Disruption and commodification go hand in hand. If your company’s goal is to grow profitably, then you need to understand how to begin disrupting the market you serve, and in the process take market share away from competitors. Find out more in this video:
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Transcription:
If you're a growth business owner scaling up your business, and you're working on your business model, well, this might be a video that will spark some creativity in how you think about how you run your business. Now, my name is Peter Moriarty, I run itGenius. And we help small and medium sized business owners grow and scale their businesses. Now primarily, we focus on technology strategy. But today, this video is a little bit more on the business side of thing. And this is something that happened to me as I was walking through a shopping center, and I just had to put it down in a video for you. Now we're in exciting times right now, we saved the disruption of new technology models like Uber coming in and replacing completely in some places, other industries. And it's not necessarily a good or a bad thing. It's just change that is coming through and disrupting how markets work. Now, the argument and the discussion around is this good or bad for the world aside, let's talk about the business case for disruption and innovation, and how you might be able to reflect that back to your business. Now, I was in a shopping center with my partner quite recently, and I stumbled across a store called loviisa. Now that's based here in Australia, and they do jewelry and actually offering free ear piercing inside the store. And I thought, Hmm, that's interesting. I remember when I was a kid, that if you wanted to get your ears pierced, not that I ever did, you would have to go to I think a doctor or a chemist, and they would have like an ear piercing gun, and they would pitch it is there, you'd pay, I don't know, 10 or 20 bucks, or whatever it was. And then your ears were pierced, and you could go and buy your earrings and accessories and whatnot. And interestingly, this piercing was now happening for free inside the accessory shop. And I found that really interesting, because usually these are two things that would be done completely separately, and had now been vertically integrated. Now the exciting thing is not that they've been vertically integrated. But because they've been vertically integrated in a place, that was a natural progression for someone to spend money right there. And then, and this is not a new concept, you know, it's really hard to beat something that's free. And that makes things really easy. I use a tool called Asana for all of our task management for my team and for myself as well. And after years and years and years of putting data into that free tool, when it came time to look for more features, I didn't really consider any other tools because all my data was baked into this free tool. And so that was really the only pathway for me was to start paying money to a sauna for a premium version of their tool. Now, Candy Crush, Farmville all use this model, and it's called freemium, which is basically giving away something for free, which then has a clear path to commercialization or a clear path to someone making a purchase. And we've all been victim to an addictive game when iPhone that then ended up you know, having to spend virtual dollar or real dollars on virtual money inside the game for us to continue to play or to play faster, or whatever that ended up looking like. So I want to reflect this back to your business and have you consider what are you doing right now that you could potentially give away for free, that has a clear journey at the end of it for a prospect to become a customer. because let me tell you, there's no reason for a chemist or a doctor to still provide paid earring hole punching. If someone can just go to the visa now and actually get them done for free. Like there's no reason that you have to buy earrings or accessories from them. But you will. So if you reflect back and think back to your business, well, what could you potentially be doing for free? What could you be offering for free, that's going to give a lot of value to customers, which then has a very clear path to them becoming a customer in the future. Now for us, one of our offers is to transfer your Google workspace licensing into it genius doesn't cost you anything extra, you get a bunch of free benefits. And with that you also get access to a Cloud Library. It's google classroom with training videos and education for you and your team. Now there's a link to that offer below. But that's not why I'm sharing it. I'm sharing it with you. Because we know that if I give value to a lot of prospects at scale, eventually, some of those prospects are going to be interested in working more closely with us. And then we're going to be able to sell some consulting services in providing value to those customers. So I want you to think about what you might be able to do for your business. And I'd really love to know what kind of business you have in the comments, and what kind of business you can build around a kind of freemium model. So why are you then spending hundreds and hundreds of dollars in the loviisa store after you've got your ears pierced, right, you've got the ears pierced and then you're going to walk out and start spending money there. Well, this is the absolute magic of how this has all been put together. Think about someone getting their ears pierced, they're excited, they're nervous, there's a little bit of pain, but there's dopamine, there's cortisol and all of these hormones and chemicals start running around the brain. And when is the best time for a prospect to buy something well when they're the most excited. And so you've got someone who's just been through a little bit of pain, a little bit excitement, a little bit of anticipation. They've probably been thinking about it all day long, particularly if it's your first year pacing and then at that magic moment in time when all of the chemical cocktail is running through your mind, you step into a store of cheap earrings and accessories. Isn't that brilliant, and you're then going to spend hundreds and hundreds of dollars on it. It's right at the highest point of excitement is the perfect time for a sale, or an upsell. And that's why when you go through an online checkout for an online course, or when you're buying something online, immediately after the checkout, there's opportunities to buy more, because marketers know and business owners know when they're running a savvy well marketed business, that right at the point where you've made the decision to buy that's the height of the excitement. And immediately after that is a great opportunity to upsell into other products and services. If you liked this video, and you'd love more general videos, please let us know in the comments. And if you're growing a business in the growth stage, then you might be interested in having an effective CRM system, which helps you manage the relationships with your customers and helps you manage your sales and operations and customer service teams. If you haven't already checked out copper CRM, we've got an amazing offer running just this quarter, you can jump at the link below and check out what we have to offer there. If you're interested in more videos about CRM systems and helping you to innovate more by doing things differently in your business when it comes to your customer relationships. We'll check out some of our other videos on CRM, we talk about why a CRM system should be the heart of your business, and of course, how to choose the perfect system for you. We'll see you in the next video. If you're not yet subscribed, please jump on the subscribe button. hit the bell if you want to get notified. And if you loved this video, drop a thumbs up. Otherwise, I'll see you in the comments. Take care.
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