Craig Goodliffe, CEO & Founder of Cyberbacker.
The digital age and the innovations it has brought to the business world have provided a host of new opportunities for entrepreneurs. Not only have these innovations ushered in entirely new business models that created new revenue streams, but they’ve also created new tools for capturing and analyzing data, which provides businesses with powerful insights, often in real time.
Perhaps the most revolutionary change is the way digitalization gave every business the opportunity to be a global business, taking its products and services to customers around the world. To take advantage of these new opportunities, however, entrepreneurs must overcome some obstacles. They must develop new skills and adopt new mindsets to take advantage of the tools and strategies emerging in the digital age. In some cases, success also requires investing in costly new technology.
One of the most challenging obstacles I have seen entrepreneurs face is market saturation. Digital tools make it easier to start and scale a business, which has significantly lowered the barrier to entry. As a result, every entrepreneur operating in the digital age faces increased competition as they seek to operate in the global marketplace. To stand out, entrepreneurs must present a unique and enticing value proposition that attracts investors and consumers and drives conversions.
How MOFIR Can Help Solve The Saturation Problem
MOFIR is an acronym that stands for “Make an Offer For Immediate Response.” While it has its origins in the real estate sector, MOFIR is a principle that can be applied by any entrepreneur to establish their business as the one best suited to address the problems that customers face.
Every viable business is solving a problem. A real estate company, for example, guides its clients through the process of buying and selling homes. Likewise, a tech company provides the technology-driven tools needed to enhance performance and keep businesses competitive, and a mechanic helps get a client’s car back on the road.
To leverage the power of MOFIR, entrepreneurs must look beyond the general need that their business addresses and position their product or service in a way that resonates with the consumer’s immediate need. Amazon provides an excellent example of how this approach can enhance business performance in the digital age. By becoming the internet’s one-stop shop for virtually anything, Amazon attracted customers from all over the globe. The level of convenience it offered was unprecedented. Consumers could find great deals on coffee makers, cat food, ceiling fans and countless other items in one place—and they could shop from the comfort of their homes.
The downside to Amazon was delivery. Shopping at the local Walmart or Target, while not as convenient, provided immediate gratification. Customers did not need to wait for their product to arrive, and they did not have the additional cost associated with shipping. Amazon knew the one thing people hated about their service was shipping, so they embraced MOFIR and made an offer for an immediate response that addressed that pain point.
When Amazon offered free two-day shipping, it changed the e-commerce landscape. Suddenly, shipping was quick and cost-effective. Amazon was able to capture the attention of the customer—and, consequently, become the market leader—because it identified the unique problem that existed in its market and leveraged MOFIR in an impactful way.
How To Develop An Impactful MOFIR Offer
Leveraging the MOFIR approach requires developing a deep understanding of the economic challenges your target market is facing at the present moment. Remember that MOFIR is about the offer, not the product. Amazon didn’t change its service when it began offering free two-day shipping—it changed the price.
In today’s marketplace, many consumers are reluctant to spend because they are worried about losing their jobs. To make your product or service stand out, I recommend addressing their economic fears. One example of a solution for today’s consumer is to offer lenient return policies. “Buy today and you can return it within 60 days, with no questions asked and no penalties” is the type of MOFIR-driven policy that attracts customers worried about their income disappearing in the near future.
Reports also show that some of today’s consumers are more willing to spend on products that deliver exceptional value. For instance, those concerned about the economy or their personal health are often not focused on discount prices. Instead, they are looking for the option that seems most likely to help them achieve their goals. Many gym memberships, for example, will give you access to weights and other workout equipment. “Join today and you get four 30-minute sessions with a professional trainer” might be the MOFIR-driven policy that elevates your fitness brand over the competition.
Essentially, the digital age has created a visibility problem for entrepreneurs. Every good product or service can potentially be crowded out by a wave of copycats before it has a chance to gain any momentum. By leveraging the power of MOFIR, however, you can add value to your brand and overcome the obstacles that keep your target market from buying.
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