Now, when I interview folks on Marketing Smarts, although I have generally checked them out on LinkedIn before doing so, I rarely ask them about what I’ve found there during the interview itself (though I may remark on something before we start recording). In this case, as you can hear if you listen to the interview, I did.
Specifically, around minute 20:30 I asked Jeff how he built EyeTrackShop’s US business, as his profile states, from “0 to $200 million in the first year.”
And in his response, I believe, I found the formula for business success.
For those of you who don’t know, EyeTrackShop provides a platform that allows companies to perform eye-tracking studies (that is, studies that monitor and record eye movements to discover what someone is looking at on a web page, for example, how long they remain fixated on this or that spot, how they scan the page, and so on) via a web cam.
In the past, if you wanted to conduct such studies, you had to bring people to wherever the eye-tracking machine was located and run your tests there, thus incurring, among other things, substantial travel and associated costs.
Jeff told me that he immediately recognized the potential of a product that could conduct these studies anywhere in the world and summed up the benefits of EyeTrackShop’s approach as: cost reduction, fast deliverables (since all travel time, for example, was eliminated), and global reach.
He added that, “When people use us, they keep using us.”
Finally, he pointed out something else of critical importance, “We’re the only ones in the world that do this,” which, as he also pointed out, not everyone can say.
Listening to Jeff, I realized that we had stumbled on that elusive formula of business success and here’s how I played it back to him:
- Have a great product that is truly unique.
- Solve a real problem that people are really struggling with.
- Make your solution affordable.
- When people use your product, make sure they get good results and have a great experience.
Jeff told me I was missing one thing—great people. He said, “You’ve got to have a culture where people are encouraged to think outside the box.”
So, adding that to the mix you get:
Great product + Real Problem + Affordable Solution + Great Results and Experience + Great People = Business Success.
If you would like to hear my entire conversation with Jeff Bander of EyeTrackShop, you may listen above or download the mp3 and listen at your convenience. You can also subscribe to the Marketing Smarts podcast in iTunes or via RSS and never miss an episode!