Building A Thriving Business (What's at the VERY CORE) Pt 6

Most businesses are concerned about maximising the variety of their customers, but as a customer, you are only concerned about what job NEEDS to be done now, and finding the best way possible. This should be the focus of any business leader, by using the RDD (Reliable, Durable and Dynamic) system. You should be focused on providing a solution that fulfils the major promise made to the customer, has a reasonable life span, and meets the peripheral needs of the customer. Take for example a present day automobile, it satisfies the major need for a means of commuting short or long distances, it has a reasonable service life, and it meets peripheral needs of comfort, vehicle weight management, entertainment, itinerary mapping, sensual appeal etc.

Be One Step Ahead

Now for a business to remain ahead of the curve or gain control of their market, they also have to be thinking about the desires and aspirations of their customer; what they would want done soon and what they hope to get done later. What every customer wants done soon, is for businesses to have NEW value streams for them, and what they hope to get done later, is for businesses to be creating so much value, that their standard of living/operation improves drastically.

Create New Markets

In today's business world, market research has been made easy through digital marketing, product testing, and crowd funding campaigns. Businesses can make use of such avenues to locate new markets where new customers exist that are akin to customers in their current market.

Learn From Tawk.to

Let's conclude with a case study, tawk.to; a fairly new entrant in the online chat service market. They created a new market within their market; a technically FREE online chat service, complete with the necessary peripheral features, like 24hr customer service help, as they believe you shouldn't have to pay to communicate with your clients. They ONLY charge ($1/hr) you on real value creation, in the event you need a trained agent to man your online business communications 24/7, 365 days a year. The cost difference between their service and the conventional market is almost $100,000/yr. Their strategic advantage is direct access to FREE market research through answering on behalf of hundreds of different customers. They are able to anticipate the desires and aspirations of their customer, making their software the best, and the most tried and tested, all for the benefit of the FREE users.

Comments

Post a Comment

Popular posts from this blog

Building A Thriving Business (What's at the VERY CORE) Pt 2

Image
Last, we talked about clearly defining roles for every team member, and the 20-80 rule. So this week, let's digg deeper into the rule. What Really Matters Some might think this is just talk, but don't be deceived, success is not by accident, it's planned. To build a thriving business you need to plan for it. Now, the 20% effort every team/business leader should be focusing on is not based on allocated activities; that will never yield 80% of the desired result. What I mean is that, they shouldn't be focused on taking 20% of the work; in fact that's even worse, because the team will see it as not pulling your weight. Rather the 20% effort is ensuring that every team member has BOUGHT INTO THE VISION. The Power Of One Voice When there is unison in a team, it is equivalent to an immense amount of energy that can break down a boulder. Unity in vision is what really matters. That's what ensures your team members remain vigilant and accountable even when you
Read more

Being Resourceful Pt 2

Image
If it wasn't obvious in the last post, being resourceful is the key to getting anything in life. But this week, I want to focus on another underlying truth people neglect; one which their lives consist of, and that is,  experiences , and the treasures they hold. What Does Life Consist Of? Life is the combination of experiences. To live a full life, you need to fill it up with experiences. How many you may ask? As many as you possibly can. What kind? Ones that have learning opportunities. NOTE, don't confuse gratification for a learning experience; gratification is temporal, and if not checked could hold you back, but what you learn can live on forever. Just as there is benefit in experiencing new things, there is also loss, if you stop experiencing new things; you might as well be dead. We all know death is inevitable, but with a healthy obsession for growth, you have a good chance of keeping it at bay. More Than Meets The Eye Now, what is there in our experiences to glea
Read more

Building A Thriving Business (What's at the VERY CORE) Pt 11

Image
Business is all about getting paying customers, for as many times as possible, for the longest duration possible, by leveraging the assets in the business. There are tangible and intangible assets in a business, but where most of the windfall cash is lying dormant, is in the intangible assets, such as marketing, innovation, goodwill, sales, market identity and advertisement. The job of the business leader, is to strategically leverage these assets, to get the best and highest yield possible. Be Strategic The setbacks of techniques/tactics, such as sales techniques, is that they are short term plans, that can be found out by your targeted prospect, and any kind of goodwill generated could be lost. Every business leader should always be thinking long term; looking towards the back-end of every sale. They should be asking,  How much value can I keeping adding to my client? These could be in your marketing, innovation, advertising or pricing. By being a valued expert, rather than a s
Read more