Think big and get out of the shoe business
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Think Big and Get Out of the “ Shoe ” Business. WIRELESS: U/N: guest-3896421 P/W: 98739064. THOUGHT INTO ACTION INSTITUTE January 28, 2012. Differentiating a 21 st Century Business.

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Think big and get out of the shoe business

Think Big and Get Out of the “Shoe” Business

WIRELESS:

U/N: guest-3896421

P/W: 98739064

THOUGHT INTO ACTION INSTITUTE January 28, 2012


Differentiating a 21 st century business

Differentiating a 21st Century Business

  • Allow for greater engagement by consumers in your business and evolve the typical provider-consumer relationships

    • Create stories and cultures in your business that consumers are integrally part of and help create

  • Increase accessibility whenever and wherever possible

  • Results: catapult your business out of its one-dimensional industry vertical (defined by your product/services) and reach a much larger and more dedicated audience

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Toms vs start up shoe brand x

TOMS vs. Start-up Shoe Brand “X”

  • “X”, Asian-heritage shoe brand, think “Onitsuka”) – great story, awesome product, no brand loyalty, traditional marketing methods (magazines, trade shows…), retail product confined to “retail” problems

  • – www.toms.com, “One-for-one”, social entrepreneurship, community participation, non-traditional retail outlets (ie. Wholefoods), decent product with compelling story; own TOMS as a point of pride and participation in something bigger. Out of the shoe business

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Case study consumer

Case Study: Consumer

  • RedBull

    • www.redbull.com

  • Difference

    • Alternative Culture

    • Extreme sports

    • X-Games

    • Films

    • Not just a “drink” company; only 4 bottled products

      • Engagement happen our culture they’ve created

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Case study consumer cont d

Case Study: Consumer cont’d…

  • Crowd-sourced Fundraising Platforms

    • www.kickstarter.com and (Example) | www.profounder.com | www.slated.com etc.

  • Difference

    • Crowd-sourced funding

    • Supporter is both customer, grass-roots founder, and viral market with sense of pride and ownership in product

    • Purchasing product becomes point of pride and part of story

    • Not just investing, not just buying. Extremely accessible

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Case study consumer cont d1

Case Study: Consumer cont’d…

  • Local Motors “Rally Fighter”

    • www.local-motors.com

  • Difference

    • Community of enthusiasts

    • Industry with very high barriers to entry

    • New model for participation and involvement

    • More than just a car company; engaged “gear-head” community that is part of growth story and increase accessibility by lowering barriers

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Case study consumer cont d2

Case Study: Consumer cont’d…

  • Fashion/Manufacturing Industry

    • www.etsy.com

  • Difference

    • Culture of craftspeople and “tinkerers” glorified

    • “Anyone can”

    • Purchases show vendor support: business model that aligns perfectly with services provided

    • Not just a flea market  Online world market; engagement and accessibility are obvious

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Case study charity

Case Study: Charity

  • Volunteering Models

    • www.catchafire.com

  • Difference

    • Build culture of high-value volunteerism (skills-based)

    • Answering volunteer needs of corporations

    • Participation by enthusiasts and aligned with their interests

    • Not just “Soup Kitchen” volunteering; accessibility to volunteer opportunities and engagement though providing your own expertise to things that matter

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Case study charity cont d

Case Study: Charity cont’d…

  • Water (and Entertainment)

    • www.charitywater.com

  • Difference

    • Entertainment and Charity

    • Continually remind donors of their role in the story: visual

    • Repositioning of talents by founder

      • From the club to the trenches

    • Not just charity; constant engagement through beautiful, visual, experiences on the website

THOUGHT INTO ACTION INSTITUTE


Case study charity cont d1

Case Study: Charity cont’d…

  • Lending Models

    • www.kiva.org | www.wokai.com |www.grameenfoundation.org | www.endeavor.org

  • Difference

    • Remove traditional lenders and barriers to entry

    • Be part of your giving story; point of pride

    • Not just “giving”

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Case study curation

Case Study: Curation

  • News Models

    • www.huffingtonpost.com | news.ycombinator.com (HackerNews) | www.twitter.com

  • Difference

    • Curation

    • Badges to feed the ego

    • Anyone is a reporter, exponential participation

    • Not top-down “news” as we know it; in your face immediate accessibility

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Case study curation cont d

Case Study: Curation cont’d…

  • Music Industry

    • www.napster.com | www.soundcloud.com | torrents | turntable.fm | Spotify.com (facebook feed)

  • Difference

    • Be a tastemaker and get credit

    • Music as a sharing, not “owning”, experience; back to roots

    • Anyone can participate and create/curate content

    • Not just printing and buying records, engaging connoisseurs around music the way it should be

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Case study education

Case Study: Education

  • Education Models

    • www.tutorspree.com | www.khanacademy.org and (Example)| Thought into Action

  • Difference

    • Disrupting tradition and leveling playing field

    • “Teachers” are not the only teachers

    • Platforms for educators to create online identities and build their own business

    • Not traditional education; democratized and unprecedented accessibility

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Old vs new

Old vs. New

  • Old School:

    • “A portion of our proceeds are donated to…”

    • Franchises

    • Multi-level Marketing; Tupperware, Cutco

  • New School:

    • Skills-based, open-sourced, curated, social, crowd-sourced, crowd-funded, distributed, badges and internet identity,

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Takeaways

Takeaways

  • Let customer/supporter/enthusiast do some of the work; they’re happy to if you cater to their culture

  • Provide platform that solves problems of your target audience and enables them to grow their identity/brand and business

  • Engage participants actively in your story and constantly remind them of their connection to the business and correlation with its growth

  • Constantly brainstorm methods for increased engagement and participation

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Links for finding inspiration

Links for finding inspiration

  • www.avc.com

  • www.wired.com

  • http://news.ycombinator.com

  • http://paulgraham.com/articles.html

  • www.huffingtonpost.com

  • www.mashable.com

  • www.fastcompany.com

  • http://37signals.com/svn

  • www.steveblank.com and http://steveblank.com/tools-and-blogs-for-entrepreneurs/

  • http://www.paulgraham.com/

  • http://groups.google.com/group/lean-startup-circle

  • http://www.markpeterdavis.com/

  • http://bhorowitz.com/

  • http://abovethecrowd.com/

  • http://tomasztunguz.com/

    Tools:

  • www.instantdomainsearch.com

  • www.hotgloo.com

  • www.github.com

  • www.launchrock.com

  • www.mailchimp.com

  • www.asana.com or www.basecamphq.com

Some basic things I wish I had followed and learned to use in college:

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