Strategist needs to think beyond the new product idea.
They need to consider how innovation in their business model can have a disruptive impact in their industry. How could you turn your industry upside down by challenging something that is core to what everyone does?
Upside Down and Inside Out
- Netflix disrupted Blockbuster using an old-fashioned technology at first – the mail. Flat DVD’s could be sent to homes and eliminated the need to go to the store. Is there an old-school technology that could upend your industry?
- Zipcar challenged the Hertz model of renting a car by the day. Zipcar allows you to rent by the hour, minute or day. Avis now owns it. What happens when you focus on a smaller unit – like an hour instead of a day?
- Pill Pack (now owned by Amazon) disrupted the traditional pharmacy by giving you your pills in a packet for the time of day. Instead of 10 jars of pills, you get ten bags with the mix and assortment prescribed. All the convenience no added cost. Care/Of does the same thing with vitamins. Is there a way to make your product extraordinarily convenient?
- MailChimp gives away its services until you get 2,000 subscribers. Freemium is powerful because it gets users hooked. Could you eliminate and overcome objections by giving your product or service away in some limited fashion? If the customer loves it, they’ll want more bells and whistles. I got hooked on MailChimp as a free service, and now I pay to use it. They made it easy to try, and I loved using the software. What could you give away, so customers get to try the product and experience the benefits?
- Dollar Shave Club challenged the big boys in the industry by pretending they were in the magazine business. They sold subscriptions to their products as if you were buying Time Magazine or National Geographic. If no one in your industry sells a subscription, is there an opportunity to rethink your unit of sale?
When I worked for a wine closure company who was considering getting into the screw cap business, I had an idea that maybe the company could sell the screw cap like a media network. For example, why not sell 
advertising space to tourist bureaus, hotels or airlines to promote specific country travel? So, on a beautiful German Riesling, why not sell advertising as a secondary revenue source and give the winery an option to buy a branded screw cap at a lower cost? German tourism bureau or Lufthansa could buy for ad space and help add a secondary revenue stream to the business model. Different, disruptive and a little crazy, right?
Instead of spending time creating line extensions, could rethinking your business model be a better use of resources and an opportunity for growth? The best book on this topic is called Business Model Generator.
What will you be disrupting in 2019?
Are you looking to disrupt your industry with a new business model? You can set up a time to chat with me about your marketing challenges using my calendar. Email me jeffslater@themarketingsage.com Call me. 919 720 0995. The conversation is free, and we can explore if working together makes sense. Try my new chat feature on my site if you have a quick question.
Photo by feliperizo.co | heart made on Unsplash
Screw cap graphic by Jeff Lawson from Cowan Designs
