Brainzooming - All Posts Archives - Page 4 of 353 - The Brainzooming Group – page 4
0

J.P. Morgan Chase has announced a new online brokerage platform called, You Invest. The app targets its more than 47 million customers with free brokerage services, including 100 free trades in the first year. Subsequent trades are $2.95, although customers with larger investment levels receive 100 free trades annually—or even unlimited trades.

Free trades from a brand charging $24.95 per trade a year ago?

The strategy change is dramatic and a disruptive business model, but hardly a surprise. Two years ago, the company’s CEO, Jamie Dimon, identified Amazon Prime as reference point for launching a platform offering free services. As Dimon said, “If you’re a good account, it’s no different than Jeff Bezos doing the $99 Prime and adding services to it.”

The tiered services levels, with additional free options beyond $15,000 and $100,000 in investments, suggest a blatant share growth strategy. Early tests suggest the app is drawing younger, newer traders.

Thinking about a Disruptive Business Model for Your Brand

via ShutterStock

How does a company without disruptive innovation in its corporate DNA imagine its own disruptive business model?

If this is your situation, here are thoughts on exploring the topic through incorporating varied perspectives and imperatives. These can help in taking the first steps toward disruption that will gain an early advantage.

If a Successful Brand Is Disrupting Successfully, Copy Its Disruptive Business Model

As is evident from Jamie Dimon’s comments, J.P. Morgan Chase looked to Amazon Prime as a disruptive business model for its own market. While not every disruptor is successful (and high-flying ones sometimes crash), you can look to those disruptive brands that are currently popular, such as Amazon, Apple, Uber, Airbnb, and Netflix, and see a pattern: create an inviting technology-based platform, provide people a place to behave, and generate seemingly endless data flows from their behaviors. Within the platform, invite other brands to contribute content, products, or other assets to speed the development of a full-fledged and attractive customer platform.

Using this model, explore where you’ll generate revenue. (It likely won’t be by charging current market rates for what your platform delivers.) Consider offering an attractive value package to maximize the amount of time, interest, and focus users devote to the platform. Possibilities include:

  • Offering additional services for free or at dramatic discounts (plus incentivizing pricing for those spending more time on your platform)
  • Providing a one-stop, never-have-to-go-anywhere else experience
  • Securing an upfront annual (or multi-year) financial or share commitment and dropping charges for ongoing activity
  • Extending more lenient, flexible customer service policies
  • Simplifying the engagement process to one step; two steps at most

Some of these offerings are explicitly price-based. Others simply lower costs for the brand to provide the service or reduce customer challenges. Both can contribute to greater value perceptions and reduce customer motivations to leave the platform for other options.

Where else can you generate revenue? To the extent that your platform is home to customer behaviors, you have data and insights with tremendous potential value. Consider everything Amazon knows about its customers’ search, shopping, and purchase behaviors. Or Facebook, about the personal networks, communication tendencies, and movement patterns of users. Or Uber, about the flow of people in major metropolitan areas. See the value there? That’s where you turn analysts (or data scientists) loose to identify:

  • The very best customers to secure with even greater value offerings
  • What else to offer customers individually and as a whole
  • Opportunities to sell access to other brands (even competitors) that want to market to the platform’s users

Generating additional value and revenue from data allows you to further subsidize the value of the platform’s consumer offering. This grows the platform’s attractiveness, making it tougher to leave.

It’s essentially the give-away-the-razor-and-sell-the-blades model, supercharged with data and technology.

Download Your FREE eBook! Disrupting Thinking - 13 Exercises to Imagine Disrupting Your Brand

Benefits, Capabilities, and Adjacent Markets

Another approach to imagining a disruptive business model is to consider the opportunity to innovate (and disrupt) based on customer benefits. The starting point for this exploration involves identifying your brand’s capabilities and the benefits you currently deliver. Ideally, you will have a healthy list of benefits from which to explore several paths:

  • How else can you deliver these benefits to your current customers with tremendously greater value? (This is a good opportunity to see how a platform model might fit.)
  • How can you break into a completely new market and deliver these benefits – whether it involves using current capabilities or new ones?
  • How can you imagine automating nearly everything you do to fundamentally change your cost dynamics, allowing you to super-size the benefits and value you deliver?

Each question can surface disruptive possibilities. This is especially true of the second question. Disruptors are often completely new to a market. They freely disrupt BECAUSE they have no vested interest in the industry’s status quo. They approach the market with completely new competitive dynamics.

Remember: These Are Thought Experiments

As mentioned earlier, these are thought experiments. We hope these questions pave the way to help your leadership team think sooner than later about the opportunities and threats involved in trying to adopt a disruptive business model for your brand. – From Inside the Executive Suite

Download Disrupting Thinking

Mike Brown

Founder of The Brainzooming Group, and an expert on strategy, creativity, and innovation. Mike is a frequent speaker on innovation, strategic thinking, and social media.

More Posts - Website

Follow Me:
TwitterFacebookLinkedInPinterestGoogle Plus

Continue Reading

0

I love how many young professionals talk with me after keynotes and workshops seeking career advice about the challenges they are facing.

While the exchanges are typically brief, they are almost always with individuals who connected with the talk’s message and want to discuss what it means for them and where they are now, or where they would like to be in the future. Maybe it’s because I made such a dramatic career shift. Maybe it’s because they want to do what I do. Maybe it’s because NO ONE in their current organization’s is safe to talk with on career advice and pursuing their aspirations.

Whatever the reason, the challenge and opportunity of coming up with quick, on-the-spot career advice to answer their questions is exhilarating. It keeps me on my toes.

The most recent one, like so many others, was someone who wants to figure out the career plan B to make a big move away from her highly specialized job. She’s looking for something more fulfilling in her career.

3 Pieces of Career Advice to Begin Making a Career Change

Via ShutterStock

My suggestions for her, to the extent I can generalize and share them here:

  • Figure out a way to start sharing her expertise online, even if she must mask her current organization. It’s vital to build a repository of valuable content you can point people to for proof of your expertise, if not today, then in the future. Use the advantage of time to get started sooner than later.
  • Look for ways to start generalizing her specialized knowledge so she can apply it in other areas. This is especially true for people that want to make huge shifts in what they do. You can find ways to move much (if not all) that expertise with you to a future gig. There are always smart connections you can make between what you do now and what you want to do in the future. Figure them out and make all of them that make sense.
  • Get a copy of Idea Magnets. I know that sounds self-serving. Idea Magnets is the deepest long-form content we have on how to strengthen yourself as a creative business leader. And in this case, I told the person asking for advice that I’d send her a personal copy of Idea Magnets if she follows up with me.

For all the rest of you, here is my message: If you ever see me speak, please come up and say hello. Ask all the questions you want. I welcome the opportunity to offer more personalized advice than I ever can during a keynote talk. – Mike Brown

If you enjoyed this article, subscribe to the free Brainzooming blog email updates.

Order Idea Magnets

Mike Brown

Founder of The Brainzooming Group, and an expert on strategy, creativity, and innovation. Mike is a frequent speaker on innovation, strategic thinking, and social media.

More Posts - Website

Follow Me:
TwitterFacebookLinkedInPinterestGoogle Plus

Continue Reading

0

So far, 2018 has been a year of so much progress…along with a sizable dose of healthy frustration. Progress, in that we’re pushing multiple new brands (including Idea Magnets) to market. Frustration, because it’s 2018 and not 2011 or 2012, at the latest.

Here is the ultra-honest admission: I didn’t have all the business model stuff and entrepreneurial lessons figured out when I started The Brainzooming Group.

While I’d spent TONS of time and effort on developing our methodology, I thought all the people who told me that they wanted to work with me when I left the corporate world would come running to work with Brainzooming. The rest would be history.

I was wrong.

It’s taken until this year to feel like we’re putting important parts of the business model in place, and while that’s great and all, I wish it had happened years ago. Unfortunately, it turns out that it’s entirely possible you might start getting all your ducks (or even just a few important basics) in a row AFTER you’ve jumped into the entrepreneurial pool with both feet.

And, you know, if you keep surviving to do business another day, maybe it’s okay if you don’t have the entire business model solved immediately.

5 Entrepreneurial Lessons I Wish I’d Figured Out Earlier

While I usually save my entrepreneurial lessons for an annual-ish article, here’s a head start on what I’ve learned during the last year about the best advice people have shared with me that I wish I’d fully grasped before starting Brainzooming :

  1. The best advice? You have to find opportunities for leverage in your business. Without this type of opportunity, no one will want to invest in it. Without this type of opportunity, YOU should question your own investment in your own business.
  2. The next-best advice? Figure out what you can sell to all the visitors to your website that fall outside the target for your main business. Someone pointed out this incredible truism in 2012 or 2013. We’re only now starting to capitalize on it.
  3. The best advice after that? You need to have products to sell globally if you hope to generate revenue when you sleep (or even just sit on your ass and do nothing at some point in your life).
  4. Then? If you’re ultimately going to have something to sell to everyone that comes to your website, you need to engage and reach out to them along the way. It’s a mistake to overlook them until you have products ready for them. Find early opportunities to deliver value to them.
  5. Finally? Build your database EARLY. Spend time with your database. Continually explore and learn new ways for your database to shape and grow your business.

Looking at this list, it seems to comprise mainly things that I, as a marketer, should have instinctively known.

Alas, it’s taken time. And there’s still more learning ahead.

I just wanted those of you who more recently made the jump to the entrepreneurial life (and those of you in corporate life who think it sounds great to be your own boss), to know that you don’t have to know everything at once.

Despite what all the gurus say: it takes time, my friend. It takes time to learn the entrepreneurial lessons. – Mike Brown

If you enjoyed this article, subscribe to the free Brainzooming blog email updates.

 

Order Idea Magnets

Mike Brown

Founder of The Brainzooming Group, and an expert on strategy, creativity, and innovation. Mike is a frequent speaker on innovation, strategic thinking, and social media.

More Posts - Website

Follow Me:
TwitterFacebookLinkedInPinterestGoogle Plus

Continue Reading

0

Years ago, I attended a services marketing conference sponsored by a prominent university. One professor made an intriguing claim: customers compare a brand’s performance on specific features to the best performance of any brand offering that same feature. The instructor pointed out a specific example of how this happens with customer expectations. If a brand were offering subpar, phone-based customer service, it wasn’t being compared exclusively to direct competitors who also offered horrendous phone-based customer service. He suggested that customers would compare a brand in this situation to the best customer service they experienced anywhere. This would happen irrespective of whether it was a brand from the same industry or a hotel, investment firm, or catalog company that wasn’t competing directly.

While his point resonated, there weren’t many direct examples to prove out his perspective. It made sense intuitively; you may also experience similar situations yourself. Yet, when we wanted to try to prove it for a B2B brand, we always wound up eliminating the necessary customer satisfaction survey questions to reduce survey time or research costs.

You Shouldn’t Be Surprised that Uber Is Ruining Customer Expectations for Your Business

In an article from The Wall Street Journal, subtitled, “Uber Users Flub Cab Rides,” writer Katherine Bindley highlights how individuals accustomed to app-based rideshare services don’t know how to behave in cabs (or even their own cars). Telling the driver your destination, waiting to find out the fare, and paying the driver are not part of the Uber or Lyft experiences, although they remain so for cabs. These new disruptive options have caused frequent rideshare customers to forget how cabs operate.

You might say that passengers forgetting how to use cabs because of rideshare brands is all in the same industry. Granted, it’s all about getting from one place to another. Yet, these examples reinforce an important point about strong brands with positive, radically different customer experiences: they can reshape expectations and behaviors even when a customer isn’t using the disruptive brand.

Understanding What Drives Customer Expectations

Are your customers’ expectations being set by your brand, a direct competitor, or an apparently unrelated brand? And how do you REALLY know what factors are driving changes in expectations?

If there is a possibility that disruptive brands are blowing up conventional customer experiences in your market, here is a checklist of tactics you can implement to attempt to remain ahead of the situation:

#1. Dig deep to understand what experience dimensions drive choice and preference

You need a robust understanding of what drives customers’ brand choices in your marketplace. One option is to ask these types of questions directly in surveys, sales calls, and customer service interactions. Doing that, however, leaves it to customers and prospects (if you interview them) to tell you what THEY think drives their choices. Their self-perceptions often place price at the top of the list, even if price isn’t the reason they prefer one brand over another.

A more effective way to tackle this question within a survey is a two-part approach. This involves asking questions about overall preferences for brands along with questions on how these brands perform on specific features. From the answers to all these questions, you can identify the relationship between how important each performance attribute is in predicting brand preference. This approach generally produces more reliable answers on what drives purchase and re-purchase.

Using this information, you can typically identify a smaller subset of features to monitor for performance levels within and outside your industry.

#2. Evaluate how industry competitors set and deliver high performance standards

Look inside your industry at various types of competitors (including high-profile, traditional, and potentially disruptive ones) to assess the performance claims and promises they make and deliver on preference-driving features. Explore their marketing materials, content marketing, and accessible customer communications. Conduct conversations with current and former customers and employees.

Through this evaluation, you will want to better understand:

  • What they say and demonstrate to set performance expectations among customers
  • How they deliver on expectations – both their processes and actual performance
  • How your own performance compares on each of the features

If possible, go beyond anecdotal performance accounts; become a customer of your competitors. This is easier done in consumer markets. In B2B, it may happen through some type of secret or mystery shopping. You might even engage a firm specializing in competitive intelligence to do this. No matter the means, there is nothing like actual usage experiences to help evaluate competitive performance levels.

#3. Look outside your industry for performance leaders on comparable features

Examine your list of preference-driving features. To the extent that they have meaningful comparisons in other industries, search out the highest-performing providers outside your market. You should be able to find far-flung examples of many features, including online or app access to services or information, responsiveness, timeliness, status or exception reporting, and accuracy, among others. Seek out any available information to understand top brands’ disruptive innovations, practices to set expectations, and performance levels.

Along with this, begin to routinely ask customers what brands they experience as providing the best service on your critical features. The objective is expanding your understanding of which brands may be impacting performance expectations in your customers’ minds.

It may be tougher to push for innovating your performance levels relative to players you don’t compete with directly. Still, you need only look at Amazon for a disruptive player that is upending industries in which it didn’t originally compete or even resemble any major players.

Taking the Next and Ongoing Steps to Managing Customer Expectations

If you decide to pursue this evaluation, it isn’t one-and-done. It involves an ongoing, periodic, commitment to maintain an understanding of performance expectations shaping your market in, as cab companies are discovering, potentially unexpected ways. – From Inside the Executive Suite

If you enjoyed this article, subscribe to the free Brainzooming blog email updates.

 

Looking to Boost Customer Experience Innovation? Brainzooming Has an Answer!

Brainzooming Outside-In Innovation Strategic Thinking Tools eBookBusiness growth can depend on introducing new products and services that resonate more strongly with customers and deliver outstanding value.

Are you prepared to take better advantage of your brand’s customer and market insights to generate innovative product ideas? The right combination of outside perspectives and productive strategic thinking exercises enables your brand to ideate, prioritize, and propel innovative growth.

Download this free, concise ebook to:

  • Identify your organization’s innovation profile
  • Rapidly deploy effective strategic thinking exercises to spur innovation
  • Incorporate market-based perspectives into your innovation strategy in successful ways

Download this FREE ebook to turn ideas into actionable innovation strategies to drive your organization’s comeback!


Download Your Free Outside-In Innovation Strategic Thinking eBook

Mike Brown

Founder of The Brainzooming Group, and an expert on strategy, creativity, and innovation. Mike is a frequent speaker on innovation, strategic thinking, and social media.

More Posts - Website

Follow Me:
TwitterFacebookLinkedInPinterestGoogle Plus

Continue Reading

0

A client raised a question about what more it can do to quicken its pace of innovation?

As with lots of innovation questions, my quick response was we have an eBook for that . . . and lots of articles, too!

Resources are a common barrier to innovation, download the Brainzooming innovation eBook, 16 Keys for Finding Resources to Accelerate Your Innovation Strategy. Accelerate will help you think about potential resources in dramatically new ways.

Other ways to quicken innovation include setting clear objectives, fine tuning the culture, speeding up insights and managing risk, better anticipating the future, and implementing for impact. We have links to articles on all these topics, plus a set of case studies from Disney, Estee Lauder, and Amazon. Here are links to nineteen Brainzooming articles on these topics:

Frame Your Innovation Landscape

Make Sure the Culture Is Working for Innovation

Speed Up Insights and Manage Risk

Better Anticipate the Future

Quickly Implement for Impact

Case Studies

Looking for Even More on Quickening the Pace of Innovation ?

Still looking for more on how to accelerate your innovation strategy? Contact us, and let’s discuss a faster path to new thinking, development, and market success for your innovation strategy!  – Mike Brown

If you enjoyed this article, subscribe to the free Brainzooming blog email updates.

 

Find New Resources to Innovate!

NEW FREE Download: 16 Keys for Finding Resources to Accelerate Your Innovation Strategy

Accelerate-CoverYou know it’s important for your organization to innovate. One challenge, however, is finding and dedicating the resources necessary to develop an innovation strategy and begin innovating.

This Brainzooming eBook will help identify additional possibilities for people, funding, and resources to jump start your innovation strategy. You can employ the strategic thinking exercises in Accelerate to:

  • Facilitate a collaborative approach to identifying innovation resources
  • Identify alternative internal strategies to secure support
  • Reach out to external partners with shared interests in innovation

Download your FREE copy of Accelerate Your Innovation Strategy today! 

Download Your FREE Brainzooming eBook! Accelerate - 16 Keys to Finding Innovation Resources

Mike Brown

Founder of The Brainzooming Group, and an expert on strategy, creativity, and innovation. Mike is a frequent speaker on innovation, strategic thinking, and social media.

More Posts - Website

Follow Me:
TwitterFacebookLinkedInPinterestGoogle Plus

Continue Reading

0

This last trip has been one of not getting to see anything from the plane. The windows have been shut on every flight, it seems. Good for air conditioning, bad for sightseeing . . . They never hold a plane for me when my inbound flight is late . . . If you’re going to read mommy porn on a plane on your digital reader, MAYBE you want to put it at less than a 60-point font? Just thinking on that. Just thinking . . . I got on an earlier flight late last week, but the co-pilot, who was coming in on another flight (and aren’t all co-pilots coming in on some other flight) had no idea about his next assignment. So, despite what he said over the intercom, he was DAWDLING his way through Midway. Short trip, long? Most of the hour advantage I picked up on leaving early was pissed away by his big-time pokey walk.

I was trying to get the Wi-Fi to work on a plane the other day so I could register for the HubSpot Inbound conference. My computer and my phone both failed to connect. It was at that point that the guy sitting next to me (you know, the guy that kept opening and closing the window shade every 30 seconds during the flight) leaned over to inform me that his Wi-Fi was working fine. Grrrrrrrrr . . . Note to self: Build time into EVERY trip in Chicago to take photos for the Brainzooming stock photo library. There are amazing photos EVERYWHERE in the city with the big Instagram shoulders.

I need a random topic generator for this weekly article I write for another publication. The dread of coming up with a good topic is so great, we have a disease-sounding name for my weekly mid-week malady . . . You may not like puns, but they are a sound form of humor. Plus, homonyms are gaining broader recognition all the time . . . Sometimes when I’ve been flying early in the week, all I can write during a flight delay is one of these Larry King posts. #SorryNotSorry . . . Note to Apple: Nice manners with your auto-correct, but not every use of the word windows is capitalized . . . Twice on this trip it was a big decision while running down the terminal to catch a flight: go to the bathroom or get food. The bathroom always won. That may speak volumes.

From the HOW MUCH DO YOU WANT FOR THIS ROOM???? Department: I booked a room on Hotwire at a slightly cool hotel off of Michigan Avenue. It was nearly $400, and in true, we don’t give a shit about Hotwire buyers so we’ll give them the worst experience possible stories, it was a handicapped room. And the front desk attendant hardly informed me of anything at the hotel. All this for $400. My question: HOW MUCH DID YOU WANT ME TO PAY TO TREAT ME LIKE A REAL GUEST? . . . Speaking of not informing people, I flew Comfort+ on Delta this week, and feel like I missed out on the incredible benefits it’s supposed to offer. That is because if you don’t ask, Delta won’t offer them. Grrrrrrrrr.

Here’s something I can’t explain: in the midst of trying not to fritz out about the event manager’s lack of attention to detail, the absolutely right person shows up after a couple of year absence to help, be a great cheerleader, and provide a huge sense of calm . . . “You’re sort of okay, so this will probably be okay,” is NOT a life’s motto . . . I wish people came with screens that would show you their real intentions when they behave unusually . . . Why do smart people have to be so good at decoding what little sense of intrigue I can spin? Sheesh, WORK WITH ME HERE PEOPLE! Please, and thank you. – Mike Brown

Order Idea Magnets

Mike Brown

Founder of The Brainzooming Group, and an expert on strategy, creativity, and innovation. Mike is a frequent speaker on innovation, strategic thinking, and social media.

More Posts - Website

Follow Me:
TwitterFacebookLinkedInPinterestGoogle Plus

Continue Reading

0

We can all use a butt kicking occasionally that provides a wake up call to dramatically improve our own confidence levels and performance.

I got one of those butt kickings last Tuesday morning via an opening keynote presentation by Amber Selking, PhD, at the International Thermprocess Summit. Dr. Selking is a Performance Consultant who focuses on “Building Championship Mindsets.”

It feels like I’ve been running on fumes for weeks (months?), and I was in Atlanta on too little sleep to close out the conference that afternoon with a talk on transitioning businesses and their intellectual capital from one generation of Idea Magnets to the next. Before the Tuesday session opened, I took a seat at the very back table, hoping to strike a balance between conserving energy, walking through the slides in this new talk, and identifying ideas and themes from other speakers’ talks to weave into the closing.Order Idea Magnets
That’s when Amber brought the message, the energy, and the call-to action that made everyone stop and think about what they are personally doing to improve themselves and their teams. Everyone walked away with a new and improved mindset.

I told her later how her talk challenged and scared me.  As I sat there needing to deliver the same energy and passion as Dr. Selking brought to her talk, I feared there was noooooooo waaaaayyyyyyy I could muster half of the enthusiasm she did. At one point later in the morning, I returned to my room to get my stuff and wondered aloud WHAT I was going to do in the next two hours to energize myself.

My concerns were heightened when the conference organizer told me right before I started my talk that she was looking for me to deliver the same impact as Amber had earlier in the day.

I guess Dr. Selking’s message really did land with me, because I found much more energy than I’d had that morning. The closing talk was interactive, had some fun moments, and challenged the audience to return home and make room for millennials to actively engage in sharing and learning new and conventional knowledge to take their companies forward.

Enough about me. Amber Selking, PhD has a podcast you need to check out, and a TEDx Talk that will give you a sense of the impact of her message.

Go find out about Amber Selking, PhD. She’s an Idea Magnet!

Order Your Copy of Idea Magnets TODAY!

Mike Brown

Founder of The Brainzooming Group, and an expert on strategy, creativity, and innovation. Mike is a frequent speaker on innovation, strategic thinking, and social media.

More Posts - Website

Follow Me:
TwitterFacebookLinkedInPinterestGoogle Plus

Continue Reading