THINK 2014: reTHINKing Business Models

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Slides from a presentation that I gave at the CO-OP THINK 2014 conference in New Orleans, an annual gathering of leadership from Credit Unions. Had a different talk prepared, and then rewrote in the morning of the presentation to focus on what I heard in the presentations the previous afternoon.

Won't make full sense without the actual voiceover, but the basic proposal was that new business opportunities emerge from taking a broader view of what business you're actually in; from figuring out how to listen to what potential customers want and provide it; and from focusing on what EXPERIENCE you want to provide for your customers, rather than what MESSAGE you want to express to them.

In that context, I talked a little bit about the Veronica Mars Kickstarter campaign, and the real secret to its success: it provided a chance for fans to be heard, and empowered a niche audience to get what it wanted, even though it didn't fit within the existing business model of the television business.

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THINK 2014: reTHINKing Business Models

  1. reTHiNKing BUSINESS MODELS @ivanovitch Ivan Askwith linkedin.com/in/ivanaskwith
  2. (wait, who is this guy?) introductions. @ivanovitch
  3. independent consultant & producer @ivanovitch
  4. @ivanovitch
  5. graduate work at mit …on pop culture & fandom. @ivanovitch
  6. @ivanovitch
  7. three biases 1. Fans and communities matter. @ivanovitch
  8. three biases 1. Fans and communities matter. 2. Marketing isn’t about messaging. @ivanovitch
  9. three biases 1. Fans and communities matter. 2. Marketing isn’t about messaging. 3. Technologies change. People don’t. @ivanovitch
  10. examining business models @ivanovitch
  11. “How do we get consumers to understand CUs?” “How do we get them to listen to us?” “How do we get them to appreciate what we do?” @ivanovitch
  12. “How do we get consumers to understand CUs?” “How do we get them to listen to us?” “How do we get them to appreciate what we do?” “What do CONSUMERS want and need?” “What would THEY find most meaningful?” “How, or why, ARE WE FAILING to provide it?” @ivanovitch
  13. It’s not about you. It’s about them. @ivanovitch
  14. examining business models @ivanovitch
  15. @ivanovitch
  16. @ivanovitch
  17. @ivanovitch
  18. Not railroads. 
 Transportation. 
 Not petroleum. Energy. 
 Not DVDs. 
 Entertainment. @ivanovitch
  19. Businesses will do better in the end if they concentrate on meeting customers’ needs, rather than on selling products. - Theodore Levitt, 1960 @ivanovitch
  20. What business 
 do you think you’re in? What do your customers 
 actually want and need? What business do consumers think you’re in? What opportunities emerge from giving them what they want? @ivanovitch
  21. @ivanovitch
  22. one more challenge. what if no one actually wants to talk to you? @ivanovitch
  23. @ivanovitch
  24. the television business @ivanovitch
  25. Television still thinks that it is in the business of BROADCASTING
 CONTENT in order to so that it can BUILD HUGE
 AUDIENCES MAKE $$$ FROM
 ADVERTISERS. @ivanovitch
  26. an interesting pattern 1. Networks focus on content for the
 Lowest Common Denominator. @ivanovitch
  27. an interesting pattern 1. Networks focus on content for the
 Lowest Common Denominator. 2. The shows that inspire the most devotion
 are often the first to get canceled. @ivanovitch
  28. an interesting pattern 1. Networks focus on content for the
 Lowest Common Denominator. 2. The shows that inspire the most devotion
 are often the first to get canceled. 3. Fans of these “cult hits” have no recourse
 except to protest the networks. @ivanovitch
  29. the traditional television
 business model offers viewers a take-it-or-leave-it proposition. @ivanovitch
  30. wait! let’s talk semantics. @ivanovitch
  31. fanatics. cults. @ivanovitch
  32. customer
 n. a person or organization that buys goods or services from a store or business. fan
 n. an enthusiastic devotee, follower, or admirer of a sport, pastime, celebrity, etc. @ivanovitch
  33. community
 n. a group sharing common characteristics or interests, perceived, or perceiving itself, as distinct from the larger society within which it exists. cult
 n. a group or sect bound together by commitment to the same thing, person, or ideal. @ivanovitch
  34. fans networks vs @ivanovitch
  35. they fight for it. When fans love something, @ivanovitch
  36. pre-internet
  37. internet
  38. @ivanovitch
  39. @ivanovitch
  40. an in-depth example
  41. @ivanovitch
  42. @ivanovitch
  43. didn’t pay the rent. Passion was great, but it @ivanovitch
  44. didn’t pay the rent. Passion was great, but it But why not? @ivanovitch
  45. @ivanovitch
  46. “…But NBC executives made clear on Tuesday that the renewal came about mainly because of an advertising partnership that was suggested to Ben Silverman, a chairman of NBC Entertainment, by Subway executives, who were enthused about the special marketing opportunities the show afforded the company…” @ivanovitch
  47. @ivanovitch
  48. Q: If Castle had its series finale tomorrow and Fox said to you and Joss: “We screwed up, let’s try doing Firefly again.” Would you do it?
 A: Yes. Yes. I would examine very closely Fox’s reasoning — I’m a little gun-shy. 
 If I got $300 million from the California Lottery, the first thing I would do is buy the rights to Firefly, make it on my own, and distribute it on the Internet. @ivanovitch
  49. @ivanovitch
  50. contributed more than $1 Million. 12,000 fans No one even
 had to ask. @ivanovitch
  51. “Shut up and take my money!”
  52. hasn’t changed. yet the core business model @ivanovitch
  53. @ivanovitch
  54. @ivanovitch
  55. Why not let fans influence what gets made? @ivanovitch
  56. 2005 2013 “You’re an idiot.” - 2005 @ivanovitch
  57. 2005 2013 “You’re an idiot.” - 2005 “No, wait. Come back.” - 2013 @ivanovitch
  58. @ivanovitch
  59. @ivanovitch
  60. @ivanovitch
  61. • Propose an idea. • Set a minimum fundraising goal. • Set a fundraising deadline. • No financial ROI. • Offer other incentives. • It’s all or nothing. How it works. @ivanovitch
  62. We had one month to get
 $2,000,000. @ivanovitch
  63. We had one month to get
 $2,000,000. It took less than ten hours. @ivanovitch
  64. Has‘VeronicaMars’hintedatthevalue ofservingnicheaudiences? Has‘VeronicaMars’suggestedthe
 valueofcreator/fanrelationships? Has‘VeronicaMars’revealedthatfans
 aretiredofbeingignoredbynetworks? @ivanovitch
  65. case study. the rest of the @ivanovitch
  66. Don’t just deliver a movie. 
 Create a year-long experience. 
 Don’t just keep the promise. 
 Overdeliver on it. 
 
 Don’t just market to fans. 
 Build a lasting relationship. @ivanovitch
  67. @ivanovitch
  68. @ivanovitch
  69. @ivanovitch
  70. @ivanovitch
  71. @ivanovitch
  72. @ivanovitch
  73. @ivanovitch
  74. interesting a few results. @ivanovitch
  75. RESULT 1 creator/fan relationship. We saw the value of a direct @ivanovitch
  76. “This is the best money I’ve ever spent.” “The movie was great, but this experience has been even better. I feel so involved.” “Can we do the next movie on Kickstarter too?”
 “I’ll give 10 times as much next time!” “This isn’t the studio’s movie, it’s ours.” “I’m getting everyone I know to go see it.” @ivanovitch
  77. @ivanovitch
  78. “Whatever anyone involved does, for the rest of your careers: 
 I’ll be behind you.” @ivanovitch
  79. @ivanovitch
  80. RESULT 2 focusing on our fans. We were praised and criticized
 for the same exact thing: @ivanovitch
  81. @ivanovitch
  82. “Veronica Mars is far less interesting (except, probably, to its fans) as a movie than as a potential model for financing the kind of smaller films that major Hollywood studios aren’t much interested in making anymore.” @ivanovitch
  83. 1. Always consider what business you’re actually in. 2. There’s value in serving small, devoted communities. 3. Treat people like partners, not customers. 4. Focus on the relationship. Loyalty will follow. 5. What you’re selling isn’t what you’re selling.
 Your brand isn’t your product, but what it means. @ivanovitch relevant a few lessons.
  84. @ivanovitch 1. Could a credit union develop a cult following? 2. How do you turn your customers and members 
 into fans and collaborators? 3. Where are the national banks failing, and not interested enough to fix the problems? final a few questions.
  85. Thanks! @ivanovitch Ivan Askwith linkedin.com/in/ivanaskwith

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