Originally published at: https://blog.12min.com/moonshot-summary/
Game-Changing Strategies to Build Billion-Dollar Businesses
Technology has revolutionized all areas of our lives, including our consumer behavior.
“Moonshot!” explains this change and how businesses and business owners can adapt to it, in order to thrive.
Who Should Read “Moonshot!” and Why?“Moonshot!” is a book which will show you how you can stay competitive in the rapidly changing environment, and how you can attract and retain your customers.
The name of the game is “memorable customer experience.”
We believe this book is an excellent read for all young people who are thinking about opening a startup business, everyone who has had a bad buying experience, and middle-aged marketers who have a problem embracing the change that is happening in the marketing world.
About John SculleyJohn Sculley is an author, investor, and entrepreneur who has previously been the CEO of both Apple and PepsiCo.
"Moonshot! Summary"It has never been cheaper or easier to open a business than today, and numerous companies are popping up on the market each day.
However, the battle for customers has never been harder.
Customers nowadays are smarter and possess unlimited information at their fingertips. They also have an almost unlimited choice of goods and products, offered by different vendors all around the world.
Many people want to have the same lifestyle as the middle class, although they do not belong to it.
This means that a huge number of customers are looking for cheap clothes and technology, which allows them to live a comfortable life for little money.
Also, people from the new generation want to enjoy the perks of certain products and lifestyle, without becoming users of it. Unlike their parents, they are interested in what kind of value products offer them and are less dependent upon them.
In other words, the sharing economy has become the new business model.
Just think about it: companies like Uber or Airbnb has changed the world drastically.
If this trend continues, traditional business models will soon be history.
The online availability of products, for lower prices than those of the brick and mortar retailers, fuels the need for businesses to change, if they want to survive.
Now, every customer, before he or she buys a product, searches for the product’s reviews and prices online. And usually, they can find the same product from a different vendor for a lower price.
So, how can businesses make them buy from them?
Well, businesses need to put in extra effort to distinguish themselves from the competition and attract and keep their customers.
And the only way they can do this is by creating a great buying experience, which the customer will enjoy, and ultimately want to repeat.
To do this, understanding your customers and their needs is essential.
Fortunately, companies can use the so-called big data to gather information about their target users and then create assumptions about their wishes and needs based on this information.
Even better, data storing is no longer expensive and hard. In fact, cloud computing has made data storing easy and accessible for everyone.
However, that does not mean that the costs of companies have decreased – it only means that the costs have passed on from data storing expenses to customers.
You need to put in a lot of effort and energy to create a memorable experience for your customers. Remember that people value low prices, fast delivery, or the feeling of being special.
But, the customer experience does not end with you making a sale. In fact, it is just the beginning. It is much more expensive to replace a profit from a lost customer than it would be if you kept the customer.
So, we cannot stress the importance of caring about your customers enough.
To make sure you offer a superior experience, create a customer plan.
Find a problem your customers have, which creates a need that needs to be satisfied, and try to satisfy it.
To do this – ask the right questions.
But, to find solutions to problems that no one has found solutions to yet, you need two things: knowing your industry and thinking outside of the box.
So, do your homework and study your industry carefully and observe the competitors.
Finally, acknowledge that nowadays it is all about the customers and adopt this knowledge as your chance of a lifetime.
Key Lessons from “Moonshot!”1. The Power of Your Customers 2. People Want to be Users, not Owners 3. Offer an Experience, Not a Mere Product
The Power of Your CustomersYour customers have more power than they once had since they have unlimited information at their fingertips.
As limiting as this may seem, you can also use it to your advantage to target your customers and offer them what they need.
People Want to be Users, not OwnersThe world is changing and so do business models.
The reason for this is that people want to enjoy the perks a certain product gives them without actually owning it.
The exception are the Asian countries where consumption is growing.
What this means is that you need to know your target market and what the customers really want, when you set off to design your products.
Offer an Experience, Not a Mere ProductThe only way you can survive the relentless competition is if you succeed to create a customer experience your customers will enjoy and will make them want to stick with you.
Care for your customers, and do everything you can to keep them happy. Customers love low prices, fast delivery, or the feeling of being special.
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“Moonshot!” Quotes[bctt tweet="Existing businesses aspiring to become adaptive corporations need to commit to understanding what exactly an adaptive innovator is and how that differs from both systemic designers and knowledge workers." username="get12min"]
[bctt tweet=“In the end, they (existing businesses) will actually need conscious planning to move them from a decades-imbedded orientation of knowledge work, to a new mindset of continuous adaptive innovation centered on the customer.” username=“get12min”]
Our Critical Review“Moonshot!” is a book which will help you understand current and future business trends, and why it is important to follow them and respond to them on time.
John Sculley has walked the walk and has a successful business career, which makes his ideas not only useful but also credible.
This is a read from which not only for those who want to open startups can benefit, but also all people in some way involved in the business world, be it as owners or workers.