Bishop BIG Ideas
The Product-First Trap • BishopBigIdeas.com

The Product-First Trap • BishopBigIdeas.com

March 28, 2018

The Product-First Trap

Many companies are not able to grow in today's marketplace because they are stuck in The Product-First Trap.  People and companies fall into this trap when they think first and talk first about their products and services.  When asked what they do, they say: I am a dentist. I am a travel agent.  Or we make tennis shoes.  This seems like a natural thing to say. After all, that's what they do.  But this product-first thinking is a trap for three primary reasons.  

One, when you describe your business in this product-first manner, it is likely that hundreds, if not thousands of other companies are describing themselves in the same way.  That means your company doesn't stand out because your prospects are hearing the same story from hundreds of your competitors.

Two, if you tell a product-first story, your prospects will think you are a salesperson.  They will think you are trying sell them your product or service.  This will make them turn away because they don't want to hear your sales pitch.  This sales-aversion will make it harder for you to meet new prospects and develop relationships with them.  

Thirdly, when you finally acknowledge the first and second problem, and try to come up with a new way to differentiate yourself, you can't do it because your thinking keeps going back to your core product or service.  Your mindset doesn't allow you to think of new big ideas to differentiate yourself.  That's why it is called a trap.  Your product-first mindset doesn't enable you to break away from the other competitors in your industry.  

For example, Apple was stuck in The Product-First Trap until 1999.  Before that time, they were a small company that sold its computers to a small group of devoted customers.  They thought of themselves as a computer company.  But then in 1999, they changed their mindset, and broke out of product-first thinking.  That's when they began inventing new big ideas such as the iPod, iTunes, the iPhone and the iPad.  Today, as one of the most successful companies in the world, they are no longer just a computer company. They are in a category of their own. They achieved this distinction not because they are smarter or more creative than other companies, but because they changed their product-first mindset and adopted a new and better business model, what we call The Relationship-First Formula™ (see next concept).

Use Psychology To Sell More (20 Minutes)

Use Psychology To Sell More (20 Minutes)

March 26, 2018

Learn how to use psychology to attract more prospects and sell more.  Hear Bill's famous story called The Line-Up from his top-grossing book How To Sell A Lobster.  For more great content journey over to his fabulous website at BishopBIGIdeas.com. 

The Importance of Packaging (12 Minutes)  www.bishopbigideas.com

The Importance of Packaging (12 Minutes) www.bishopbigideas.com

March 25, 2018

The Importance of Packaging

When you determine your BIG Idea, you need to package it properly so people will be able to quickly appreciate the value of it.  In many cases, the value you provide is intangible, so it is even more important to package it so that people can see it. Packaging has three elements: 1. Story 2. Graphic Design 3. Process Experience.  

1. Story: Most of the selling you do is verbal.  You sell by telling a story.  To increase your sales, you need to tell a packaged story that gets attention, generates interest, and sets up a buying opportunity.  To get attention, you have about three seconds.  You then have 30 seconds to get someone interested.  Then you have three minutes to explain in detail what you are selling.  If they are still with you at that point, they will give you thirty minutes to make a proper presentation.  You then have to close them. This story usually includes an Object to attract attention (3 seconds), an Elevator Speech (30 seconds), a Script (3 minutes) and a BIG Story (30 minutes).  The story can also have a theme (such as Lobsters), and a signature story (such as The Lobster Contest).  The theme and signature story will make you more memorable, and help you better explain the premise behind your BIG Idea.

2. Graphic Design: It is very important for you to invest in professional graphic design.  People will judge you by the quality of your design package. Does it look amateurish or professional?  Is it beautiful?  We have learned that people will trust you and your BIG Idea more if if is packaged beautifully.  So don't try to save money on do-it-yourself design.  Note that graphic design extends to other tangible elements such as clothing, store/office design, and product packaging.

3. Process Experience: This is a neglected element of packaging.  Most entrepreneurs provide their customers/clients with generally the same experience as their competitors.  They use the standard approach practiced by 99% of the other companies in their industry.  They call this best practices, but we call it boring and generic.  To stand out, you need to take your customers through a process that is unique, and also works better than the standard approach in your industry.  If you do this, your customers will have a more valuable and interesting experience. As a result, they will value it more, and likely talk about it with their friends and associates. In most cases, you only need to add or change your standard process by 10% to make it a unique experience.  

By enhancing these three elements of packaging (Story, Graphic Design, and Process Experience), it will make it a lot easier for you to meet more great prospects and sell more.

In upcoming Lobster Lessons, we will explore in much greater detail how you can use packaging.

Why you need a BIG Idea (14 Minutes)

Why you need a BIG Idea (14 Minutes)

March 19, 2018

To stand out from your competition, attract more higher-quality customers, and make more money, you need to package a BIG Idea. Something new, better, and different.   Not just any idea, a really BIG Idea.  It’s not enough to be different, you have to be a lot different. To learn more visit www.bishopbigideas.com