So yesterday I was just exploring the internet before I went to bed, and I had another ah ha moment! It came to me in the form of a concept called the “star principle.” In a nut shell what it is, is being number 1 in any growing market.
I’ll give you an example, in the fast food industry market there are a lot of players, but mcdonalds is #1. Other competitors like burger king, wendy’s, dairy queen, arbys, etc, they have to fight after what is left as far as business revenue is concerned, some call this the left over scraps. Another example is google vs all the other search engines like bing/microsoft, yahoo, and some other ones you probably never heard of like duck duck go, and yandex. The key here on what to focus on is, when you get into business it’s best to be number 1 in whatever you do because you get majority of the revenue / profits. Why would you get into anything else, where you have to fight for position and profits? So you can say the fast food business is over saturated and there isn’t much room for you to prosper, you could make SOME money but it isn’t anything compared to being number 1.
So now that we’ve got that out the way, how do you become number 1? Well you see that you can’t become number 1 in fast food selling burgers, but wait, maybe I can just sell milkshakes and be number 1 at that! This is how the star principle works. Why? Because as you do you market research you see that there isn’t anyone selling fast food that just focuses on milkshakes alone. This is what google did and how they rose to fame so quickly. At the time yahoo was the number one search engine, and search engines at the time were focused on selling ads and exposing searchers to a lot of ads. Google decided it wasn’t going to do that and they were going to keep their website free of ads, so this is where you get the famous google search screen which is majority empty or blank space vs yahoo being over crowded with ads. Google proved that consumers don’t want to be bombarded with ads, so this is how google rose to become a star principle business.
When trying to develop a star principle business you have to look at popular industries and see how you can micro niche it. Another example I can give you is if you’re in the business of selling apple iphones, and you want to compete in that business. How you micro niche it to try and develop a star principle business, is focus on selling apple iphone chargers ONLY, instead of trying to sell apple iphones. People lose, break, and misplace their chargers all the time so it’s really a good business to be in, and you can become number 1 at it, taking in massive amounts of profits with little to no competitors.
Here is a real quick 8m video below by perry marshall [ he’s famous for bringing the 80/20 concept to marketing ], explaining what I’m talking about. I promise it won’t bore you if you’re serious about your business, and plus it’s leading up to my explanation of my ah ha moment in better detail. Please please watch it!
See in business you're always trying to establish TRUST. What this does when you become number 1 in any growing market, consumers will look at YOU as the authority or the industry standard etc etc.
I have been following perry for about 2 years now and his work has changed my outlook on marketing forever, I recommend that you do your research on him, as it won’t disappoint.
Okay back to what I was saying earlier, about my ah ha moment. So I was exploring the internet and I was on the lacoste products page and nicky hilton’s shoe collection page and something hit me. Basically, in the world of digital, meaning crypto and NFTs there is still so much uncharted territory. And I was thinking to myself why isn’t lacoste offering their products in crypto or nicky as well. That was part 1. Part 2 is, in the world of NFTs, people are constantly releasing collections, why doesn’t nicky or lacoste digitize their products and release them in an NFT form? This idea isn’t to far-fetched, if you go back to my mason rothschild post [ https://www.cybercatfoundation.com/post/birkin-bag-show-down ], you will see how he was trying to release birkin bag art work in the form of NFTs. He lost his case because property rights were at play with birkin, but that’s ok, I expected him to lose because he doesn’t own birkin bag copyright. So that legal case along with being the star principle was my aha moment. Lets look below and see what we can come up with. Here is nicky's page
Now here is the lacsote page
One thing about this, is that it's a very pioneeristic [ i made this word up ] idea, so yea there will be a lot of uncomfortable thoughts if they decide to do it. The world of NFTs is for pioneers, and people testing what is possible. NFTs collections get released all the time, as seen here on opensea the worlds largest NFT platform, website link here: https://opensea.io/
But getting back to the concept of the star principle, it's vital that you do things FIRST and carve out your position. That way when people think about buying products in NFT form, they will think about your website your store your collection your approach. I wish i could sit down with Nicky Rothschild or the marketing team for lacoste and run these ideas by them, but who knows maybe i will one day.
Like i said it will be uncomfortable trying something new like this, but in being uncomfortable is the most growth. I have a background in marketing and i have always had to look at the trends and see where things were headed when dealing with clients. You always want to shoot to be number 1, isn't that what we are all fighting for that number 1 spot? One of the big indicators to me that crypto , mainly ethereum [ a type of crypto ], is going to be the boss is that black rock [ a major american multinational investment company ] is getting involved with crypto. See it here, article link:
And all this stuff about releasing an NFT collection for nicky's collection and lacoste products, i know if it's done in ethereum, that is the future, hands down. So yea, that was my ah ha moment. I hope you enjoyed it, and gain some insights. If you have any questions for me, shoot me a message. Oh yea, don't forget to subscribe!
Comments