60 Minutes Expose
Posted on 19. May, 2007 by Jay OHare in Competition, Create Value
60 Minutes did a great job promoting Redfin last Sunday night and didn’t do much for your business. It was almost a Redfin commercial which is why, I suppose, Redfin has the piece posted on their site. If you missed the piece, you can watch it here.
The takeaway is that other companies are coming into your business trying to capitalize on the fat in your business model. They try to dis-intermediate your value chain by offering a path that either excludes you or severely reduces your role; thus your value.
They try to create a new competitive model that has greater perceived value to the end customer, making you look antiquated and expensive.
It’s Redfin today & someone else tomorrow. Your job should be to reinvent the business yourself. Don’t wait for someone to do it for you. You’re the incumbent, you’ve got the base & you’ve got the lead. E-trade wanted to wipe out Merrill Lynch – they didn’t. But Merrill Lynch had to seriously change their game to stay competitive and is very different today. I encourage you to watch this video to understand what companies like Redfin are doing.
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The thing I noticed was the CEO of Redfin was very open in this interview but extremely competitive, almost vindictive in the 60 minutes piece. Would the real CEO please stand up?
I watched the interviews. I felt really let down by the NAR. The broker they interviewed did a weak job of conveying our value.