Last week, we were joined by Bill Bishop, founder and CEO of The BIG Idea Company, keynote speaker and author of 11 books on our podcast. Bill discusses the necessary Mindshift from Old Factory Thinking to New Factory Thinking in order to survive and succeed in the new factory value hub marketplace.
Here are 5 Big Ideas we took from our time with Bill.
New Factory Thinking vs Old Factory Thinking
The economy and the marketplace have changed on a fundamental level. This shift from an assembly line economy (old factory) to a value hub economy (new factory) is causing unprecedented and irreversible changes. The industrial assembly line has been replaced by the Internet, a global network of connected relationships, as the economy’s dominant means of production.
Re-wire your mind for success
If you recognize you’re operating in an old factory way, you can re-wire your mind so you can survive and succeed in the new factory marketplace. Using new factory thinking, you’ll experience an explosion of ideas about how to provide new, more profitable kinds of value in the marketplace. You’ll redefine what “value” means and come to appreciate that in the new factory marketplace, value and wealth are being created in ways that were unimaginable in the old factory economy. You’ll also see that building your new factory is also easy and fun.
Consumer Behavior has changed
The psychology of consumers has changed. Empowered by new technology and exposed to an ever-increasing volume of information, they see the world through new eyes and behave differently in the marketplace.
Don’t place unnecessary limitations on yourself, see the Value Hub possibilities
In the value hub economy, it doesn’t matter what industry you’re in. Your customers don’t care. Only you care. In fact, in the value hub economy, traditional industry definitions are irrelevant. Ask yourself, what industry is Apple in? Can you say they’re in the computer industry or the music industry? Are they in the telecommunications industry? In the value hub economy, it doesn’t matter. Apple is its own industry. They’re in the industry of creating value for their customers, no matter what that means.
Forget selling. Give something away free.
Get buyers into your ecosystem, in a place where your customers can come and get everything, all in one place.
Yearning for more?
Listen to the full podcast here