7 Steps towards creating a unique business offering
“An entrepreneur can become moderately successful doing the same thing that everyone else does. But if you want to be wildly successful, you have to do what no one else has done.”
Take some time out to think deeply about what you offer as a product or service. Is it a “me too”? If so, it’s so much harder to avoid selling it on price.That’s because you are operating in an overly competitive environment.It’s what the Harvard Business School calls the “Red Ocean” – where everyone fights off the sharks for survival.
On the other hand, products or services in the “Blue Ocean”, or uncontested market space, can afford to set the rules of the game – including the price.There’s no doubt that unique business offerings can command a better price.
So it’s worth spending time developing some really distinctive offerings around your core competency – what you do best.
Differentiation is the name of the game. There must either be a genuine uniqueness in your product or service itself or a claim that is not made by any of your competitors.
How do you go about creating a unique business offering in your product or service? Here are seven simple, yet effective, steps to follow:
Step One: Hold a brainstorm or free-wheeling session with your management team to come up with a whole range of ideas on a flip chart or whiteboard.
Step Two: Don’t criticise any idea as it comes up – let your team’s creative juices flow. No idea is too far out or too silly. Ideas feed off each other. First generate quantity, then look for the quality.
Step Three: Go through your ideas one by one and select a short list of your top twenty favourites, those that you believe could work for you.
Step Four: Draw up a list of criteria which you believe to be important, such as:
- How unique is the offering?
- How much money could it make for your business?
- How fast could you implement it?
Step Five: Now rate each of your top twenty offering ideas against each of your criteria on a scale of 1 to 10.
Step Six: Total the scores and select your top five offerings. Research these ideas amongst your target customers.You need to make sure that whatever you have come up with represents great value to them.
Step Seven: Fine tune your offerings in line with the input you receive from your potential customers.
Go through this process diligently and the chances are that you’ll create a unique business offering that your customers just can’t resist.