As mentioned in the December newsletter, Brian Tracy has invited me to collaborate with him on a project he is developing on Business Model Innovation. With the rapidly changing technology landscape, the globalization of markets and the emergence of new markets in foreign countries, Brian sees a need to assist Senior Leaders in making adaptations quickly.
The early phases of the work on this project evolve around two key questions:
- What is the Customer Value Offering your company provides? This means, what business objective does your product/service help your customers to achieve? And if they can reach those targets, what value does this bring?
- Who Is Your Customer? Having a clear picture of who the customer is, and what phases they go through from being a prospect to your customer is critical. If you haven’t hit refresh on describing who your customer is, now may be the time to do so.
While doing research to contribute to this project, I came across an excellent article in the Harvard Business Review (HBR, July-Aug 2014) that asks the readers to consider a few questions around similar topics that Brian is exploring. These include the following:
- What mix of products or services are you offering? Keeping a narrow focus on your offerings, and searching for commonalities across products was suggested in this capacity.
- Who are the Decision Makers when it comes to selecting your product or service? This ties into #2 that Brian cites above, and is part of knowing your customer.
Next, we will move into the solution building phase of describing how Brian will help his customers to address these areas above, and we will share the answers to innovation related questions posed above. We would like to hear from any of you who have recently gone through this exercise, and are willing to share what modifications you made, and what the results were for your company. Contact us at email@example.com.