People are very time poor, or maybe just a little impatient. Regardless of which it is we have to be able to tell our story quickly.
Vanguard Investments do it in 2 seconds. Click here to see how they do it. (Watch the animation)
Even this chart below tells the story on long term ‘index’ investing. Of which Vanguard are the founding forefathers.
The recent downturn is a best a ‘blip’.
How long does your startup story take to tell? Here’s a tip – we’ve got a few seconds at most.
If you’re an entrepreneur and you’ve never been ‘people watching’, then start up blog strongly recommends a session. For a lot of reasons it’s a cool thing all entrepreneurs should do. For one, all our revered entrepreneurs are champion trend spotters. And they spot these trends a long time before they are reported in the Sunday newspaper lift outs.
Go some where busy, go somewhere where there are zillions of transactions, go somewhere sans commerce, go where families hang out, go somewhere singles hangout, look for the subgroups, watch people looking at shelves in stores – guess their decision process, see if this process is the same for all or different for all, see what they wear, see how they move, how did they get there, where are they from, bring a notepad with you and write down ideas, go places you’ve never been before…. Watch people, guess their motivations, view their life in action and then we’ll be the ones gaining life experience…. Just go and watch.
The funny thing about our world is that we are all in it every day, but very few of us are actually paying any attention to it. Step off the stage and become the director. Make it a habit to pay attention to what is going on in our world.
As entrepreneurs and marketers we are lucky. We can do our homework everywhere we go, and our start ups are the key beneficiaries.
One of our jobs in business is this:
“Make it as easy as possible for people to give us their money”
It’s already hard enough to convince people to buy our product or service, so why some businesses minimize payment options is beyond me.
photo by Mike Monteiro
Cash only, just doesn’t cut it these days. Regardless if we are on line, business to business or in retail, minimizing the payment options has this simple repercussion: It minimizes revenue.
Live example is a café in Melbourne called ‘Journal’. I had a company breakfast there and they wouldn’t accept my credit card. They even had the audacity to say ‘Who doesn’t carry cash on them?’ Answer: plenty of people. That’s fine. I’m never going there again and they missed out on around $100 this week.
Startups ought make it easy to collect revenue.
Steve – founder rentoid.com
I recently had some beers and a meal at a place called Little Creatures dinning hall in Melbourne Australia.
For the uninitiated, Little Creatures is a craft beer which has it’s origins in Australia and has recently opened a flagship ‘dinning hall’ – seen below.
They’ve simply taken this to a new level. I’m not taking about the fact that they have weird and groovy beer flavours, all naturally brewed. I’m talking about the way they take you on a personal journey with their service.
My favourtie was the beer education programme. They have a ‘pony show’ – I don’t think it’s called that, but it is what I’ll call it for this post.
You get a taste in little groovy pony glasses of all their different beers, then choose one you like. One of their ‘Little Creatures Beer Experts’ comes and sits down on your table with you and they explain all the different types of beers. A real sit down for 10 minutes. A rare treat when the usual sitiation is waiting 10 minutes for crappy service in bars and restuarants. They teach you how to taste each beer and the slight nuances of each. They even provide an idea what type of people generally like the different types.
It’s really nice and fun. I even heard the word “sessionable” to describe a beer – They invent some nice jargon to make you feel part of a tribe. Cool.
No need to advertise this little venture. We’ll do that for them….
And this is what cool startups are doing in retail.
While thinking about web front page design, yesterday Cyber Guru Ross Hill had this to say:
“To find a needle in a haystack, one doesn’t have to burn the haystack, just make sure the needle lies on top of it.
If our people can’t find it. Then quite simply it isn’t there. It doesn’t exist, and they may not return. After all that hard work to get them here, that’d be a real shame.
This is why our homepage designs must rock
In tough times, operating in a non revenue generating business gets difficult. All your business may even dry up.
It doesn’t mean these activites aren’t important, it’s more a reflection of human behaviour. Unless the link of the activity to the transaction is clear – it will get pulled. This is true for consulting, marketing budgets or even your job. So the question we then must ask is this – how close are we to where money changes hands? Are we close to the transaction or in the backroom somewhere?
The further say we are from the money – the greater redundency exposure we have, in business and employment. Closeness to money is why many real estate agents who are often intellectual dodo’s still make big dollars. I’m sure you can think other examples too.
If you want to be an indispensable business partner in tough times, make sure you are close to the money.
Steve – founder rentoid.com
From a competitive viewpoint, imagine for a moment that our worst business nightmare came true.
Maybe Google decides to enter our market space. Or the Coca Cola Company launched a beverage with the same consumer benefit we’ve been bootstrapping. Or large company X decided to compete against “us” head on.
Well – you’d be surprised how that feels. How it makes us react, and how it very quickly changes our perspective on what is the most important element in ‘winning’. In competing effectively for our share of wallet.
All of a sudden many of the projects we are investing our time on seem far less important than they were yesterday. Maybe that front page redesign can wait, maybe the shiny new web 2.0 buttons are a little less important. Maybe our packaging will do for now and quite possibly every project we have on the agenda, excluding customer ‘centric projects’ can be put on hold.
Here’s an exercise worth doing with your team. Act as if. Act as if it has just happened. Have an ‘emergency session’ with your team on how you’d react if a more well resourced, financed and well known competitor came to play. Build your battle plan. Once your battle plan is drawn up – throw out your current business plan and work on that instead. Because they are coming, especially if your startup is in a fertile consumer territory.
After the intital fear, most entrepreneurs just get inspired, get angry and get on with it. A good scare never hurt anyone.
Steve – founder rentoid.com