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WeWork has been all across the headlines recently.
If you've never heard of it, it's a company offering co-working and office spaces present in 123 cities.
Despite its rapid growth, boosted by a total of $21.1 billion in funding, it is losing money for each customer acquired, and the business isn't sustainable.
To the experts that are now analyzing the case, it seems like WeWork did everything wrong.
It seems astonishing how the company even managed to be worth so much.
But here what the company did right (And what you can learn from it)
WeWork's founder asked himself the right question.
The most powerful you can ask yourself too.
"What business are you really in?"
WeWork isn't in the business of selling office spaces to freelancers.
But in the business of fighting loneliness and creating a sense of gathering.
And it understood this well: by creating lots of events every day for its members.
Every human being wants to feel a sense of being part of something.
Dollars Shave Club applies this concept very well too. It sends every month with its package of razors a free printed newsletter.
In the words of its VP of Marketing revealed to Entrepreneur
"One of our most important marketing vehicles is our actual box. It feels like they're part of a bigger community -- part of something more than just buying razors."
With high churn and competition with subscription boxes, Dollars Shave Club understood that:
They in the business of Community.
This concept is sadly so powerful that psychopaths behind shady cults widely use it. They often convince their followers even to commit heinous crimes, because of how well they make their victims reliant on this sense of being part of something.
Think about what do you remember about the last time you've watched a live sports game.
Chances are you don't even remember what the final score of the game was.
But that you have an ample memory of whom you were watching the game with, whether it was your father or a close friend.
A basketball team isn't in the business of sports, but of creating memories and entertainment.
Yet, the thing is: It's hard to understand what business you're really in.
I create online publications, and most of my traffic comes from Google.
That's why many people in my industry say that they're in the business of SEO, but is it really?
By realizing that you run a media/publishing company instead, you'll magically start seeing more opportunities to expand and grow aside from search engine traffic and your current focus.
It will help you see the big picture.
That's why Apple dropped "Computer" from its name.
Or "Tesla is not in the car business.
Tesla is in the business of electric mobility.
It makes cars, but it is also building the infrastructure that will support EV mobility of all kinds in the future."
As briefly explained by Inc Magazine.
All right, you get it.
Now it's your turn: "What business are you really in?" Reply in this thread
If you've never heard of it, it's a company offering co-working and office spaces present in 123 cities.
Despite its rapid growth, boosted by a total of $21.1 billion in funding, it is losing money for each customer acquired, and the business isn't sustainable.
To the experts that are now analyzing the case, it seems like WeWork did everything wrong.
It seems astonishing how the company even managed to be worth so much.
But here what the company did right (And what you can learn from it)
WeWork's founder asked himself the right question.
The most powerful you can ask yourself too.
"What business are you really in?"
WeWork isn't in the business of selling office spaces to freelancers.
But in the business of fighting loneliness and creating a sense of gathering.
And it understood this well: by creating lots of events every day for its members.
Every human being wants to feel a sense of being part of something.
Dollars Shave Club applies this concept very well too. It sends every month with its package of razors a free printed newsletter.
In the words of its VP of Marketing revealed to Entrepreneur
"One of our most important marketing vehicles is our actual box. It feels like they're part of a bigger community -- part of something more than just buying razors."
With high churn and competition with subscription boxes, Dollars Shave Club understood that:
They in the business of Community.
This concept is sadly so powerful that psychopaths behind shady cults widely use it. They often convince their followers even to commit heinous crimes, because of how well they make their victims reliant on this sense of being part of something.
Think about what do you remember about the last time you've watched a live sports game.
Chances are you don't even remember what the final score of the game was.
But that you have an ample memory of whom you were watching the game with, whether it was your father or a close friend.
A basketball team isn't in the business of sports, but of creating memories and entertainment.
Yet, the thing is: It's hard to understand what business you're really in.
I create online publications, and most of my traffic comes from Google.
That's why many people in my industry say that they're in the business of SEO, but is it really?
By realizing that you run a media/publishing company instead, you'll magically start seeing more opportunities to expand and grow aside from search engine traffic and your current focus.
It will help you see the big picture.
That's why Apple dropped "Computer" from its name.
Or "Tesla is not in the car business.
Tesla is in the business of electric mobility.
It makes cars, but it is also building the infrastructure that will support EV mobility of all kinds in the future."
As briefly explained by Inc Magazine.
All right, you get it.
Now it's your turn: "What business are you really in?" Reply in this thread
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