Wyze’s lean operations & tech innovation is remarkable.
You may not be selling IoT technology or smart home cameras. You might not even be selling products at all, perhaps only providing services.
However, let’s focus on some of the strategic principles Wyze executed and see how you can adapt these principles in your business.
Here’s a strategic look at what Wyze did:
Change the Status Quo
Great smart home products don’t have to be expensive (their promise)
Wyze’s flagship camera was only 1/10th of the price of most smart home cameras on the market and they still added more value with their technology at the low cost.
Low cost, for them, didn’t mean cheap, but it did raise the “too good to be true” flag. But at $20, it’s worth the risk to test for customers. This made it a low barrier to entry for customers and executed on Wyze’s goal to go after mass market appeal.
What’s your strategic goal and your promise to customers?
Gain Trust & Build Loyalty
If Wyze Cam was just another “cheap product”, it would not have sold 1 million cameras in its first year.
They backed their promise by delivering a camera that works and supports their promise. This delighted customers.
Let your product (your work) speak for itself and let your positioning (your promise) live up to the expectation.
Grow A Community of Customers & Provide More Value
Wyze focused on making a profit on every camera it sold (even if it was “razor-thin” profit). Growing and nurturing a community (of paying customers) based on trust creates relationships and opens the door to new opportunities. Wyze offered more ways to add more value to their customers by selling new products and services to their existing customer base.
It’s far cheaper and more profitable to sell to existing customers.
How can you acquire customers profitably and how are you adding more value to your existing customer base?