Do You Run a 24 Hour Business?
You’re short on time and so are your customers. For this week’s episode of the Duct Tape Marketing I visit with Adrian Ott, author of the 24 Hour Customer – New Rules for Winning in a Time-Starved, Always-Connected Economy
In The 24-Hour Customer Ott argues that companies need to strategically harness the ebbs and flows of customer time and attention in order to win in today’s competitive landscape.
Time has become one of your fiercest competitors.
In the 24-Hour Customer Ott outlines something she calls the Time-onomics Framework that helps businesses think in terms of how their customers prioritize and make decisions about the things they buy and pay attention to. Marketers today need to analyze their propositions against the various quadrants of time.
Building offerings that create time habits is one of the most powerful strategies you can employ. Creating subscriptions and memberships that allow people to habitually pay for services creates a time position of strength.
This phrase from Ott is the big payoff – “Time is not money, time is worth more than money.”
One of my favorite concepts from the book is the idea of something called time slicing – taking something and breaking it into smaller parts to make it more accessible. Ott explains how San Francisco based Sparked.com created a business out of something called microvolunteering or breaking volunteer assignments into very small commitments shared by many people.
Ott also cites Zipcar as a perfect example of how time sharing, time slicing and convenience can disrupt an entire industry.
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