Michael Cirillo shares his opinion on what disruption really is (it is not what you think!) and reviews what companies such as Uber, AirBnB and Amazon have done within their industries. Michael gives advice on how you can be disruptive in your own space and shares his tips on how to find new opportunities for better serve your customers.
Noteworthy Topics from this Episode:
04:51 – True disruption exists in low-end or new market footholds, not existing markets.
05:07 – Low-End market footholds it’s when a product or service already exists but it only caters to a demographic that can afford it.
06:54 – New Market footholds mean that the product or service never existed before and now needs to find, indoctrinate, train and retain a customer base.
7:45 – Review of Uber, AirBnB, Amazon – are they truly disruptive?
10:35 – Depiction of disruption – smaller fish getting eaten by the bigger fish.
11:33 – Disruption vs. Evolution. If the demands of the market are evolving we should be evolving with them.
12:34 – How to take back control of the things you have.
12:39 – Take time to consider what you can do to make the buying journey more appealing.
12:44 – Think of what actions you can take to build stronger longer lasting relationships with your customers.
Disruption vs. Evolution
Michael adds that true disruption is often confused with evolution. Sometimes to change the whole market one does not need to invent new things but rather take a step back and see how the market can be served differently.
Biggest Fish – Your Customer
Michael says that it is more important than ever to concentrate your efforts on building quality, genuine relationships with your customers. Take a step back to consider what you can do differently to make the buying journey in your company more appealing to potential customers. How can you serve them differently?