The Biggest Business Mistake
Both entrepreneurs and corporate employees often make the huge mistake of treating their service as a product.
Inspired by 10 NEW RULES FOR MOBILE PAYMENTS AND LOYALTY STARTUPS. Excerpt:
Be invisible (It’s not about you…) People who work in payments eventually start to believe that consumers care and think about payments as much as they do. They don’t. Like good service at a restaurant, the best payment and loyalty systems are barely noticeable. The ugly truth is cards are still a fast, convenient (albeit “dumb”) transaction type. Unfortunately, the process of creating smart, digital transactions often means introducing new interactions and decisions. It’s a lesson we learned with the launch of Zync at American Express — consumers don’t want that much interaction with their payment product. It’s a means to an end, not an object of desire, like an iPhone, a Rolex or Denzel Washington.
Clip from Mistweeted on The McFuture podcast.
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FULL EPISODE CONTENTS (clickable timestamps):
Killer Mistweeted edition of The McFuture podcast featuring wisdom & wisecracks about entrepreneurship, success and strategy for every entrepreneur, founder and freelancer.
- 00:04 Idea People vs Doers
- 01:16 How Eclecticism Kills Greatness
- 03:24 Heads. Must. Roll.
- 04:54 Employees Are From Mars, Entrepreneurs Are From Venus, Freelancers Are From Uranus
- 14:59 The One Question To Get What You Want
- 16:20 Why Only Repeat Business Is Good Business
- 17:56 Experience is the Last Line of Defense
- 19:06 BE INVISIBLE!
- 20:50 The Greatest Mystery In Business
- 21:35 Why Digital Businesses Raise Prices & Why They Shouldn’t
- 23:45 Will The Noise Innovators Please Stand Up? (Quietly)
- 24:30 YouTube’s New Creativity+Commerce Merger Could Be A Huge Opportunity
- 26:00 The Secret Power of Unglamorous Entreprenurs
- 30:35 American Alchemy
- 31:23 The Most Profitable Word in History
- 32:20 A Legit Instagram Business Model
- 34:09 The Only Entrepreneur I Hate, Hate, HAAAAAAAAAATE!!!!
#entrepreneurship #startups #services #strategy #NPD #payments #innovation #financialservices