Why you MUST Innovate to get REALLY Rich (and 3 Steps to do so)

In 2006, the trend in consumer cell phones was to make them smaller and cheaper.  The Motorola Razr dominated the market; and almost no one paid cash for one.  Instead, with a 2-year agreement, you could get one for no cash out-of-pocket.  And, most people used their phones for…calling people.

If someone had come to you and said, “You should come out with a Phone targeted at consumers that will be BIG and expensive ($599 with NO Discounts), is not really that great at making phone calls, and will be used primarily to play games and surf the Internet” you would have thought they were crazy.

Then, in 2007, Apple came out with the IPhone.

And this started a revolution that has made Apple Billions of $$ and completely changed the cell phone market.

The fact is, what is keeping many of you from REALLY accelerating your business success is that your efforts to differentiate yourself are like having a penguin put on a red jacket.  Underneath, he is still a penguin who walks like a penguin, swims like a penguin, and has the body of a penguin.  At his core, he really is not that different from the other penguins.

But, if you are willing to open your mind to TRULY innovate, you can get make a LOT of money.    Why? Because TRULY innovative products have NO competition, command price premiums, and are much more likely to get “buzz.”

So, how do you create highly innovative offerings:

1.  Map out your offering, STARTING with the end.

– How does your customer USE your offering?

– How does your customer BUY your product/service?

– Who are your customers?

– How do you sell your product?  How do your competitors brand and sell THEIR products?

– How do you pay your staff?

– Map everything there is about your business.

Be very detailed with this map.  I would suggest that you set aside 2-4 hours to do this.

2.  Start with the map, and then ask yourself to make a map that COMPLETELY conflicts with what you currently have

– If your customer uses your product occasionally, then write down “OFTEN”

– If they buy it one at a time, then write down “IN BUNCHES”

– If people pay for it after delivery or with a 50% deposit, what if they did the entire investment “IN ADVANCE”

– If you sell your products to individuals, then change that to “GROUPS”

– If you pay your employees a fixed hourly rate, change their compensation to include a highly variable component.

You get the picture, I am sure.

3.   Finally, take the revised map and take a risk!  Develop a new strategic plan, be willing to turn your business upside down, and change EVERYTHING.

And IGNORE those who would say that your plan is “fraught with problems.”

Yes, I am WELL AWARE that very few people are willing to make this kind of leap.   This explains why most business owners, even if they do “fine,” never REALLY achieve greatness.

And, before you say it can’t be done, here is a short list of people (besides Steve Jobs) who were willing to completely change the traditional model of their businesses/markets (or create entirely NEW businesses):

– Henry Ford

– Thomas Edison

– Michael Dell

– Jeff Bezos (Amazon.com)

– Larry Page & Sergey Brin (Google)

– Mark Zuckerberg (Facebook)

All of these people made radical innovations; often creating demand  for an offering that people did not even ask for.   But, they were willing to think FAR, FAR “outside the box” and made themselves AND a lot of other people very wealthy.

I want you to be RICH, so take some time this week, step away from “how things have always been done,” and set your course up for true innovation to bring yourself significant wealth.

————————————————————————-

After reviewing what has helped my clients the MOST, and how to add even more value, our new focus is on creating truly innovative businesses.  If your mindset is to grow “moderately,” do not call me.  But, if your mindset is to build an EXPLOSIVE, Accelerating business, contact me for an initial consultation, business analysis, and ideation session.  It’s not FREE, because everyone’s “Free” sessions are just sales presentations.

We’ll give you real value, so this 90 minute session is $297 (this means that I only talk to SERIOUS business owners who are willing to THINK BIG).  Email my assistant Kelly@CoachRogerBoneno.com to schedule a time.  GUARANTEE:  If, at the end of the session, you do not have a WOW! from our session, then your investment is ZERO.

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Comments

  • Stan  On March 26, 2012 at 12:52 pm

    Wonderful information toi putinto practice! Thx!

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