Now comes the most powerful part – turning your customer insights into business opportunities. Your customers face barriers every day that they want to overcome. By providing solutions to overcome those barriers, even a few of them, you can dramatically change your business and make it more profitable.
Not every customer pain point is something you’re going to solve. There may be an obvious solution, but if it isn’t an area that your business wants to serve, it’s better to leave that pain point to someone else. We help you filter through your customers’ pain points, knowing where your business plays, to find the ones that are ripe for the picking and in your sweet spot.
So far, you’ve been looking for opportunities that overcome barriers. But that’s only one-third of the equation. You also want to ensure that these opportunities are a good fit for your business and are also technically achievable. We recommend against developing products or services around untested technologies. Unless you are a research institution, you don’t have the time or resources to figure it out. You also need to choose opportunity areas that will make a profit. Let’s face it, you’re probably not a charity. (And if you are, you still need to choose the opportunities that are most effective for you.) This part of the process is often overlooked, but it is critical to the success or failure of your offerings.
Will you be competing directly against your competitors in a “red ocean”? There is a better way to reduce your competition and make for clear sailing. Through some simple “blue ocean” techniques we help you figure out what parts of your product or service to enhance and what parts to eliminate. Focusing on what matters to your customers will drive down your costs and drive up adoption of your product or service immediately.