Annie. Cinderella. Jurassic Park. Hollywood tends to remake every popular movie from yesteryear. So what does that mean? The best ideas are revived versions of previous good ideas?
Not necessarily. But it does speak to the idea that concepts become better with time and evolution. While most business leaders are taught to be innovative and forward-thinking, it pays not to discount proven concepts.
You can apply this mentality to refresh your business model by finding innovative ways to rehash the tried-and-true:
1. Identify nostalgic ideas that drive major results. Just like a movie’s dynamic cast or killer storyline, business concepts have key factors that drive their success. That’s why it’s so valuable to develop and tweak ideas that have already proven to be effective. When customers are fairly familiar with concepts, they’re more receptive to developments.
For example, State Street Barbers, with locations in Chicago and Boston, gives contemporary haircuts to men in swanky 1920s-style salons. Customers can even get the hot-towel treatment with a good old-fashioned straight-razor shave. That’s taking a successful old idea, reminiscent of another era, and repurposing and modernizing it.
2. Tell a meaningful story. Our brains naturally memorize stories more easily than facts and figures, so take advantage of that in the way you communicate. Why did your brand decide to give an old favorite a modern facelift? Tell your audience the story behind the “why,” just like you would in a movie, and it will be much easier for them to relate to your new product.
This is especially important when your story involves corporate social responsibility. In fact, 82 percent of U.S. consumers consider CSR when deciding which products or services to buy and where to shop.
3. Go with the buyer flow. There are always risks associated with bringing a new idea to market, so it behooves you to work with an established market that projects what customers want. It’s difficult to create a new concept and train people to wrap their minds around it. Jump ahead by working within a market that’s already there—just make sure there’s enough consumer buy-in to make the idea successful.
When Hollywood remade Star Trek, it already had a band of Trekkies lined up at the box office with minimal promotional efforts. The interest was still there, and the movie industry knew it.
4. Stay focused on the future. When determining which products or services you can renew, it’s imperative to keep an eye on the pulse of the market and what it means for future trends.
MasterCard and Visa recognize that paying with a smartphone is the future of transactions, so they’re embracing Apple Pay.
If you’re not constantly seeking ways to better your product or service, someone else will. Brands like Kodak were nudged out of the market because they failed to innovate, despite having the technology to do so.
New ideas are tough to come by. They exist, but all too often, people get so wrapped up in creating something revolutionary that they miss the opportunities right in front of them. By seeking solutions and improvements on products and programs around you, you can bring new meaning to older ideas. And that’s a remake worth watching.