Great user experience can save so much time Imaybe make some money ( enhance time ) super loyal users.
- Is Netflix saving or enhancing our time?
- Is the Apple Watch enhancing our time?
- Are the new Nike shoes you bought enhancing your time?
- Is a phone call with your broadband operator saving you time?
- Is using Monzo rather than NatWest saving you time (and money)?
- Is your newly purchased Peloton bike or a meatless burger enhancing your time?
Another great blog post by the “big dawg”:
Any company that creates more than $10 billion in shareholder value does one of two things: extend time (more time, saving time) or enhance time.
Every firm that has aspirations of creating billions in shareholder value must construct a time machine and be clear on the type of benefit — savings or enhancement. The first trillionaire will build a time machine for the healthcare industry. The T-Man, or woman, won’t reduce costs (this is where the analysts get it wrong), but give us millions of years back, in the pursuit of health, at the same or lesser cost. What’s the point of enacting medical care that extends your life a year if it costs 3 years to procure, navigate, and administrate?
…Microsoft saves you years in efficiency (extend). LVMH allows you to enjoy the finest in life and increases your selection set of mates (enhance). Apple skimmed the foam off the top of the Microsoft beer, moving from tech to the luxury sector. Apple offered both faster transactions and an enhanced experience (for a 100% premium). iProducts just worked, made you feel better about yourself, and the global affluent willingly paid.
Netflix: At $156/yr, I’ll pay Netflix $4,680 over the next 30 years to avoid over a year’s worth of ads. If you could pay $4,680 to extend your life by a year, would you?
Movies and HBO saved some time, but were relatively expensive. And then came Google, Facebook, and Netflix. I’ll get a year back (time spent not watching ads) in exchange for $4,680 spent on Netflix. How to even think of doing research without Google? Would I have to go to a library and log on to Lexis/Nexis? It’s hard to imagine how much time and life Google has created.