In an engaging email exchange between Ron and Reilly Newman, a Brand Scientist, Reilly shares his insights and challenges while reading the book "Time's Up!" He is particularly interested in applying the subscription business model to his brand creation business but faces difficulties in transitioning from a consultancy approach to a subscription-based service. Through their conversation, they explore creative solutions and strategies, including the idea of offering a "brand transformation program" and incorporating ongoing value into subscription packages. Join Ed and Ron as they discuss these ideas and how they apply to professional firms.
Use these show notes to follow along with the audio:
Segment one
Reilly Newman helped prompt the idea for this show with an email exchange between him and Ron. He wrote a really beautiful looking book called “Brandy”. Check it out here https://www.amazon.com/Brandy-Wisdom-Attaining-Successful-Brand/dp/B0C9S7Q7Q8
Reilly is a brand scientist and Ed thought this was interesting because your brand is not a static thing. It requires a constant investment which is an interesting perspective when thinking about a subscription business.
Our Verasage colleague Tim Williams (@timwilliamsicg) often talks about the difference between magic and logic. Check this link out: https://www.ignitiongroup.com/propulsion-blog/magicians-logicians-professional-services
Hey. Guess what you can do at RateThisPodcast? Yep. You can rate the podcast in 15 seconds RateThisPodcast.com/TSOE
Segment two
Let’s talk about the smile curve. It’s an important mental model that we have talked about before. Check out the image
We discussed the smile curve WAAAAAAAAAY back on episode 18 with pricing expert Dr. Reed K. Holden https://www.thesoulofenterprise.com/18
“The easier it is to quantify, the less it’s worth.” —Seth Godin
Did you know we have a Patreon channel available with bonus episodes where everything is commercial free? Yep. https://www.patreon.com/TSOE/posts
Segment three
What does your “A” stand for in CAS? Ed and Ron tied this back to leveraging the logic and unleashing the magic in segment three of the show today.
Skim, penetration and neutral pricing are an important part of the conversation today. Fortunately, we have an episode on the three — and only three — pricing strategies https://www.thesoulofenterprise.com/128
Important point from Ed today: Penetration pricing requires that you are careful about the design of your offering. Strip away the high value stuff so that it can be offered later.
Segment four
Costco’s theft rate is a fraction of the industry average https://www.barrons.com/articles/costco-has-been-on-a-tear-a-low-rate-of-theft-is-one-reason-51613160503
Target Circle 360 is a higher tier membership that is launching in the United States on April 7th https://corporate.target.com/news-features/article/2024/03/target-circle-loyalty-program
Astonishingly, full-time employees at The Container Store receive close to 300 hours of paid training in their first year.
Bonus Content is Available As Well
Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.
Click the “FANATIC” image to learn more about pricing and member benefits.