Did you know there is a formula that will explode your business and make it unbeatable?
When people think of innovation, they think of just product innovation or marketing innovation. Today, I'm going to broaden your horizon a little bit on what innovation is, and share how you can utilize this information to take your business to the next level, to beat your competition, to set yourself apart so nobody else can copy you.
This formula that I'm going to give you today was actually created by some leading experts that studied all of the businesses out there. Ford, McDonald's, Google, Facebook, you name it. They studied them, and they came up with an algorithm that if you plug your business into it, it will allow you to become the next Google, the next Facebook.
This is something that I offer in my private label program in great depth, so this is really some rare information that I'm going to give you today, and hopefully, it will help you, and really spur you on to take your business to the next level.
What is really important to understand about this formula I am about to share with you below is that the more categories you innovate in, the more your business is going to grow, the harder it is for anyone to beat you. These categories aren't just suggestions that you could innovate. The categories are the formula and as you begin to innovate in these areas, you become stronger and stronger as a business.For this example I am going to focus on Amazon specifically but no matter what business you have the strategy still works.
Let's talk about Apple for example. If you have the iPhone, a lot of people would think, "Oh, innovation is the actual iPhone that was created". The reality is it wasn't. It was the network around the iPhone that allowed that iPhone to be something amazing. It was all the businesses, all the apps that Apple does not own that are on that phone that makes it amazing.
Here are the following innovation categories you need to know about:
1. Profit Model
You may notice that the first 4 are more internally focused. The following are more externally focused:
5. Product Performance.
6. Product System.
7. Service Channel
9. Customer Engagement
Are you focusing on the right area?
This bottom half that is externally focused, most people selling through Amazon FBA really focus on, and that's where they put most of their energy, but the reality is that Amazon is very limited because of the fact that you cannot market to your clients if you build your business straight off of that platform. While you may have some of the benefits of an innovation that Amazon is already implemented in some of these bottom half areas, they are not going to set you apart because everyone's doing them. Everyone is trying to upgrade the materials of their products. Everyone is bundling. Everyone is kind of doing the same thing.
If you are an Amazon seller you want to do is you want to focus on the top section of internally focused innovation to beat others.
To begin let me give you a few examples of how you can innovate in these areas of focus.
Let's say, I wanted to innovate in my profit model. One of the things that I might do is I might offer a product on Amazon that is normally really expensive and all my competitors charge a lot of money for it, but I offer it for really inexpensive and then on my website, I offer other products too such as an online course, that would allow me to make more money off of that product.
An example, let's say, you were selling equipment to bake cakes. Let’s say you make professional cakes, and you offer the equipment to make the cakes really dirt cheap, but then on your website, you offered training on how to make those cakes at a high price point. You may be making a ton of sales on this cheap product and maybe you're not making that much of a profit even, but you're beating all the competition because your stuff is so cheap. Then, people are going to get super curious because you've got your stuff branded, right? You have your logo on it. People can search for your information, and then they're going to find your online courses. Meanwhile, you could also build your business online, build customers online, and drive those to Amazon. This works just as well if you don’t sell anything on Amazon. If your business is focused online, use a product to drive traffic to your website where you can upsell clients on more valuable items.
Next, let’s discuss your network. You can utilize your network by connecting with other business owners and partner with them if they have similar products as yourself. Maybe combine forces and offer up larger packages, larger bundles, or maybe you come together and you create a brand new product together. That's one thing that a lot of people haven't taken advantage of is partnering together and when you do this you double the size of your reach if you select partners that have equal influence.
There are so many ways that you can innovate across your business. Hopefully, this has given you more of an idea of what innovation truly is. If any of you have taken my training, you know that I offer all of this training in depth including all of the innovative tactics to apply to your business, to apply to your products, so that you can beat the competition in my private label program. It is not always about having the best product or the best way to deliver your product.