🧠How Great Businesses Start: Eating Your Customer's Complexity
I Think, Therefore, I am [Rene Descartes]
Can a simple framework change your life?
Doubtful. But it can change the way you think. Which can change the way you act.
Here's perhaps one of the most simple, yet effective frameworks I use in everyday work - particularly in Finance
Eating Your Customer’s Complexity
During the lockdown a few years back, I started to notice which companies were emerging as the winners and losers.
The winners had a good product.
Yes.
But that wasn’t the the whole story.
They had a good go to market motion.
Yes.
But that was not it either.
The winners were the companies and products that spent most of their time trying to alleviate or eat their customer’s complexity.
Zoom
Amazon
Shopify
Teachable
Some of these are great companies with persistence in performance, and some are not, but they all set about eating complexity at that time.
The best example of this framework is Netflix. At the time we were not thinking of linear TV as ‘Appointment Viewing’, but it was!
Then along came VHS, DVD and Cable.
Again, not bad but still missing something - ultimately putting the customer in the driving seat.
Then along came NetFlix.
Everything, Everywhere and All at Once [excuse the cheese]
No need to remember the time. Or the storage. Or the return. Or the purchase. Just subscribe. Thus eating all the complexities of TV.
But along came another complexity - what to watch from the myriad of choices - enter the recommendation engine. This one is good, but still a work in progress - but the direction of travel is clear.
Make it less complex for the customer to achieve their desired goal
Takeaway:
The best products and companies eat customer’s complexity for breakfast, lunch and dinner.
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Ps. If you have any great frameworks you’ve created or seen that you want featured in this newsletter, please shoot them over.
Bye.
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