CES 2017: 5 Tips To Help You Dominate Your Industry
CES, or the Consumer Electronics Show, is an annual trade show hosted in Las Vegas, and home to all the latest technologies, products, and innovations being unveiled every year.
I love going to CES. It allows me to catch up on all the latest trends, as well as get a glimpse at what the future of tech is going to look like.
CES gives a good glimpse on how concepts, like the world of connected devices and the connected home, are maturing and having an impact on other industries. And if you begin to apply where the world is going to the industry that you are in, you might actually be able to create disruption with your business as well.
If you missed CES 2017, here are 5 tips that I learned that you can use to take your business to the next level:
1. Observe Trends and Take Action
One of the first things I did at CES was head over to the Peloton booth and ride a connected exercise bike, which is something that wasn’t even possible a few years ago. When you think about it, even three years ago there was no such thing as “connected fitness.”
True, the idea of the whole world being connected by wireless devices has been around for decades, but Peloton is an example of a company that took it to the next level. Peloton was able to take the concept of global connection and apply it to fitness. And that’s my first big takeaway.
When you come to events like CES, take notice of the trends you find and ask yourself, “What does the future look like in other industries? How can I take that and apply it to the industry that I’m in? How can I disrupt the product that I’m selling?”
How many spinning studio bikes are there? A ton. But how many spinning studio bikes are there that are connected? Not many, and Peloton saw this whitespace. They took what they saw happening in the connected world and they applied it to the industry that they’re in. And the only way you can do that is if you start analyzing these global trends.
2. Unlock Value from Unlikely Partners
Under Armour CEO, Kevin Plank, has been an inspiration to both small businesses and large organizations alike. Having been a guy who started out small pursuing a college dream to scaling a business and turning it into one of the largest companies in the world, there’s a lot you can learn from him and his company’s story.
But aside from Under Armour the company, think about the partners that they have. Map My Fitness, an app, is one such partner, and their story is interesting as well. Map My Fitness was in the process of trying to build an app business, but they couldn’t get to scale as fast as they wanted. It wasn’t until Under Armour (a clothing company) partnered with (and eventually bought) them and began integrating them into every single piece of clothing and product they made, delivering instant scalability.
So, who are the partners that can get you to the next level? Be really creative about the potential value you can unlock with them, however unlikely (like integrating tech into clothing) they may be.
3. Steal Ideas From Other Industries
Here’s a tip: Take a look at what’s happening in other industries and steal shamelessly.
Standing in the 3D printing aisle at CES, for example, I can’t tell you how far this technology has come over the last six years. Two years ago, there were some 3D printers that used metal shavings, but it wasn’t the most economical. Now, what they’re doing is using liquified metal, which mimics very similarly to the other wax/polymer 3D printers that have become more popular. This progress opened the door for many other industries to adopt (or steal) 3D printing.
When you look at what I did at Mondelez in creating the first ever 3D printed Oreo, it was a huge hit. All I did was look at what was happening in other places, which happened to be industrial trends around 3D printing, and I applied that to food. So, what are the trends in other industries that you could steal from that could grow your business?
Bonus Tip: Even more importantly, I want you to think about the real trend that’s happening here: distributed production. I’ve worked on some of the world’s biggest supply chains, and I’m sure that if you have a small business, you might be having some supply chain challenges or issues. Is there a way to simplify or go into a more distributed model? Is there a way to outsource creation and on-demand production? I promise you that’s a trend that’s coming down the pipe.
4. Drive Funding AND Distribution
When you come to CES, the first place you need to go and touch down is Eureka Park. It’s where all the small companies — the tiny, unique, and interesting innovations — are held. It’s also the best place to think about distribution and funding.
If you came to this space three years ago, you would’ve found a bunch of small companies trying to “make it,” and then companies like Indiegogo got involved. Now, there are over 180 companies who are crowdfunded here.
What’s interesting about Indiegogo is that there’s the beneficial combination of crowdfunding and distribution. You ask the world, “Do you want this product? If you do, are you willing to pay a small amount of money for it?” If they agree, that’s guaranteed, locked-in distribution.
Everything from children’s toys to air coolers were showcased because of successful crowdfunding. I came across two guys who had a great idea around climate control, probably didn’t have the money to launch a product on their own, put it on Indiegogo trying to reach $100,000, and ended up raising $1.2 million. But even more importantly than just raising the money, they actually gained distribution and sold product along the way.
My point: think about new ways in which you can drive funding AND distribution. Those who win are those who disrupt and think differently around both.
5. Create Volume When Networking
I wanted to leave you with a final tip around networking.
There’s an art to networking and it really comes down to this: make sure you put yourself in a position where you don’t have to work crazy hard to meet everybody in the room. What you want to do is create deal flows and high throughput for yourself.
Whenever big events like CES are happening I try to host a dinner to bring the people to me. Or if you’re going to an event, try and speak on a panel, so that once you get off the stage people will already know who you are.
You want to create the most amount of volume for yourself when you go to an event, and that’s exactly how I power network at events like CES.
Subscribe to my YouTube channel where I’ll be posting a video recap of CES 2017.
If you have any questions or thoughts OR you want to come to CES 2018 with me, text me: (646) 759–1837!
