The world is changing quickly. Technology is shortening the gap between consumer and brand, and increasing the interactivity. Ultimately, giving the consumer more control over the process of buying products and services.
Startups everywhere are questioning the status quo. Why does it have to be this way? Why can’t it be simpler? After asking these questions – they go and build. They work to find the need and solve the problem. Startup incubators like The Brandery and OCEAN – both in Cincinnati, Ohio – are working with startups that are doing just that.
Wilson had the opportunity to attend the OCEAN Demo Day in Cincinnati and see 10 incredible startups pitch their businesses. We love the startup culture and mindset here at Wilson. Startups are looking to fill a need that is missing due to the advances in technology.
At Wilson, we “reposition mature brands for new growth.” So why would we care about the startup community? Because startups are the new growth! Our goal is to help mature brands think like a startup. Technology is changing the way consumers interact with brands, and mature brands need to reposition to fill these needs and continue growing.
As our President, Brian Wilson likes to say, Mature brands should “pay homage to the past, but you don’t want to live there forever.” Just ask Blockbuster.
Two startups from OCEAN Demo Day particularly stand out in the way their product or service is taking on mature brands.
Casamatic is changing the way millennials buy homes. Their software personalizes the home buying experience and builds upon data already available from sites like Zillow. They also connect you directly with an agent, so you can visit the house quickly. Homebuyers search for weeks online to find homes, and then it takes even longer to find a realtor and setup a home visit. Casamatic is using technology to fulfill the needs of consumers.
Lyfeboat is another startup taking on mature brands like AAA. We all know how long it can take for roadside assistance. You call a service provider; they try and figure out your location, and then call you back (or you wait on hold) with an estimated wait time. It usually takes over an hour! Lyfeboat is the Uber of Roadside Assistance. Using the app, help is on the way quickly. You receive live updates on where your help is located, and thanks to GPS they know exactly where you are stranded.
Consumers want things simple and they want them quickly. Mature brands need to adapt and reposition to meet those needs. Technology is changing the way business is done. This is why understanding the startup mindset is critical in helping mature brands think and act strategically for long-term growth.
Big brands like IBM are investing heavily in the startup community so they can continually reposition to meet the needs of their customers.
Does your brand think like a startup? We can help you think strategically about your brand and reposition for new and continued growth. Send us a note and let’s connect!