Free Prize Inside Book Summary By Seth Godin

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"Free Prize Inside" by Seth Godin provides readers with insight on how to make their product, service or company stand out in a world where no one pays much attention to traditional advertising.

From this book, you'll learn practical strategies on how small-scale innovations can make your mark and break through the modern-day noise.

Godin offers case studies and examples of businesses that have succeeded using these techniques, plus tips on how you can apply them as well - allowing you to reach your audience and make a lasting impression.

If you're looking for insights on how to stand out from the crowd and engage your customers, then this is the book for you!

Free Prize Inside Book

Book Name: Free Prize Inside (The Next Big Marketing Idea)

Author(s): Seth Godin

Rating: 4.6/5

Reading Time: 29 Minutes

Categories: Marketing & Sales

Author Bio

Seth Godin is one of the most talented and renowned names when it comes to writing, public speaking, and entrepreneurship.

He has written a total of 19 books so far, some of which achieved bestseller status like Tribes (New York Times) and Purple Cow (Wall Street Journal).

Apart from that, he's also famous for being the founder of Squidoo, Yoyodyne and altMBA - an online leadership program.

His amazing achievements have earned him a spot in the Marketing Hall Of Fame in 2018.

It goes without saying that Seth Godin is someone who we should all aspire too!

Learn How To Harness The Power Of Small Innovations For Your Business

Small Innovations

Marketing your product, service, or business can seem overwhelming.

But instead of focusing on thinking big and investing in expensive ad campaigns, consider making smaller-scale innovations to take your marketing game to the next level.

Think back to when cereals used to advertise that there was a “free prize” inside.

Although it was meant for children, it proved to be an effective strategy – not only did it cost very little for companies to produce these prizes, but they were able to boost sales without too much effort!

You can apply this same tactic by coming up with unique bonus features for your products that will make them seem irresistible and special.

Plus you’ll be able to do so with minimal resources and risk involved.

With just a bit of creativity and effort you can create something that will bring more attention and sales to your business!

Consumers Have Become Desensitized To Advertising, And Big Innovations Come With Big Risks

The traditional approaches to turning a product into a success story are expensive advertising campaigns and big innovations.

It used to be that companies could rely on these tactics to draw attention to their products and make money: advertising campaigns would get people talking about them, and big innovation projects would allow them to corner certain markets and charge premium prices for their goods.

However, in the 21st century, this isn’t necessarily true.

Advertising is so widespread that people have become numb to it, while big innovation projects cost too much – risking profits before they can even be made.

Companies like Iridium spent billions of dollars on their projects, only for best-laid plans fail when the product went bust.

Expensive advertising campaigns and big innovations are no longer a ticket to success.

Don’t Think Big To Innovate Successfully: Focus On Soft Innovations Instead

Innovation is the key to success in today’s economy and many people think it’s necessary to go big – developing highly-revolutionary products like Thomas Edison’s light bulb or rocket ships that are almost unattainable.

But you don’t need a world-changing invention for your business to be successful.

With smaller scale inventions you can also generate profits, and these creations can be more feasible to achieve.

In many cases, all that’s needed are some smart ideas, like a new smartphone pricing plan, quick oil change service, or purple ketchup.

These types of gentle innovations don’t require massive budgets or research and development departments as they take much less money and risk compared to bigger innovations.

While there can still be some unsuccessful soft innovation projects, there is overall opportunity for profit when taking this route in today’s economy.

With some gumption and know-how anyone can implement relatively small-scale inventations that often prove more successful than world-changing inventions due how feasible and cost effective their implementation is.

Soft Innovations: How To Make Your Product Or Service Remarkable And Desirable

Soft Innovations

In order for your business to have any chance of success, you need to make sure that your product or service stands out from the competition.

The best way to do this is to make it remarkable and desirable in the eyes of customers.

This means doing something creative and innovative that will leave an impression and capture the imagination of potential buyers.

One key way to make a product or service unique is by providing extras that aren’t strictly necessary but add value and make it stand out.

Take a Mexican restaurant at a ski resort as an example – this isn’t necessarily part of the primary experience, but it provides visitors with a fun side benefit they weren’t expecting.

Or think about something like a designer watch – people don’t buy it just for the time-telling ability; there are other reasons why they’re drawn to it such as its beauty or its status symbol value.

These small additions are often enough to sway consumers into choosing one product over another, which is why any serious business needs to incorporate them into their offering if they want their soft innovation to succeed.

The Key To Making Your Product Or Service Remarkable Is Edgecraft– Pushing It As Far As Possible In A New Direction

If you’re looking to make your product or service remarkable and desirable, the key is edgecraft.

Edgecraft is the art of creating a unique product or service that stands out from the competition.

To get there, you have to think outside the box and go all the way with your idea – don’t just think about halfway measures – identify your product’s edges and take them to their limits.

As an example, let’s look at a restaurant whose main offering is customer dining experience.

All aspects of this experience can be customised in different ways: menu, decoration, staff etc.

When it comes to staff for example, rather than settle with normal standards of attractiveness, you could push it further and hire only supermodels or bodybuilders.

It may seem like a radical solution but it will give your restaurant an edge over others.

By putting edgecraft into practice you’ll be able to find an innovation that can give you and your customers a free prize – one which they would never forget!

Getting Ideas For The Edge: Think Outside Your Industry And Adapt Successful Edges To Your Own Needs

When it comes to finding an edge for your product, service, or business, the best place to start is by looking outside the field.

Thinking outside the box and drawing inspiration from different industries can help you come up with innovative ideas that can set your business apart.

Take Natures Nutrition‘s Turmeric Supplement with BioPerine, for example.

This supplement has a unique edge: Bioperine, which is a patented black pepper extract that has been shown to improve absorption of curcumin by as much as 2000x better than normal turmeric capsules alone!

Just by looking at something from another industry – in this case food products – gave Natures Nutrition the inspiration they needed to create something truly remarkable.

So when creating your own edge, don’t be afraid to take risks and look outside of what you’re familiar with – you never know what exciting things you may find!

The Art Of Edgecraft: Visibility, Invisibility, Variety, And Counterintuitive Opportunities

Opportunities

In Free Prize Inside!

Seth Godin suggests that when it comes to exploring edges, the possibilities are almost limitless.

To be successful, you must be creative and think outside the box.

Godin uses the idea of visibility as an example of an edge that could help make your product, service or business stand out from the crowd.

Visibility could be sought in a literal sense, such as by putting a massage parlour’s chairs out on the sidewalk, or in a more figurative sense—such as with the Volkswagen Beetle.

Conversely, some edges require you to hide your product.

Godin points out that this is why transparent braces became so popular; they made what was once visible—metallic braces—invisible.

This brings us to another general lesson about edgecraft: sometimes, you can start with one edge then take it in the opposite direction and find another valuable edge.

For instance, Mike’s Famous Harley-Davidson dealership boasts high variety while In-N-Out Burger limits their menu to only seven items and people still flock there.

By understanding this concept of opposing edges, you can tap into opportunities for growth in your own business.

The challenge comes in being able to think up these different edges and apply them in such a way that they create value for your customers–the extent of which is really only limited by your imagination!

Obstacles To Edgecraft: Overcoming Resistance Within Your Own Organization

When it comes to implementing your edgecraft, there are always going to be obstacles that stand in the way of achieving success.

The main obstacle will often come from within your own organization.

It may not be obvious at first, but the people in your organization, including you, may have their own reservations and doubts about making the changes necessary to bring certain ideas into reality.

The technical challenges of bringing an idea to fruition are usually minor matters.

But when it comes to introducing a new concept into an existing organizational structure, many members can become wary and hesitant.

They will bring up various rational arguments like “What if our customers don’t like it?” or “What if the stock market doesn’t take it well?”.

These fears should be taken seriously but they should also not stop you from championing your idea forward.

Ultimately, with a bit of effort and determination, barriers can be broken down and everyone involved in coming behind you as to make previously considered impossible projects possible.

Gain Leverage To Sell Your Idea By Proving Its Feasibility And Anchoring It In The Familiar

When coming up with a new idea, it’s important to ensure that your colleagues are on board.

This means that you have to convince them that the idea you have is feasible and worth pursuing.

To do this, you’ll need to put in evidence and arguments in favor of your idea, as well as create a polished and persuasive presentation.

However, if the idea is particularly innovative, then this can be difficult because there is no definitive way to prove its feasibility in advance.

In this case, it’s more important to spark an emotional belief in your colleagues rather than intellectual one.

You can achieve this by anchoring more daring and innovative aspects of your idea with something that feels more secure and time-tested; think Toyota did with the Prius.

Additionally, another approach is to mimic your organization’s traditional approaches at testing out new ideas, like focus groups.

Ultimately though you not only want them to believe it will work but also believe it should be done – exploring what value it brings etc which requires a whole different level of convincing!

Convincing Your Colleagues That It’s Worth Pursuing: Tailor Your Pitch And Remind Them Of The Dangers Of The Status Quo

Colleagues

If you want to make sure that your colleagues are onboard with your idea, you must prove to them that it is worth pursuing.

You can do this by acknowledging that everyone has different motivations and values, and addressing those needs in your pitch.

Your peer Bob in engineering might value a new project if it offers an interesting challenge, while Sally in sales might simply be focused on keeping her job.

You may even be able to use the resistance of your colleagues as leverage for persuading them; reassure them that their fear of change is rooted in a preference for the current status quo—which already has weaknesses that would erode the company’s position.

Use concrete examples like showing the potential profit gains or reduced customer service issues to underscore why abandoning the status quo is necessary.

Making this clear will have them wondering what took them so long to realize the power of your brilliant idea!

In Order To Pitch Your Idea Effectively, Focus On Developing Your Leadership Skills And Confidence

Before you present your idea to colleagues, it is important that you have built a reputation as a leader.

Having a track record of similar projects and successful outcomes can make your pitch much easier.

However, even if you don’t have the same successes as someone like Steven Spielberg, don’t give up before you’ve even tried.

Everyone has to find their start somewhere – maybe this will be your breakout moment!

In order to build up your reputation, it’s important to start small and take on little tasks that show off your leadership aptitude.

Whether it’s organizing a group lunch or resolving customer service issues, taking the initiative can prove useful in demonstrating responsible leadership skills.

From there, you might work up the ladder towards bigger and better responsibilities.

Having established yourself as a leader beforehand will make your presentation much more impactful and convincing when the time comes for you to propose your idea.

Showing colleagues that you are confident in yourself, but also in them, will ensure that they buy into what it is that you’re trying to achieve and ultimately allow for greater success.

In other words – before presenting an idea, come prepared with proof of reputable leadership abilities!

Wrap Up

The final takeaway from Free Prize Inside is clear: utilizing small-scale, soft innovations can give you and your customers an edge.

They’re the equivalent of free prizes for everyone involved – providing you with a cost-effective way to generate buzz and your customers with an exciting bonus feature.

By thinking creatively and utilizing this lesser known method, companies have seen an increase in their customer base as well as their bottom line.

If you’re looking for a cost-efficient way to stand out from competitors and make your product or service remarkable, Free Prize Inside has the answer!

Arturo Miller

Hi, I am Arturo Miller, the Chief Editor of this blog. I'm a passionate reader, learner and blogger. Motivated by the desire to help others reach their fullest potential, I draw from my own experiences and insights to curate blogs.

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