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The Next Big Thing: Building an Industry instead of a Single Product (or Service).

Written by: JW Dicks

Article Overview: Sometimes we all fall into the trap of building a better mousetrap: a “thing” or a single “service” we hope people will beat a path to our door to discover. All too often, however, the result is that we spend lots of time, money and energy only to find the consumer really didn’t want our hot idea. This process although entrepreneurial, is a path to frustration and a pattern from which to break free.

The Next Big Thing: Building an Industry instead of a Single Product (or Service).

Sometimes we all fall into the trap of building a better mousetrap: a “thing” or a single “service” we hope people will beat a path to our door to discover. All too often, however, the result is that we spend lots of time, money and energy only to find the consumer really didn’t want our hot idea. This process although entrepreneurial, is a path to frustration and a pattern from which to break free.

An alternative route to growing a business is to build your idea upon a preexisting set of behavior events that the consumer is already engaged in, and innovate the experience in a way that is more satisfying.

Let me give you some examples:

Starbucks: Consumers already drank coffee when Starbucks came along. In fact, drinking coffee was part of our culture. What Starbucks did was step into the behavior of the consumer and altered the experience to be more satisfying. Instead of selling another coffee brand, they created an industry around the coffee and the experience. They not only sold coffee, they sold pastries and other items but more importantly, they sold the franchise that catapulted the company into a multimillion-dollar enterprise.

The iPod: Nice gadget yes, but instead of selling another device, Apple sold a system: a new method of doing something consumers did already; finding, evaluating, selecting, listening, storing and of course playing music. Instead of just a single product, they created a sub-industry that encompassed all of the experiences of music interaction.

Kennedy’s All-American Barber Club™: Kennedy’s is our venture into building onto what the consumer is already doing -- getting a haircut. A small group of us joined “the club” to change the experience of getting a haircut from a perfunctory one, to a positive experience we actually looked forward to. The consumer client is going through the process anyway, so why not change the process so that it is now something relaxing, enjoyable and, hopefully, habit forming? It is no longer just getting a haircut -- it is a way of living.

What groups of existing behavior can you build upon to change the experience in such a way that it eliminates the issue of price and time?

Think about these everyday behaviors:
Exercise/workout
Eating
Grooming/brushing teeth
Paying bills
House chores
Dating
Commuting
Medical attention
Dental
Legal
Buying a house
Investing
Insurance
Medicine
Grocery shopping
Worship

. . . and many, many more. If you can discover alternatives to all patterns of behavior (including sub-patterns), that save time, or create a more enjoyable experience for the consumer,, the experience will lead to a new business system that offers immense opportunity.

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Article Tags: branding agency, branding and marketing, branding companies, branding consultants, branding strategies, business development, business growth, business marketing, celebrity agent, client development, expert agent, JW dicks, Personal branding, personal branding expert



Related Forum Posts
Re: Service Or Product? - I agree with starting a Service-based Business in the economy. Here is what I think is critical: 1. Researching that your Service business has a market. 2. Marketing the Service with as much leverage as possible. 3. Product-izing the Service (aka Package Expert Knowledge). This will only help elevate you as "the" expert in your niche and make you accessible to people in different price points.
Show the Benefits - Offer a free test drive of the Product or Service with a Money Back Guarantee - Take the Risk out. This will help them make the decision but you have to work with them to realize it by explicitly state the benefits they are receiving.
Offer Credit instead - I'm not sure if ChrisH was referring to this but i'll state it more expicitly .. Charge upfront and offer a refund of double the value back in "Credit" towards your Product or Service you have for sale at the end of the event.
Don't leave your Wallet on the table - Targetzone, Evan has great points on targeting you package. Also I read the revenue model you mentioned and i believe you are leaving a lot of money on the table. Aisde from making just $15/sale of a package you could also be making income from sales generated after the people use the coupon on their second and ongoing visits to the Service/Product company. I've sent you a PM - We can talk more advanced strategies. BTW - I'm a Dollarmakers Member and have taken the Joint Venture BootCamp 101 and highly recommend it if you wish to pursue this idea. PM me privately and we can talk.
Type of business with building - If you owned a building and Wal-Mart was opening its doors across the street in a previously unoccupied area (along with 12-14 small shops), what type of business would you start? Here are the considerations: 1. Money is a non-factor 2. Building is fairly large (10,000) square feet 3. Building is on the corner of a busy intersection (about to get much busier)


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