Insight Exercise
Where do You add Value?
However you earn a living, if you want to make an impact, you need to understand how you can add value and make sure the world understands that too.
Think of the objects that you carry everywhere with you. Pick the one you would find hardest to be without.
- What is it?
- What is its value proposition? (Hint: ‘I value it because it does the following for me …’)
- How do you define its market segment? (Hint: ‘It would appeal to the following kinds of people …’)
- What revenue model does it have? (Hint: ‘I pay/paid for it in the following ways …’)
- What value chain was involved in getting it to you? (Hint: ‘I bought it from … who got it from … who got it from …’)
- How is it positioned in your life? (Hint: ‘It fits into my life alongside the following other things …’)
- How does it compete with other products? (Hint: ‘Other ways of doing what this object does for me would be …’)
Now try a harder exercise. Imagine yourself as someone buying from you or the company where you work. How would you analyse your own business model using the same set of questions? What is the sizzle that your customers see in what you do?
