Why It’s Imperative You Change Your Business Model NOW – The New Economy.
So you assume the title of this post seems too radical…. too reactive…. to emotional. But honestly, it’s something you need to take very seriously.
If you are in ANY type of business, I want to share with you what you MUST do to respond. In this article, I’m going to share with you the 3 critical things to address in your business before the end of this year – because time is of the essence in this new economy.
See, we don’t live in a world with a business economy that is the same one we group up in. As a matter of fact, we don’t live in a world with the same business economy as we had 10 years ago.
Last night in the GOP Presidential Debate, Marco Rubio made a comment that was so striking to me that I had to pause the TV and write it down immediately.
“It took the telephone 75 years to reach 100 million users. It took Candy Crush one year to reach 100 million users.” – Marco Rubio
As a matter of fact, take a look at this:
Still not convinced? Here are some more businesses in this new economy to prove to you what is changing in front of our eyes:
- Uber, the world’s largest taxi company, owns no vehicles.
- Facebook, the world’s most popular media owner, creates no content.
- Alibaba, the most valuable retailer, has no inventory.
- Airbnb, the world’s largest accommodation provider, owns no real estate.
You see, something interesting is happening.
If you are doing business the way you did 10 years ago… heck, if you are doing business the way you did 3 years ago, your business model is probably antiquated.
And it’s just a matter of time (if it’s not happening already) that you may be losing business because of it.
The reality is, you need to revisit how you “go to market” through innovation. That is, how you do business in today’s economy.
The way to do so is to focus on these 3 game changers to be more innovative in today’s economy.
First, take your prospect’s biggest obstacle to buying from you and REMOVE IT!
Consider the game Candy Crush. They spent an estimated $150,000 to offer a game for free, and now make over $850,000 per day. Did you read what I just said? They make $850,000 per day on a free game. They took an obstacle to buying – which is the cost of the app. Money is made when the player plays and want additional capabilities within different levels of the game.
Second, take the most expensive and/or time consuming piece of your business implementation and REINVENT IT!
Look at UBER. Infrastructure and personnel are major investments in capital and management for any transportation company. These innovators said, “what if we remove both”?
Get the picture? No idea is too radical. Put everything on the table for consideration. Start with the end in mind and work backwards and you will be surprised how far you will progress.
Third, find a way to solve BIGGER problems with your product or service.
Often businesses don’t realize the REAL reason people buy from them and therefore, they use their marketing to talk about the wrong problem they solve. Take for instance UBER. Why do people like UBER? Even though they are extremely successful in this new economy, on their website, they describe their value as “cheaper than a taxi” when in reality, many people like it just because it’s SIMPLER. One click on your phone app and you have a comfortable car there to take you wherever you want to go. No money exchanged except automatically through the app.
People don’t avoid taxis due to price. Making things simple solve a bigger problem for people, and that’s why UBER is winning. Thinking this way is how your business can win as well.
OK Matt, I get it. We need to innovate, but we are too close to the problem. Tell me, how can you help us?
It’s an extremely common problem – being too close to see how you can innovate and change your go to market strategy to match the needs of the new economy. That’s why working with a company like MEMO Marketing Group may make a lot of sense.
So with that said, here’s my offer – and we can only do this with a few companies before the end of the year: Let’s have a no-obligation phone conversation.
I’m not sure we could be helpful until we talk – and you wouldn’t know how we could help without the same conversation. So I’m offering to spend 30 minutes on the phone with you to talk about your business.
Are you interested? I mean, what do you have to lose, right? Let’s get you pointed in the right direction.
As I said, we can only do this for a few businesses, so if I don’t here from you in the next 48 hours, the offer will be off the table.
Let’s get a conversation scheduled. Email me at firstname.lastname@example.org and let’s get something on the calendar to talk.
It’s imperative you act NOW… both for this offer AND in your business. The new economy won’t wait!