Miles Everson’s Business Builder Daily
Tuesday: Return Driven Strategy
What comes to your mind when you hear the word, “competency?”
Proficiency? Expertise? Capability?
While the words above are all synonymous to competency, in doing business, it pertains to one’s ability to provide offerings that can fulfill the unmet needs of a particular consumer segment.
Keep reading to learn more about one of the “Competency Tenets” of the Return Driven Strategy.
Miles Everson
CEO, MBO Partners
Chairman of the Advisory Board, The I Institute
Return Driven Strategy
Ethically maximize wealth.
Fulfill otherwise unmet customer needs.
Target and dominate markets.
We’ve talked about these tenets in the past three weeks.
Hopefully, by now, you’re getting an idea of some of the things you need to take note of to establish a “return driven organization.”
In this article, we’ll be focusing on another important tenet, which is under the “Competency Tenets” of the Return Driven Strategy framework.
Any idea on what that is?
It’s…
Deliver Offerings!
The “Deliver Offerings” tenet speaks to the effectiveness of a firm to provide goods, services, and other intangibles to fulfill unmet customer needs and eventually, achieve the higher tenets.
Besides, when you think about it:
You won’t be able to maximize your wealth unless you fulfill your customers’ unmet needs…
… you won’t be able to fulfill unmet needs unless you identify and dominate the right target market…
… and in order for you to effectively fulfill your target market’s unmet needs, you have to make sure your products or services DELIVER.
So, what are some key guidelines under this fourth tenet?
- Provide offerings that perform the functions for customers as planned and promised.
- Question and test the executability of a particular business plan.
- Acknowledge that the path to fulfillment of customers’ needs is through an offering―a combination of physical and psychological attributes of what is being offered to a customer to fulfill their needs.
“It’s the execution that matters.”
Some managers and business leaders say that line whenever they’re asked the question,
“Which is more important? Planning or execution?”
While there’s no doubt that execution is always an important part of doing business, whether you’re an independent professional or not, you have to keep in mind that planning and execution shouldn’t be taken as separate acts from each other.
As stated in the book, “Driven,”
“Certainly, great implementation of a bad plan could be just as troubling as poor implementation of a good one.”
In short, it’s not really a question of what’s more important between the two. It’s a question of whether or not implementation activities are aligned with planning activities―in the right ways, at the right times.
Now. You might be wondering,
“Why ‘offerings?’ Why not simply say, ‘products,’ ‘goods,’ or ‘services?’”
Well, the reason is simple!
Offerings are different things.
It’s the total of the product, service, function, benefit, and psychological value created by a firm to effectively fulfill the unmet needs of customers.
The concept of offering is not limited to the concept of a product or service. It goes beyond as it is the ENTIRETY OF THE IMPACT that a brand or business can deliver.
If you recall our previous topics about the Return Driven Strategy, you’ll notice that one of the most commonly used words, from the first article up to now, is this:
CUSTOMERS.
“The path to wealth creation is through the customer.”
“Success is won by fulfilling customers’ unmet needs.”
It all boils down to your customers.
If that’s the case, then that means the path to customer need fulfillment is through the design and development of the right offerings.
Take note of this tenet as you build your brand as an independent professional!
Not only will this help improve your reputation in the industry, but will also guide you in building a connection with your target market.
Hope you found this week’s insights interesting and helpful.
Stay tuned for next Tuesday’s Return Driven Strategy!
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