Sophia Perl of Wisdom

Can a website thrive with just a good idea?

I wasn’t sure how to title this post, but if you read on maybe it’ll make more sense.  So I have a friend who has been toying around with a good idea for a website.  There are sort of three things that I try to take into consideration when evaluating a business - business model, business idea, and go-to market strategy.  A close forth is management team.  I consider the forth, but also think you either know someone in the industry (or know someone who knows someone) or you don’t.  If you don’t, then the forth is not fixable in the immediate future.

So my friend’s idea has a good business model although not drastically different from what competitors can do, the business idea is interesting, but there is nothing to prevent another website on doing the same thing, and lastly the go-to market strategy is non-existent because she does not know how to get people onto her website.  So all and all, there is something good there, but not great.  Her go-to market strategy needed work.  This brings me back to my previous posting about talking about your business idea with others.  If you are bringing something to the table that others cannot, then you should not be afraid to talk about your business idea with others.  However, if you just have a good idea and maybe nothing else, I would worry about the sustainability of your business idea.  What is to prevent others from copying the idea?  Think about it!

Do perks add value to your business?

Trendwatching.com just came out with this month’s trendwatch newsletter. The focus is on “Perkonomics“.  Now as a consumer I like the idea of getting something special in addition to the primary product/service that I am paying for (e.g., credit card with travel insurance, first access to show tickets, etc), but I find it hard to keep track of which product/service provides which benefits.  I end up just using the product/service and ignoring the “perks”.  I know that this is not the same for everyone.  In any case, can a business measure whether the perks add value or is just a cost sucker?  I’m pretty sure businesses do their due diligence, why wouldn’t they?  I wonder if we will find ourselves at one point entirely consumed in perks (maybe even overlapping perks, provided by numerous products/services) that are essentially not perks anymore because now everyone has access to them.  Hmm…

From the newsletter (shortened a bit):

Business Opportunities

• - There’s a chance here to be the first non-airline/hotel/credit card company to really nail this: very few brands seem to have an integrated view, let alone an integrated approach to PERKONOMICS. Even aforementioned brands like Lexus, which rolls out novel perks on an ongoing basis, haven’t succeeded in establishing a globally understood PERKONOMICS image, where perks are viewed as an integral part of owning a Lexus.
• - Why not start the world’s first agency fully dedicated to PERKONOMICS campaigns and projects?
• - Try combining CUSTOMER-MADE with perks, in the form of product previews, testing, screening and so on (you will be surprised how many of your most passionate customers will regard a preview of a new product or a service a privilege, not to mention the invaluable feedback it will get you).
• - And keep an eye out for a growing number of entrepreneurs that will turn perks into commercial ventures, from business lounges accessible to any traveler willing to pay a fee, to luxury concierge services like Quintessentially and hybrid “phone-meets-concierge” Vertu.

Bottom line: you will have to be creative, and you will need reach out, too. If you want to offer your customers perks outside your own brand-sphere, it means that forging exclusive relationships and partnerships with other brands and personalities has never been a more prized skill.