Innovate Your Market
I want to start by sharing an experience that I had last night – I went to buy some pizza at Little Caesars, and they’ve got this concept over the last few years called “Hot and Ready” which you may be familiar with. What happens is, you go in, and they have several different pizza types that are already cooked and ready to go, and they’re freshly made, and you’re in and out with a fresh pizza in two minutes max.
Now, I ordered a couple of other pizzas as well, that weren’t on the Hot and Ready menu, and the guy behind the counter apologetically says, “It’ll be 5 or 6 minutes…do you mind waiting?” And I thought, no I don’t mind waiting 5 or 6 minutes for fresh pizza, that’s fine! In the old days, it was 15 or 20 minutes.
While I was waiting, I was chatting with him, and he says they’re really busy with the Hot and Ready thing, and I asked “Do you guys deliver?” and he says “No, we don’t deliver, but some of our locations actually have Drive-Thru!”
So they’re really changing how pizza is consumed and is purchased. In the “old days” you’d order pizza on the phone, you’d wait 45 minutes or an hour for it to show up. And then Dominoes, in the late 80’s or early 90’s innovated with their “30 Minutes or Free Guarantee” and then everyone was trying to catch up and trying to deliver pizza within 30 minutes to be competitive. And now Little Caesars is changing it up again.
I had an experience like this in one of my past businesses when we used to do what we called “Break-Fix Service. Which is, in Computer Service, is when you wait for someone to call and tell you something is broken and then you try to dash out there and fix it for them. We were changing to what we called Managed Services where we would just look after everything for one fee per month. We would manage things remotely. Some clients loved it, others didn’t like it so much, so we had to make a tough decision to really go all-in with Managed Services.
And I think Little Caesars probably had to do the same thing: cutting off delivery, and people having to come and get the pizza…it’s just different.
My question for you this week: Is there something in your business you feel would be a great innovation, but maybe you’ve held off doing it because you feel you might alienate some of your clients?
Well, if you know it’s going to help the majority of people that you serve, and that there’s a wider market and you’re able to scale better to deliver your products and services, consider going for it! Create a plan to actually get out there and do it. And you will alienate a few of your existing clients, but there’ll be more than enough business in the wider market to make up for that.
It doesn’t mean that you’re not a good provider any more, it just means that you’re not a good fit for those folks that don’t see the value in the way that you want to do things in an innovative fashion.
So that’s it for this week, and I look forward to connecting with you and hearing what you’ve been doing to innovate your businesses and create a larger market!