The type of customer relationship that is right for your business depends on your customer acquisition costs, customer retention goals, and need to up-sell the customer on an add-on or related products in the future.
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When considering your unique value proposition, I find it helpful to consider a list of common value propositions to help guide me and my client’s thinking. To that end, here are eleven common value propositions that businesses might offer to their selected customer segment. Review the following value proposition types and determine which one is
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The first step for a new business or an existing business coming out with a new product line is to define the customer segment they are targeting. During the early stages of the process, I recommend starting out with a broad definition of the customer segment. The following is a list of five common customer
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Disruptive innovation is not about the next new product as much as it is about transforming an existing market from being expensive and complex to affordable and accessible. A disruptive innovation is more about targeting a high profit/low margin business and creating a high volume/low margin alternative. For example, it is very expensive to take
What Is Disruptive Innovation? Read More »
In most businesses that employ a Board of Directors, the board consists of key employees of the company like the CEO, presidents, and vice presidents as well as key investors. Contrary to conventional wisdom, the smaller the board the stronger it is. When you have a big board, the power of the CEO increases since
Who Is Stronger, The Board of Directors or CEO? Read More »
The other day we talked about mass-produced products being the only ones making it to the market. We stated that this was because they require high sales volumes to break-even. However, we also discussed that some manufacturing was able to be customized and more easily distributed. In the past, it required large capital investments to
The Tipping Point of Labor and Automation Read More »
Many highly skilled workers are underemployed. It is not uncommon for a highly skilled engineer to be working in a completely unrelated field because he can’t find work in the occupation he was trained in. For the engineer, the longer he works in an unrelated field the more his skills atrophy. So, how can the
How to Harness Cognitive Surplus Read More »
More and more products can be produced and assembled by robotic assembly lines. Even services, such as those offered by CPAs and stock brokers, can now be performed by software tools or applications such as TurboTax or e-Trade. Recently, I read an article that said that with the threat of a monumental rise in the
The Robot/Application Arbitrage Read More »
The only parts that make it into the mainstream are parts that can be manufactured in the tens of thousands. These large batches then require complex distribution channels and warehousing of inventory that ties up precious capital. With small-scale 3D printers, laser cutters, and CNC machines, parts can be produced at the point of sale.
The Coming Cottage Manufacturing Revolution Read More »
The world of the entrepreneur has been blown wide open by 3D technology. If you have an object you need to reproduce, you can use a 3D scanner to replicate it. Don’t have one? No problem! Go to your public library or another location, such as a Makers Space. Don’t want to leave the house?
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