In order to fully understand the concept of strategy and how you orient yourself towards
achieving your businesses goal.
You need – we need to revisit again the concept of value proposition or that measure
of value that you're delivering to the customer, client or end user.
So, there's a few things, a few questions you should generally ask yourself to help
you understand what it is about your product, service or idea that is valuable or is capable
of being transmitted as value to your customer end user.
So, ask yourself, what is your product or service that – what is the functioning of
it, how does it deliver what is it that affects in someway the customer, client or end user.
And how does it go about doing it?
Break it down strategically to say what aspect of my product, service is transmitting something
that affects the customer client or end user.
From there you can ask – ask yourself what is it satisfying in that end user.
Is it a need, is it a want and then you can move on to what level of priority exist for
that need or want in that given customer.
You can go further and ask yourself why does that need or want exist, what is it about
that specific customer, that customer target market that requires your product or service
or that in some – for some reason values it.
And then you can begin to understand what it means to effectively deliver that value
to them.
You can go further and ask yourself can in some way should I perform that value proposition
be strengthened can or in the same (inaudible 00:01:43) can it be diminished?
Is there something about internal factors in the business or external factors in the
market or environment that could some way augment or diminish that customer and clients
need or want for the value that your attempting to deliver to them.
Okay, is there a particular lifecycle on this need or want, is there something that is going
to cause it to end at some point in time or where is it in it's growth path.
If it's early in the stage of growth then it maybe the subject of a business that can
continue growing and ride that wave of growth as the need or want grows.
But likewise it could be something that has a limited use or a shorter time period when
it could possibly be useful for the end user, the customer.
So, ask yourself again, can you further segment out the customer end user based on this need
or want itself because again every customer setting and or demographic is going to have
a different level of need or want for the value that you're transmitting and in that
way you can further develop the product or service to address or meet them based upon
the value that it returns back to you in transmitting that value.
Is there anyway you can exceed the current level of expectations of the customer.
And if you do does that create additional value, does it expand the market or and does
it create additional return for you, okay.
So, again laying this things down on a sheet of paper, on a chalkboard to help you further
understand the value proposition surrounding your product, service or idea.
Again we'll help you work towards a strategic orientation that can strengthen that because
it's how you assemble the resources around this value proposition that is going to make
the difference between the success and failure or the growth versus stagnation of the business
venture.
So, again these are just questions to ask yourself and things to explore, things to
ideate upon, so you can better understand again your product, service, the business
surrounding it and then the value proposition to the customer.
http://TheBusinessProfessor.com