Building a Better Business Model
Consider these four things as you build a better business model.
1. Your target market is a target conversation.
Customers control the conversation, not businesses. Your model can have the flexibility to adapt to the conversation as it changes. Where do your strengths line up with the current conversation? How can your customers guide its evolution?
2. People want holes, not drills.
At least that’s what David Ogilvy said, and I couldn’t agree more. Building your model function-first means that each product evolves from a perceived need (or set of needs) your customers have. Forget trying to build out your model to some previously established set of offers. What kind of “holes” are your customers asking for? Which “holes” is your business uniquely equipped to make?
3. When you operate masterfully, your customers feel at ease.
Part of operating masterfully is knowing how your business operates best. Not every business specializes in customer service. Not every business values customized services. Not every business speaks to the masses and draws a crowd. When do you feel most masterful? When do your customers feel most at ease?
4. Your customers can guide your every decision.
Most entrepreneurs don’t suffer from a lack of ideas or a misunderstanding of tactics. They have difficulty making decisions between a whole lot of things that seem really good. Customers can help you make better, more confident decisions.
Does your model have a system in place to consider the customer’s perspective? Are you listening?
Remember, promotion probably isn’t the problem. If your business model isn’t working for you, your business won’t ever feel like it’s working to begin with. Today, stop and consider whether your business is set up to work to your strengths, make your customer feel at ease, and bring you both together to make things flow.
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