The term “red ocean” refers to all the industries in existence today, otherwise known as “the known market space.” Blue oceans, by contrast, denote all the industries not in existence today, otherwise known as “the unknown market space.” Red oceans are contested markets while blue oceans are untainted by competition.
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There Are 5 Levels Of Permission Marketing That A Customer Can Grant, Each Level Increases The Business’s Autonomy And Level Of The Customer’s Trust..
Permission Marketing- How To Build Trust Read More »
When completing a Business Model Canvas, it is helpful to guide the discussion through the use of questions. When it comes to looking at industry forces that will affect your business model, the following set of questions should help you in thinking more critically about your business model. These questions are broken into three categories:
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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
Choosing a Value Proposition Type Read More »
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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When we refer to channels in the Business Model Canvas, we are speaking about marketing channels or distribution channels. Here are 5 you should address: 1, Awareness 2, Evaluate 3, Purchase 4, Deliver 5, Customer Support
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The second step in creating your Business Model Canvas is to identify your value proposition. What is a value proposition? Simply put, a value proposition is a collection of products and services a business offers to meet the needs of its customers that helps to differentiate it from its competitors. For example, several manufacturers offer
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“For whom are you creating value?” Sometimes that answer may be a bit complicated.
Customer Segment and Your Business Model Read More »
The Business Model Canvas is a strategic management and lean start-up template that a business can use when developing new or documenting existing business models. Basically, it is a visual representation that describes the nine critical elements of a firm’s product or service offerings.
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When I grew up in Massachusetts, I remember reading a story about Joe Kennedy. He would go up to owners of older drafty apartments in downtown Boston and make them a unique proposition. Many of the units were poorly insulated and cost a small fortune to heat in the winter. Joe would agree to insulate
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