Series: Business Development
In this first snippet of the Business Development Series, we look at the fundamentals of business – they are really simple! There are essentially only two ways to build profits and only one that builds the business. In short, building a business requires us to sell more products or services, but in essence there is only one way to sell more of our offering that is both low risk and sustainable in the long term. Show Less
This snippet alerts us to the possibility that in business, there are only two real risks that matter and of those, there is only one that is hard to manage. Let’s examine those risks, and learn how to reduce them. At the same time, we can gain a better understanding of why people would want to buy our products in the first place and the use of promotions and advertising to increase sales and revenue. Show Less
Snippet 3 introduces the Value Chain. In working to sell any product or indeed new idea or concept, it is essential to understand the Value Chain and all the players that must work together to take an idea from mind to market. We need to understand the different value proposition each player has, who is the purchaser and who is the user and how this affects our understanding of markets. Show Less
In Snippet 4, we talk about developing a Market Risk Map that encompasses every product and service in the world and how we can use this map to explore market risk.
Snippet 5 covers where different products and services fit on the Market Risk Map, and whether there are any special risks or benefits in being first to market with a new concept?
In our final snippet of this series, we acknowledge that sometimes being first to market can carry great risk, especially if the concept is very new to purchasers and thus difficult to understand. In order to reduce market risk with a new concept, it is useful to use a technique we refer to as 'Coupling' to essentially remove the feeling of absolute newness and high novelty in the eyes of the purchaser. Show Less