MARKETING
And of course the answer may well be different for different customers. Some people may choose a particular brand of car because it makes them look good, while others may do so to feel safe and others to enjoy the ride. If you do not know exactly why customers buy your product, you will not be successful in marketing or selling it. Worse still, you may be blind to the opportunities, the potential alternatives and the latent threats which may exist.
Change how you define your business. Move away from defining it via your products to the benefits you bring to you customers. So if you are saying, “We produce typewriters,” why not try, “We help people communicate more effectively.” Instead of stating, “We are an innovation management consultancy,” (A mouth full in itself), you can say, “We help clients cultivate potential new sources for revenues.”
One approach towards innovation in business is to take steps towards extending customer value. So if we want to innovate we must understand what specifically it is that the customer truly values. Then we can focus on how to extend that value.
Ask these questions:
- What business are we in?
- What do customers really value?
- Are there other ways in which that value could be delivered to them?
These questions are always worth asking. Not only are they insightful, they may yield answers that can be the source of compelling innovation in your products/services. They will keep you abreast of changes that may impact your business and ensure sustainability. And, importantly, this is not a one-time exercise. Keep asking yourself these 2 questions to remain relevant.
Uzair Hassan is the CEO of 3H Solutions Group. An ex-banker, a professor and a serial entrepreneur, Uzair is a Fellow of the Institute of Leadership and Management and also a Fellow of the Chartered Management Institute. He is a member of Mensa and Advisor to the American Leadership Board.
https://www.3hsolutionsgroup.com/
15 | BIZPRENEUR MIDDLE EAST April 2021