Uncovering the Next Big Thing

4/21/2014 - 12:48 p.m.
Do you ever wonder what the next big thing in business will be or where it will come from? For those of us that recall the success of Hush Puppies or the 1998 book, Divine Secrets of the Ya-Ya Sisterhood, that reached a sales mark of two and a half million copies, the success was carried to great heights based on the product reaching a tipping point. The tipping point is that magic moment when an idea, trend, or social behavior crosses a threshold and spreads with incredible speed through society. In his book, The Tipping Point, Gladwell shows how very minor adjustments in products and ideas can make them more likely to become immensely popular. Gladwell reveals how easy it is to cause group behavior to tip in a desired direction by making small changes in the immediate environment. He says that just as a sick individual in a crowded store can start an epidemic of the flu, so too can a small business precisely target and push a fashion trend, cause the popularity of a new restaurant to take off overnight, or create a new, effective way to install signage. The book is a good business read to keep as a reference, but for now, we will look at three key points you can begin applying to your business.

1.) The Law of the Few

This concept is based on the 80/20 rule that says that 80% of the work is done by 20% of the people; 80% of beer is consumed by 20% of beer lovers, etc. In his book, Gladwell states that an idea or behavior spreads because of the unusual qualities of a few key groups of individuals. There are the connectors, networked people who know seemingly everyone and who can make or break reputations on their word alone. There are the mavens, people who acquire such detailed knowledge of a product that others turn to them repeatedly for advice. Then there are the salesmen, those whose enthusiasm for a product can send its sales soaring. Key Point: The point is to uncover the few in your organization who can make the greatest impact to your bottom line. These are the players you need to be wooing and bringing on board your team. These few can provide the tipping point needed for your business to reach new heights of success. If you don’t have them now, find a way to get them.

2.) The Law of Fads

According to Gladwell, the Law of Fads is the Stickiness Factor where all kinds of potential fads exist around us, but only certain ones take. Gladwell uses the example of “Sesame Street” and how it was failing miserably with test groups when someone, as a last-ditch move, thought of blending real people with puppets. Another example was how Yale University included a map highlighting the location of the infirmary to induce many seniors to heed previously disregarded warnings about getting a tetanus shot. In today’s world with message overload, finding a way to make something stick is part of making it survive. Key Point: Your customers are attracted to the stickiness of your products and service. What is it that will stick? Providing a one-year servicing to your signs for free might do it or offering a once a month lunch for your best customers. Find what it is and apply it to your business today.

3.) The Power of Context

Gladwell states that one of the reasons that crime declined in New York is that officials put into practice the much-debated broken-windows theory, which in a nutshell is the belief that people throw rocks at windows in houses that have other windows broken. So, if subways were cleaned of graffiti and windows were repaired, people in New York City would begin to obey the law. When you alter the context, you altered the result. Gladwell also offers another example known as the Rule of 150: Groups smaller than 150 cannot influence many outside them and larger groups tend to become impersonal. Knowing that, we begin to realize that one can create a large fad by first creating a series of smaller ones. Key Point: Don’t try to be the biggest sign shop in the world overnight. Hone your craft in your area of expertise and in your region, then grow your way outward from that perimeter. Focus on a smaller scale while you grow. Use as your “repaired window” that might include examples of your work and testimonies from your customers. New customers buy what existing customers like. Pick up Tipping Point when you get a chance and share it with your team members. You’ll be surprised at the number of ideas you can generate from this one book.
Johnny Duncan, President of Duncan Consulting, Inc., is a business writer and consultant partnering with business leaders to provide workforce management solutions including leadership coaching, customer service training, job analysis, people-to-job matches, copywriting, and conflict resolution. He can be reached at johnny@duncanconsult.com or by calling 407-739-0718.
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