adds value or makes money”. Alternatively, a liability is “anything that costs you money or depletes value”.

With this viewpoint, I believe that a website or a portal should add value to the company’s mission and eventually its financial bottom line – Thus, make money!

Selecting a website domain is just as easy as registering a corporate entity. This can be accomplished in under fifteen minutes in most jurisdictions.  But, that is just the beginning. Building a site and making money off that website (or business) is where the work begins. Facing this challenge and implementing an online system that stays true to its mission and automatically produces a positive cash flow is fundamental. Until you achieve this your website will remain a liability.

Here are a few things from a elevated view that need to be established on route to making your online digital presence an “Asset”. We will dive into each category in subsequent articles:

  • Define your niche and focus on it only
  • Be real with your onsite content
  • Use audience-building techniques to promote your content
  • Track and Monetize your traffic
  • Listen to your customer reviews of products / services
  • Offer expertise & Share stories

Putting together systems and processes to constantly improve the above metrics are essential to a long term digital strategy and will ensure that your website and/or portal remains your company’s digital asset.

As you work through your online digital asset plan line by line, it will become clearer what processes you need to focus on and what your priorities should be. Keep track of your costs and review web analytics and customer reviews regularly.

Make sure that you view your web assets like you do with your business. You will only get out of it whatever you put into it. So make sure that you are constantly working with your digital assets team and continually growing your assets.

Cheers.

Lyle Patel

Written by Lyle Patel

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