We all know that ideas are the currency of success these days.
To win and be a leader in your market space, its mission- critical to out-think, out-innovate and out-create your competition. The person with the biggest ideas and ofcourse with the best execution will lead the fields.
This reminds me to Ryanair. It is Europe’s most profitable airline (about 400 $ million in profit for this year) at a time when other airlines are struggling and sinking with high fuel prices (Jet Blue, another very cool company, lost money this year for the first time ever).
In the past one year, Ryanair has flown 35 million passengers at an average ticket price of just over $50. And, get this, 25% of its flights are free. Seriously!!
Ryanair’s goal is to one day (soon) make flying absolutely free.
SO HOW DOES IT MAKE MONEY?
By charging for other services. Advertising revenue comes from commercials on the back of seats. Checked luggage costs $3.50 per piece. Food is always extra.
Ryanair did not only brilliantly reinvent the business model for winning in their industry. They have brilliantly executed their business model too. They have shown us what innovation and imagination is all about in the change-crazy economy we are forced to operate within.
superb and brilliant ideas without execution is useless!!