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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

THOUGHT INTO ACTION INSTITUTE

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

THOUGHT INTO ACTION INSTITUTE

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

THOUGHT INTO ACTION INSTITUTE

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

THOUGHT INTO ACTION INSTITUTE

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

THOUGHT INTO ACTION INSTITUTE

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

THOUGHT INTO ACTION INSTITUTE

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

THOUGHT INTO ACTION INSTITUTE

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”

THOUGHT INTO ACTION INSTITUTE

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

THOUGHT INTO ACTION INSTITUTE

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

THOUGHT INTO ACTION INSTITUTE

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

THOUGHT INTO ACTION INSTITUTE

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,

THOUGHT INTO ACTION INSTITUTE

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

THOUGHT INTO ACTION INSTITUTE

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:

THOUGHT INTO ACTION INSTITUTE