Your product or service is the primary vehicle through which your business makes money. Be very clear and honest with yourself about what this is. What is your profit center? Every business has a bread and butter product. What is yours?
To be successful, your product or service must offer a value proposition to your customers. This may be one or more of the following:
- Low price
- High quality
- Good customer service
- Convenience
- Solution to a problem
- Broad selection
- Style or atmosphere
- Uniqueness or exclusiveness
- Prestige
- Necessity
- Speed or efficiency
- Some other savings, value or benefit
Who are your competitors? How is your product or service better, faster or cheaper? Take a close look at all aspects of your product or service. Does it improve the lives of your customers? Does it fill a need? If so, how can it be done better?
The technology industry is competitive and advancements are made so quickly that these businesses need to be innovating continuously. According to Moore’s Law, which describes the exponential rate of technological improvement, the speed and capacity of computers will double every two years! What is revolutionary today will be common place in only two years.
Although the computer industry is an extreme example, every industry evolves. If your product or service doesn’t keep up with your competitors, you business will not survive in the long term.
Identify your value proposition and competitive advantages, and become the best in your field. Stay sharp and re-evaluate your products and services regularly.
SELF ASSESSMENT: Does your product or service fulfill a need for your customers?
SHARE WITH OTHERS: What have you done to improve your product or service?
Comments [3]
hello my name is Fame Marqueet and i am looking for all the information i can get on how to start my own marketing business online. i am 26 yrs old,working a 9-5 & currently finishing up my degrees in Computer Programming,Business Administration and Web & multimedia(yes triple major it's exhausting). i am very passionate about my idea and already have many great talents to market just no clue where to start i have purchased many books but i feel as though information from people who have actually made it and are living their dreams would be more beneficial to me in my journey.i have written 3 business plans and i already have my vision set in stone with other ideas outside of online marketing. so my question is how do i go about getting funding for an online business or any of my other ideas with no assests and with being a victim of identity fraud currently working to fix my credit. i feel like there is no hope and no one who will help to support my ideas and dreams and this makes it hard to not give up.any advice would mean the world to me
The technology industry is competitive and advancements are made so quickly that these businesses need to be innovating continuously. According to Moore’s Law, which describes the exponential rate of technological improvement, the speed and capacity of computers will double every two years! What is revolutionary today will be common place in only two years.
What have you done to improve your product? When I first launched the product the design was imperfect and required not one or two attempts but several before getting the connections right. I was informed by a sourced supplier that the ability to connect 2 identical elements could not be performed. My product proves that they did not consider a method which in fact does connect the two elements.