Are you looking for success in your new business?
Here’s a quick overview of the five most important tools to achieve business and innovation success.
Success means going from business idea (a new market, improve a business unit, a new technology, etc.) to a profitable and scalable business model with the minimum amount of time and money wasted. To achieve success you need a differentiated value proposition that customers want embedded in a business model that can scale and generate profits. Crucial to this is the right timing, in the right business environment, with the right aligned team that can assure sound execution.
- Value Proposition is about finding out why the customer needs your product, what the customer perceives as added value, and what the customer currently finds annoying or disadvantageous in their business. In short, answering what problem you solve for a customer is the value you bring to the table.
- Strategy Canvas: Combine the VP with the Strategy Canvas tool to visualize if and how your value proposition differentiates from your competition in a meaningful way. The Strategy Canvas is a tool from the Blue Ocean Strategy book, which is specifically focused on differentiation.
- Preliminary unit profit analysis: As best you can, estimate the costs of your product or service and subtract this from the price point you concluded was appropriate from your buyer preference survey.
- Marketing Plan outline: Marketing is the use of all the processes, tools, and techniques to reach, acquire, and retain customers. We need to think hard about how we will find, serve, retain and grow our customer base. Elements of a marketing plan should include an industry analysis, market analysis (and your target market selection in particular), defining your marketing strategy, the “marketing mix” (i.e. the 4 – P’s: Product, Promotion, Pricing and Place [distribution]) and the marketing objectives, strategies and key action programs for each element of the
marketing mix, “guerilla” marketing, and marketing budget.
- Business Model Canvas (BMC): Use this tool to iterate towards a business model that can become profitable and scalable.On December 5th, Shavonnah Tièra Collins with Red Flint will be leading a Business Model Canvas workshop at The Coop. Click Here to reserve your spot!