What Marc Cuban, Amazon and Uber Teach About Scaling Your Brand
Amazon started out selling books. They are now selling "everything." Wal-Mart and other giant retails are struggling to find out what hit them. Last week a truck pulled up and delivered a package to me, from Amazon. I thought it was the US Postal Service. NOPE, it was an Amazon delivery truck! The WSJ writes about this here.
Uber, started out as an app to quickly order car transportation. They're now crushing the taxi industry and adding other services such as shopping, food delivery and so much more. They'll be driven by driverless cars in the coming years; I'm sure. They've taken advantage of scaling their brand.
In Episode 10 of Shark Tank (this year), Tyler Hadzicki, founder of Leaux Racing Trikes learned a valuable lesson from Mark Cuban. It's all about the importance of scaling your brand.
Mark asked Tyler, "What's next?"
Clearly Mark liked Tyler and liked the idea of the low riding racing tricycle. However, Mark (nor any investor) isn't looking for a one trick pony - they're looking for "big deals." If Tyler had shared his vision for making a new line of books, or whatever else to SCALE the one product, Mark would probably have invested. However, Tyler didn't have a good answer to "what's next?"
Check out the clip below or going to YouTube to watch it.
Lesson for All Smart Hustlers:
While having ONE product or service is "ok" - if you want to grow you need to have a handful (or more) of additional products/services to offer your customers down the line.
When customers know, like and trust you, they'll want to buy more from you. If you're going to grow, you need to enable them to do that.
- Amazon.com - from books to everything else, including delivery vehicles, drones and more.
- Uber - from being an app for hailing a "taxi" to being a delivery company and so much more.
So, what's next for you?