Be Specific, Keep it Simple, Ask Women

This week’s lesson material contained good reading and videos. Something that stood out to me was Guy Kawasaki’s video called “The New Business Model”. He said there were three main components to the new business model. The first was to be specific. He said it used to be about capturing as many eyes as possible and somehow you would have a customer base to buy your product. Now it’s about targeting a specific set of people. The second thing he said was to keep it simple. Create a product, put it out there, people buy it, that’s it. The third and last component was to ask women. He went on to explain that men have a genetic flaw; they want to kill things. His point was that many men will go into business simply to “kill” their competitors. Women do not have the same nature and his suggestion was that their business plans would be better thought out. When Kawasaki suggested asking women it reminded me of research that was done at a retailer I used to work for. While trying to determine who their customer base was, the found their most valuable clients to be women. Regardless of age, they were found for the most part to be the ones who held the purse strings. This retailer did a complete overhaul of their branding to make it more feminine and target women. There is something to be said about asking women.

For the $100 Challenge I have been working on a couple different patterns for my small knitting business. Once I come up with some designs I like I will be able to narrow down what I would like to offer.