In this video, learn about the importance of innovating your benefit, and learn about need to have a constant pipeline and capability to deliver frequent innovation against your key signature.
- So one of the goals in creating great staying power is to make sure that people stay engaged with your brand. A lot of brands fall into this trap of I've got this one trick pony, and this one incredible feature or function, and they ride to, I don't know, to the ends of time. What they usually find out, it doesn't last that long. It's because humans unfortunately are fairly fickle, and we are all dopamine addicts, all right? We all really enjoy new things.
So the goal is to take whatever your product feature or your product service is and the key benefit it delivers, and continue to innovate against that. A good example of this is Amazon. Now I think we all know Amazon as the website that we first was introduced to and they were selling us books with high availability and low cost. And most people would say, well, high availability, low cost, is probably their key signature. I would argue no. It actually is something that they were able to develop a couple years later, and it's the one click.
Now the power of this idea of one click is, you click it and it's already shipping to you before you even finish clicking it. And they were able to take the benefit of doing that to some many different levels. One of the first things they did is, or in the early days, they allowed you to one click your CD purchases, your books, and your movies. Okay, and that was obviously very simple and that was one of the first things that they did. But they also took the one click and made it a physical one click, and they created these dash buttons many years ago where you can actually order your Bounty, or your beer, or whatever you want, your chips at your sofa, or your refrigerator, or at the washing machine, and those were physical one clicks.
But they've taken one click to another level where now you can basically one click your groceries and get it same day delivery, and of course, your organic groceries. And now, guess what? You don't even need to click anymore. You don't even need to go on a website because you have Alexa, and you can basically, one statement with Alexa and get whatever you want. You see, by the time my son grows up, he's eight years old right now. By the time he's in his 20s, he won't even know that Amazon was a website. For him, what Amazon will stand for is the idea of owning the benefit of no patience required, and that's the opportunity of owning an iconic benefit, even to the point where you're cannibalizing your existing businesses.