Like Business Strategy
Enterpreneurship has always been defined as an innovative
approach to solving problems. If your innovation solves some problem of the
world and you generate jobs for mankind you are bound to succeed.
But according to me, with the changing aspects of life
definition of entrepreneurship has also undergone a sea change. Today, people
spend more on their luxuries than the basic amenities. Though the basic needs
are important most of the stuff that a man consumes these days falls in luxury
quota viz. electronic gadgets, clothes, shoes, perfumes! What about innovation
in these industries? Are the rules of innovation same for them?
The answer could be a straight forward ‘No’. There is a
different approach to the luxury business, which is ‘Like’ business. If your
business offers products and services, which are liked and appreciated by a
group of people, you can definitely make some sales. If not, they will keep it
in their ‘Desire List’, ‘Like list’ and definitely buy it at some point in near
future.
The chances of conversion are much higher in Like business
than the likelihood of conversion in a need business. When someone is in need
and he doesn’t get a particular brand he is looking for, he would buy something
else that fulfills his needs without waiting for another day and exploring
other options. He will buy whatever is available closer to him and at quickest
possible time. He would buy the stuff and don’t like it. He would still use it
till he gets another product at some point of time that he Likes!
So, whether it is a need, an urgency or luxury, the
businesses which have higher scope of development in 4th generation
revolves around ‘Like Business Strategy’
It’s time to be inspired from Social wonders !
