Monday, August 30, 2010

Socks, CDs, and Colonoscopies: 3 More Ideas from Seth Godin #sethgodinmpls

Here are 3 more new ideas I got from watching Seth Godin last week at the Pantages Theatre in Minneapolis.

Any one of these gems could revolutionize your business.

Which idea you will you try first? Or do they all stink? Please comment below!

1. "Little Miss Matched is not in the sock business, but in the conversation business."

When 12-year-old girls get a 3-pack of purposely miss-matched socks from Little Miss Matched, they can't wait to tell their friends.

And with socks starting at $8.00 for 3 (plus shipping), there's plenty of profit margin for Little Miss Matched, which did $40 million in 2009, according to Godin.

Action Step: Pick a niche. Deliver an unexpected experience that's remarkable -- literally worth remarking about to other people. Clean up.

2. "Learn all you can about who your customer is and how to please them."

CDNow started in a basement in February 1994 and quickly rose to $18 million in revenue.

They did it, in part, by sending out a regular email touting product specials. Customers welcomed this once-weekly email, which generated 1/3 of all company revenue at one point.

Then, CDNow went public. They began to send the weekly email out more often, eventually sending it every day. This annoyed subscribers. Sales cratered.

Instead of trying to please CD buyers, CDNow tried to please Wall Street. They forgot who their customer was. By 2000 they were downsizing. Soon after, CDNow was extinct.

Action Step: Never lose sight of who your real customer is and how they want you to serve them. If sales drop, get on the phone and ask 5 customers, "Is everything all right? How can we serve you better?"

3. "People judge their entire colonoscopy experience based on what they remember from the last 30 seconds."

A colonoscopy (so I'm told) feels as good as it looks. Yet, according to Godin, research shows the last 30 seconds of the procedure determine how people remember the whole thing.

In other words, last impressions make lasting impressions.

Example: You may offer the best tuneup at the best price in town, but if your mechanic leaves a greasy hand print on my Corinthian leather seats, I won't remember you fondly.

Action Step: Take a hard look at the final "30 seconds" of whatever it is you do for your clients. Are you leaving the best possible final impression? If not, change it. Fast.

(Kevin M. Donlin is author of the Special Report, Guaranteed Marketing for Small Business Professionals.) 

No comments:

Post a Comment