Your mindset is key
Tuesday 1 September 2020
Tesla's value has risen to over a thousand dollars per share in corona times, as car sales collapse. Because although Tesla makes cars, it is valued as a tech company. If that is possible in the automotive sector, why not in your sector?
"Yes, but I'm not Elon Musk!" I can already hear you thinking.
That's right. But perhaps you can take over some of his success if you take the space to allow a different perspective on your business.
Busy busy busy
You are an entrepreneur like me. Busy with your business day in and day out. You are partly lived by daily ad-hoc questions. In addition, organizational development demands your attention: a software implementation, a move, a merger. And last but not least, you want to give your customers the attention that is needed.
How can the mindset of a billionaire from a completely different world save your business? And besides, you already have enough on your mind, so not now! Maybe in six months, but then you will be even busier and say again: "In six months Arno, I hope to have more space."
Never waste a good crisis
A good crisis works wonders. He shakes you up, jerks you out of your comfort zone and brings you insights that have been there for a long time, but that you were not open to before. Now you have to.
The transformation to a service economy has been going on for more than twenty years. Elon Musk also didn't make it up himself. But for ten years now, Tesla's example has shown how a traditional wrapped sector such as the automotive industry can make a transition to a sustainable revenue model in which services are leading.
From engine to service
For example, the fuel engine was until recently the most expensive part of a car. Engine power was one of the most important decision criteria for consumers to choose a model. But what happened? Tesla's electric motor outperforms even the fastest fuel engines in super-deluxe sports cars. A fast accelerating motor is no longer a theme in an electric car, but a commodity that you as a consumer do not have to think about.
What is distinctive about a Tesla is the services that the car offers, the experience it creates and how they always meet the changing needs of the motorist without them even realizing that they are changing. Such as continuous online software updates based on user behavior, whereby Tesla always optimizes the settings on the vehicle without the owner having to make an appointment with the garage. These are services that co-develop with customers to make their lives easier and better.
Become a little Elon Musk
Now suppose you only apply one of the many proven successful innovations of Elon Musk. For example, that continuous data exchange with your products and your end users. What would that bring you? Let me put it sharper: if you still sell products without knowing how the end user uses them daily, your business is finite!
Anyone can recreate hardware such as an engine, a body or a nice seat and if you wait long enough the competition will certainly do that. But the user data of your products, generated by your customers, is unique. The services that you can develop on that basis are therefore unique. Think about the optimizations you can make if you know exactly how your customers use your products. Think about the extra options you can add to it. And perhaps the new products and services such as management and maintenance!
Sustainable success with services
In short, you have gold in your hands with your product and your customers, but to convert this into sounding currency you first have to change your mindset. Take responsibility for your product after sales. That may sound awkward and illogical, but it is the first step to making your business sustainable with services that continue to generate value for your customers and therefore also for you!
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