Is your business model still working for you?
Yes?
No?
Maybe?
Keeping your fingers crossed?
As an ambitious entrepreneur and challenger to the marketplace you know how to create and run the business model that works for you. But here’s the thing…
You started your business with clear goals and objectives, you knew what road you were going to take, but along the way different events and decisions impacted on your journey.
RESULT = you have lost sight of your reason for being and are too busy running the business to FOCUS.
You know the importance of keeping an eye on what trends and challenges are going to impact your business. None of us could have predicted covid but in true entrepreneurial style you learned to be more resilient and adapt your business. As we are all trying to get back on track in a changed world, have you changed direction but do not have that clarity you once had?
RESULT = you have lost sight of your reason for being and are too busy running the business to FOCUS.
You hear it time and time again, who is your target audience? As entrepreneurs and challengers you have done your homework and you know who you work best with. What if there is a new trend, or your buyers are aging? And what about the Gen Z buyers? They have very different behaviours and expectations than older buyers. They strongly believe in doing business with companies that reflect their values and lead with purpose. Are you honed into the nuances of your buyers? What if your buyer is changing? Are you able to cope with that in how you message your brand? If this is an issue for you you will need to get some clarity around this.
RESULT = you have lost sight of your audience and are too busy running the business to FOCUS.
Do you have a new competitor in the market? Did you have a niche but now you find others are moving in on your space? Do you know what they are doing or what their next move is? What if a new player comes to the market and you have not anticipated their power move?
RESULT = you have lost sight of your marketplace and are too busy running the business to FOCUS.
You spotted that gap in the market or that need that you knew you could help with. But what if your differentiation is no longer you’re differentiation. What if your buyers no longer want your secret sauce? What if a new player has a better secret sauce and buyers are moving to them. What do you do? What is your next move going to be? What if you do nothing and continue on hoping to retain what you have?
RESULT = you have lost sight of your purpose (reason for being) and are too busy running the business to FOCUS.
Do you know what your value proposition is? Are you able to map your value proposition and your brand together? When you can do this it is incredibly powerful.
According to Investpedia, a value proposition is;
‘…a description of the goods or services that a company offers and why they are desirable to customers or clients, ideally stated in a way that differentiates the product or service from its competitors…’
By mapping your brand and your business model together you can;
- Figure out what products and or services resonate with which exact audience and why
- Potentially look at new and differentiated ways to offer the same products or services, or create new ones.
- Figure out if your process of doing business is right for your audience.
- Potentially figure out better ways to offer your service or product to your audience
- Figure out the trends that will impact on what you offer. New Gen Z buyers are definitely one to watch.
- Knowing exactly who your buyers are, and what they need from you, will give you strength in the decisions you make for your business.
- Develop a strong PURPOSE for your business where everything is aligned – by working through your actionable brand values and behaviours, your processes and customer journey, your messaging, your leadership, your employees happiness, your ideal customer’s needs and desires, the business culture, your differentiation, and how you play to win in the marketplace, you will be able to define your true and authentic purpose, and live by it. Looking forward, 94% of consumers globally have a high expectation for brands to have a meaningful reason for being (Zeno Group Strength of Purpose Report 2020), in other words, PURPOSE.
When you can map your business and your brand together you are in a powerful place where your future road ahead is clear, where you have a strong direction and where you can always make powerful decisions for your business.
The next time you have an issue that I have touched on here, remember to think brand first. Brand ties into your business model, which in turn gives a clear direction to your marketing strategies, your promotion, your PR, your communications, tone of voice, your website, and even your office space, be it virtual or physical.
Remember it is all about customer experience, and building their trust in you, to deliver what they desire.
RESULT.
What are your next steps?
