Evaluate the essential elements of your business model.
- 1. What value does your product offer?
- What job does your product do for your customer?
- What problem does it solve?
- What benefits does it deliver?
- What pain does it take away?
- What goals does it enable your customers to achieve.
- And especially, how important are your key benefits to your customers?
Your ability to ask and answer these questions accurately will largely determine the future of your business.2. Who is your customer?Who are the customers who
can most benefit from the products or services you offer?What are their demographics?What are their ages, incomes, education levels, genders, occupations, and type of family formation?What are their psychographics?What are their hopes, dreams, fears, ambitions, and aspirations relative to what you sell?Especially, what are their ethnographics?How do they use your product or service? What role does it in their lives or work?How important is it for them in comparison with other this How important is it to them in comparison with other things?3. What are the most effective ways that that you can market (attract new customers), sell (convert them into buyers), and distribute (get your products into the hands of your customers)?How could you attract more and better-paying customers? How could you sell faster and more effectively to the prospects you attract? How could you distribute your product faster and more efficiently? (Think
Amazon.com!The rule is that whatever you are doing today, you will have to be much, much better a year from now just to stay even in your current market.4. How do you give such good customer service that your happy customers buy from you again and again and tell others to buy from you as well?5. What is the cost structure of your business, and how could you change it to achieve greater profitability?How could you outsource, downsize, or eliminate certain activities so that you can offer the same high level of quality but at lower cost of operations.