Let’s see how we may be able to rescue your business from a struggle or two you may be having… and may not even realize it yet! What we are about to discuss fits in perfectly with the discovery process we are doing of rebuilding a profitable business.
Let’s begin with this amazing little lesson of “calculating obsolescence”. Hang in there, this does really tie in 🙂 (Please pardon me not having all my savvy lightheartedness infused throughout this one-it’s a little more of a matter-of-fact subject.)
A couple of weeks ago a tenured gent who is a supply chain master, was telling me that he had an interview with one of the largest companies in the world. The complete focus of this job was to master the “calculated obsolescence” game, as Peter Drucker (the Grandfather of modern business) calls it. This concept was fascinating to me because I immediately applied it to my business and my clients’ businesses. Wow, did this open a door of awareness!
The concept: All profitable businesses need to respond to the needs of their marketplace. I know you may get that but not everyone does just yet. Let’s go a bit further: this also includes discontinuing products and services which may be obsolete for many different reasons. Do you have a product or service which you provide that if you stopped offering it your customers wouldn’t even notice? Yes?, hmmm.
So here’s the over-simplified process of how to do this part of your competitive analysis. Begin by being a customer and shop the marketplace for each of your particular offerings. Analyze the following: Are there other providers of this offering? Do they have a better price point? Do they provide a better service? Do they have a strong and compelling message to bring customers to a purchase? Do they have a competitive advantage over you in the marketplace?
Now analyze each on of your offerings in the same manner as above. Are there any offerings which you should be eliminating from your offerings list? If so, do it now (if your competition really has the competitive advantage). OR is your offering one that you could “update”, give it a facelift, and create some different in the marketplace? If so, don’t throw out the foundation of what you have already created- pretend it is a remodeling project just like a home and modernize your offering to be your new showcase 🙂
Note: Dropping an offering from your menu of services allows you to streamline a clearer message to your marketplace as to what your expertise is. I know this will feel very awkward to do; yet, your business will be stronger because of your new-found marketplace awareness and appropriate action.
Business Rescue Coach’s Self-Discovery:
1. Without knowing there was a formal process, I some what did this already when I decided to revamp/re-brand/re-image my business. I allowed my old offerings to stay on my site without any new dates for classes. Why? So people could see what capabilities I have (even though they aren’t the full story). It give them a clue while I am rebuilding me and my business. And during this time, I keep reviewing them to see if they are “viable” offerings for me via the over-simplified process above- cool, huh?
Questions for YOU:
1. When was the last time you did a marketplace analysis of your offerings?
2. How many offerings do you have that need immediate assessment?
If you or your business needs rescuing on this particular topic
or any other Strategies we have been discussing,
please reach out to Maggie (262) 716.7750 FYI: I’m in the Central Time Zone
Blessings of Success to YOU ~
The Business Rescue Coach, Maggie Mongan
Brilliant Breakthroughs, Inc.