Understanding your business reality is the 1st step in achieving a long-term success.
Sometimes…A simple model can be more powerful than a 10,000 pages document.
The “treasure map” is a unique model that I’ve created to guide Companies accelerated growth.
It is based on the Jobs-To-Be-Done & Golden circle frameworks with improvements from my personal lessons learned in the last 18 years.
In the map each entity is represented by a “continent” ( Customers, Competitors, Business partners and the company itself) and it describes the route a company should take in order to deeply understand the business reality she operates within.
Understanding your Business Reality is the 1st part for achieving a long-term business success
There are 4 entities you must know deeply
Let’s dive in:
#1 Your Customers
If we listen to Set’s advice,
we need to create products that will be valuable for our customers,
But in order to do that we MUST know at least 3 things about our customers:
- WHAT ARE THEY REALLY TRYING TO DO (JOB-TO-BE-DONE)
- WHAT IS THE EXACT CONTEXT ( circumstances, limitations,..)
- WHAT ARE THEIR GAME CHANGING SUCCESS PARAMETERS
I’ve written an article that explains >> 3 Things Successful Companies Know about their Customers
#2: Real competitors
I’m sure you’re very familiar with other competitors in your category,
But I would like to suggest that the competitors you should also focus on competitors that are:
- Out of your category AND
- Answering the same customer’s need ( JTBD – CONTEXT – GCSP)
Those competitors are the ones you could learn the most from in order to innovate and lead your market
they are also the ones that may disrupt your market.
- Kodak’s customers wanted to hire the best solution to capture & share memories – once facebook & instagram gave a better solution for that “job”…the customers “fired” kodak solution and “hired” Instagram solution.
- Blockbuster’s customers wanted to hire the best solution to get entertainment at home – once netflix gave them a better solution…the blockbuster empire was destroyed.
- Matchmaker customers wanted to hire the best solution to find a romantic partner – once on-line dating sites emerged (tinder,..) and helped customers to get this job done better…matchmakers became something of the past
Kodak created the BEST photographic film in the world, but they were defeated by a disruptive “out-of-category” competitor – an online app called Instagram because the real job their customer were trying to do is “Capture & Share memories”
This is why you MUST realize your true “out-of-category” competitors for your specific chosen job executors !
This is especially true when you wish to achieve a long-term product success because overtime someone will disrupt your market. The disruptors do it by giving a better solution to your job executors.
Once you identify competitors who offer a great solution to the specific Job/Context/GCSP
You can decide to:
- Quit (before you spend a lot of time and money)
- Copy their winning features and improve them further
- Buy them out ( big opportunity to jump fast forward
Can you name at least 1 competitor that is out of your category?
#3: Business partners
In this point of your analysis you’re already know what are the areas you have the greatest competitive advantage and which you do not.
You also know the competition and what are the alternative solutions for your potential customers
Doing the things you’re bad at by yourself reduce your overall effectiveness as a company and you end up losing your overall competitive advantage.
Once you identify your weaknesses you can start exploring strategic relationships and alliances with other, third-party companies
You’re looking for cooperation that creates a synergy, meaning that by working together both you and your business partner get a positive ROI. You get more than what you invest.
You need to ask yourself 3 simple questions:
- In what areas of the business we’re not strong and it’s far from our core ?
- What other 3rd companies are strong in those areas ?
- What do those companies need and I am able to give them ?
Strategic relationships and alliances can help you in the following areas:
- Get better/faster access to new markets & new customers
- Strengthen your product/service capabilities? Especially in the areas that are not your core ( that you are weaker)
- Quickly understand the impact of certain features by integrating external 3rd party component.
- Lower your cost structure
- Access to expertise/knowledge/know how
- Using existing platforms ( standing on the shoulders of giants)
- Many more…
#4: Your company
At this step it’s time to look deeply inside your company
and truly understand
I’ve written about this in this article: 3 Questions that separate Successful companies from the rest
This framework has worked great for me in the last years, As the 1st step in Helping companies accelerate their growth & market share.
I’m hoping it will help your company too 🙂
I am curious to know…
What do you think of this framework? What do you love about it ? what you’re uncertain ? what do you strongly disagree ?
Do you have any questions? Any parts that are not clear enough ?
Please comment below or send me an email to alon@PronEnlighten.com
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