The definition of repurposing :
“Taking an existing product, service, or offer and making it available in new format or combination to extend the life cycle, and add value to the customer with the end goal to differentiate and increase profits.”
What industries do it ?
Three groups of businesses that come to mind have had to adapt to changes and incorporate repurposing based on a combination of competitive pressure, consumer wants and breakthroughs in technology.
The recording industry . The evolution of the music industry is the latest business under going massive repurposing. Just a few short years ago the two primary formats available for purchasing music were the audio cassette and CD. Today, people barely remember cassettes, and the same is quickly happening with CD’s. The new format of choice is digital downloadable music. We’re a mobile society these days and Internet technology is standard issue and common place within most civilized countries. The recording industry has been forced to repurpose and reinvent itself quickly, or frankly see sliding profits and changes in demand make it extinct.
The movie business . The first big repurpose for Hollywood was the birth of the home video in the early 1980’s. Now your favorite movie could be watched in your home as many times as you wanted, without having to go the theatre or waiting for it to appear on television. The business model changed based on innovation via new formats, technology and in the last 10 years in particular, the huge increase in entertainment options fighting for ‘Mind Capture’ and discretionary income.
Now a movie hits the theatre and within a few months it’s quickly repurposed into special double, DVD sets complete with outtakes and extras to add fresh sizzle to the steak. The focus is to repurpose it with a few extra bells and secondary marketing push to capture those who missed it in the theatre or simply waited to rent it or buy the DVD version.
Publishing . A very near and dear industry to me. It used to be that you begged,prayed and hope to land a book deal. Then the process was to spend the next 12-18 months pushing it through the editing, proofing and pre-marketing process. Often times, an incredibly slow, painful and inefficient process.
My how things have changed. Now with the Internet and advances in digital technology you can write a book quickly and have an ebook put into digital format and for sale on your own website, and Amazon.com within a matter of days, if not hours. You can also repurpose the ebook or physical book into an audio version and allow it be purchased in CD format or via digital download.
Here are the three learning lessons these three industries teach us about the power of repurposing :
First , you must be aware of the changes in technology and how it can give you a marketing advantage if possible. To ignore it is to risk putting your organization on the path to flat lined profits and possibly the edge of extinction due to apathy, laziness or denial. Repurposing content or product packages is a smart strategy to be thinking about and implementing within your organization.
Here’s the good news: You have a choice to keep growing by staying current, reading newsletters such as this, sharing best practices with peers and finding additional resources to aid you. In the age of Google you can find just about anything 5-10 minutes. You don’t have to do it all on your own.
Second , these industries are forced to think and listen to what the market place and their customers are saying. Yes, the lost art of listening to customers is thankfully alive and well. They know if they don’t gather feedback, watch the competition and make new options, or combinations available via repurposing that they stand to lose customers, repeat business and the reward of profits that come with it.
Third , their repurposing strategy is built on the customer’s obsession with convenience, time savings and speed. The saying in the travel club or time share business is “There is no tomorrow”. These industries repurpose quickly and know that the forces of intense competition, rapid technological change, impatience and fleeting attention dictate that they must embrace repurposing as not only a smart marketing strategy, but a requirement to maintain profits and relevance.
[ add comment ] | permalink | related link |
( 3 / 401 )If you had any chance of missing the fact that Starbuck’s nationwide would be closed this past Tuesday from 5:30-8:30PM for employee training, the media made sure you knew they’d be closed by pouncing on it and making it into a huge story. The media’s reaction to Starbuck’s training move teaches us several publicity lessons.
1. If you’re the lead dog the media loves to build you up then tear you down. The reports were in local, regional and national media outlets and the consistent theme and tone was “How in the world could they possibly close their doors?” I laughed because most of the articles made Starbuck’s look like a huge villain and that customers would plunge into despair and woe because of this injustice. I admit I choose Starbuck’s as my drink of choice on many occasions but I also stop at my local coffee shop as well.
2. This was a home run for independent coffee shop retailers and chains. My local paper featured an interview with a regional chain of coffee stores that gave away free drinks during the time Starbuck’s closed. In media circles they played the piggybacking strategy to perfection. They jumped on the news of Starbuck’s closing and gained free exposure.
3. Be prepared when the media calls or is looking to build on a story. Some of the smaller coffee shops picked up thousands of dollars in free publicity while a much larger number of them missed this completely and read about Starbuck’s three hour shutdown yesterday which was too late. Timing is everything in the age of instant information and reporters will not wait. If an opportunity or phone call comes in from a reporter that makes sense to your business or organization you must be prepared to act immediately.
If I’m the Director of Public Relations at Starbuck’s I’d have a press release ready to hit the newswires on Monday thanking customers for their patience and giving them a free cup of coffee, large discount or free pastry over a three hour period during their busy AM drive time next Thursday. This probably wouldn’t pick up as much media traction, but it would certainly have customers buzzing. Yeah, the CFO and Board of Directors would fight this tooth and nail, but at the end of the day I’d quickly remind them that the customer is the most valuable shareholder and word-of-mouth sales team around.
[ add comment ] | permalink | related link |
( 3 / 399 )I want you to imagine that every time you create a marketing offer or message that produces Mind Capture the prospect is thinking in their mind, Why in the world should I believe a damn thing you’re saying! As I point out in live seminars and in consultations I want you to imagine that when you meet a person for the first time, especially in a sales setting, that when you’re talking about what you do that the prospect is glancing up and reading a message written on your forehead in bright red lipstick that reads:
B.S. – Prove It!
Folks, we’re an incredibly skeptical society. In relation to advertising we’re for the most part jaded, burned out and tired of hollow messages by people and organizations that all claim to be the best, provide superior service, lowest prices, blah, blah, blah.
An easy question: Would you ever plan a trip and attempt to drive the whole way with a flat tire? Absolutely not! What’s this have to do with marketing? Here’s the connection point. If we know that prospects are incredibly jaded in relation to marketing messages, what will you do differently to help overcome the mental concerns and objections they have when considering switching their buying habits or exploring a completely brand new product or service?
Ignoring prospect concerns and not making proactive changes to your marketing to address potential objections is like voluntarily jumping in the deep end of a swimming pool with a 100 pound bag of bricks that you tied to your back and then wondering why you can’t float. While obviously dangerous and dumb it’s nobody’s fault but your own.
A Few Mind Capture Guarantees To Study and Learn From
*Hot, fresh pizza delivered to your door in 30-minutes or less or it’s free
*Try it for 30-days. If you’re not completely satisfied, simply return it and pay us nothing
*The home of the 10-minute oil change
*Your home sold at a price acceptable to you within 180 days – guaranteed – or I’ll buy it
*If you have any problem within the first 12-months we’ll fix it or replace it for free
*Your satisfaction guaranteed or we’ll double your money back
*You’re gonna like the way you look – I guarantee it
I’m amazed that so many businesses are afraid to use a guarantee. If you remove most if not all of the risk a prospect has in doing business with you greatly increase the number of leads you’ll attract and send a powerful message to your target market that you back up your claims. In a world of advertising noise and confusion, this is a very smart marketing strategy to help you stand out from the clutter.
[ add comment ] | permalink | related link |
( 3 / 405 )How’s that for a way to capture your attention! A unique blog post indeed, but I hope you’ll continue on and take 60-seconds to read the rest of the story.
I’d heard of Larry Winget (www.LarryWinget.com) from other thought leaders and fellow professional speakers that I network with for many years and the consistent word that kept coming up to describe him was unique. With this description my interest was peeked and my keyboard was typing in Amazon to order one of his books. I looked him up, found the title Shut Up, Stop Whining & Get A Life made my purchase and moved onto the next task.
When the book arrived a few days later, I couldn’t put it down, and I found myself laughing out loud several times and thought to myself has this guy been eavesdropping on my thoughts? I felt like I’d encountered a kindred spirit who looked at the state of our current society the same way I did and also had many of the same life experiences. Our connection and similar journey in the telephone industry is eerie. I worked the outside sales component for many years while he did time on the inside with customer service.
When I finished the book I wasted no time and dropped his office a phone call requesting an interview for my paid newsletter, A Captured Mind. Imagine my delight when Larry agreed to talk but also when a package arrived a few days later containing an advance preview copy of his forthcoming book titled, You’re Broke Because You Want To Be – How To Stop Getting By and Start Getting Ahead.
I grabbed a highlighter and tore through his newest book and came across a buffet of ideas regarding money and wealth that I knew our subscribers would benefit from and also be highly entertained to hear about. As the host of the television show, Big Spender, on A&E Larry explains quickly out of the gate in the book why he’s uniquely qualified to share wealth and money management. On page five he states:
I grew up dirt poor.
I decided to get rich.
I got rich.
I went bankrupt.
I learned from it.
I became a millionaire.
In this month’s issue of the Captured Mind newsletter our CD interview of the month is 45-minutes of Larry and me discussing his new book, money secrets, lots of laughs, and his rise from bankruptcy to millions and how he landed a gig with A&E TV.
If you’d like more information on the full audio interview and special new subscriber $5.00 offer drop me an email directly: tony@mindcapturegroup.com with the subject line: “Winget/Newsletter” or call Kim at our offices at 616-842-2814.
[ add comment ] | permalink | related link |
( 3 / 430 )It happened again. A great promotion killed by fine print, poorly trained employees and 'gotcha' clauses. I'll explain.
We received a gift certificate on Christmas to a Michigan resort for an overnight stay. We excitedly called this past Friday to reserve our stay and the excuse factory or reasons from the hotel why we couldn't use the gift certificate on the date we requested went into full overdrive. Here's a short list of things we were told:
1. It's our busiest time of the year
2. We're sorry but the rate for that night is double versus what we normally charge
3. Certain restrictions and exclusions apply
4. To get the lower rate you have to book two nights not just one
Now I know we've all experienced this type of 'bait and switch' behavior but here's the marketing lessons learned.
#1. I will never send this resort a referral ever again. Think of the thousands of dollars they'll never see because they were totally inflexible, rude, and following the corporate line or company policy line which most businesses foolishly use.
#2. I bet they tick off a lot of people each year due to draconian policies designed to create structure and crush all questions or objections from customers. We were loyal to them until this incident. Think we'll go there anytime soon? Absolutely not. If I sound maybe too upset, they're very lucky I don't mention their name in this blog.
#3. Sadly this is the norm for most businesses. Death by fine print and fear of the customer 'boogeyman' takes over the marketing and repeat business dies a slow death.
The big lesson is simple. If you make it difficult for people to do business with you, they will leave, tell others and often not return. I'm posting my frustration here in cyberspace and will also mention this in my books and live programs. If you want to have a huge competitive advantage I recommend you take a look at reducing and eliminating as much fine print as possible in your marketing. Most people are honest and not out to take others.
[ add comment ] | permalink | related link |
( 3 / 407 )Back Next
Calendar
