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Last Update: Monday June 21, 2021

Key Idea: Charge for Insight

All small businesses charge top dollar for artful and unique products and services.

Key Question:

A: 

Charge for what you know you do that is unique.

Q: How do we price insight?
 
A:
The same way you price any product or service. You price it based upon the value it brings to the customer. What would the US Government pay now to a firm that is able to deliver insight distilled from data being gathered on terrorist activity?

Think about it

Can you develop a product or service around insight? For example, the insight that surfers want to eat lean protein is the basis for the $33 million in annual revenue now being generated by Wahoo's Fish Taco.

Clip from: Knowledge Management

Westerham and Stockport, England: In this episode of the show we go inside truly global businesses that are changing the way we know things and understand who we are. They are each uniquely helping us all get the information revolution under control and helping to open the way to a knowledge evolution.

You'll meet Miles Corbett and David Bowden and their team in Westerham, England. In their hands information becomes knowledge, and their programs are saving businesses millions of dollars every year.

Then later in the show, you will meet Bill Daring, Jon Keefe, Nick Smith and the team at KMPInternet of Stockport. They are eliminating mundane tasks from the work area and creating access paths over the barriers between languages.
Historically, if knowledge were on a grocery shelf, it would have been among the most perishable items. Here we meet people who are giving knowledge much more shelf space, at a much lower cost, and as a durable good.

Today intellectual property is as important as physical property. Physical property sustains the body -- food and shelter; intellectual property sustains the mind, imparting meaning and value to life. 

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Transition Associates (MC)

Miles Corbett, Co-founder

The Old Chapel
52 Paynesfield Road

Visit our web site: http://www.transition.co.uk/

Business Classification:
Service

Year Founded: 1995

Charge for Insight

HATTIE: Remember, we started with the question: What can we know? I think the answer today is: Just about anything.

The real question is: What do you want to know, and why?

Transition Associates is a business totally based on intellectual property, the stuff of the mind. These people envision how information coheres and then put it all together in software programs. It is now an industry known as knowledge management.

They get into the learning space of the mind and write these specialized software programs, so people can dig through libraries of proprietary information and databases in seconds. Unlike Google, these inference machines are pointing to one or two pieces of information necessary to make a critical decision. Their customers are savings millions of dollars every year as a result. The information is secure but available to the right people from literally anywhere on the planet with today's PDAs and laptops with pervasive communications.

One of the last barriers between people seems to be language, and that is increasingly a non-issue because technology has progressed to give us real-time translations of documents and speech from one language to another.

(Voiceover) Let's go north of London to see how one small business is empowering their customers to reach across language barriers and how they are developing technologies to handle mundane jobs.
 
 

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