Digital Business Strategy: How Evernote Monetized $10 million in Revenue
Evernote has gone old-fashioned, creating a sister company called Evernote Market that sells physical goods like office supplies, new technology hardware, and technology accessories.
The amount of free stuff on the Internet is staggering. Before its invention, hardly anyone could have predicted so much information and so many services would be available for free. From newspaper content to language translations services, the Internet has tended to repel money, much to the dismay of digital business owners. Since last fall, however, the company behind the popular note-taking app Evernote has taken in $10 million in revenue, now averaging about $1 million per month in sales. So how are they doing it?
Evernote has gone old-fashioned, creating a sister company called Evernote Market that sells physical goods like office supplies, new technology hardware, and technology accessories. This has meant extending its brand to products like Moleskin, Post-It Notes, scanners, wallets, and socks. Now the company is at work on creating its own line of products like iPad stands made of Wisconsin walnut wood.
"We declared a ceasefire between pen and digital," CEO Phil Libin said then. "You're still going to have physical products. Your sense of touch isn't going away. People still want nice-feeling, beautiful things."
Besides creating a new revenue stream for the company, Evernote Market tends to funnel individuals toward the digital product, the original Evernote app, which includes subscription level services that customers are required to pay for. So there you have it. Your digital business might benefit from having a presence in the world of physical things.
In his Big Think interview, business consultant Marshall Goldsmith explains how to manage your global digital business. That means thinking on a global scale, understanding how technology impacts the business, and creating alliances with other companies.
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Could this be the long-awaited solution to economic inequality?
Under capitalism, the argument goes, it's every man for himself. Through the relentless pursuit of self-interest, everyone benefits, as if an invisible hand were guiding each of us toward the common good. Everyone should accordingly try to get as much as they can, not only for their goods but also for their labour. Whatever the market price is is, in turn, what the buyer should pay. Just like the idea that there should be a minimum wage, the idea that there should be a maximum wage seems to undermine the very freedom that the free market is supposed to guarantee.
Humans evolved to live in the cold through a number of environmental and genetic factors.
- According to some relatively new research, many of our early human cousins preceded Homo sapien migrations north by hundreds of thousands or even millions of years.
- Cross-breeding with other ancient hominids gave some subsets of human population the genes to contend and thrive in colder and harsher climates.
- Behavioral and dietary changes also helped humans adapt to cold climates.
It's unlikely that there's anything on the planet that is worth the cost of shipping it back
- In the second season of National Geographic Channel's MARS (premiering tonight, 11/12/18,) privatized miners on the red planet clash with a colony of international scientists
- Privatized mining on both Mars and the Moon is likely to occur in the next century
- The cost of returning mined materials from Space to the Earth will probably be too high to create a self-sustaining industry, but the resources may have other uses at their origin points
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