Are you reinventing yourself in the changing face of business?
Most of us look forward to unwelcome change in our lives with the same level of enthusiasm we feel when anticipating a visit to the dentist. For business owners, the alternative to
embracing timely change in the face of shifting business conditions may well be described as a lost opportunity to make the necessary changes that will allow a business to survive and possibly prosper.
Because consumer tastes and preferences shift with the winds of economic and social change, business owners need to continually adapt and refine the value proposition offered by their company’s products and services. This process of reinventing yourself is a vital part of business survival in challenging economic times. The “hesitation cost” of not revamping a company value proposition is often not only a lack of sales, but the elimination of future strategic options that might have been available from a more stable revenue stream.
A company’s value proposition describes how the company will attract consumers and convince them to make a purchase. Features such as price, shape, color, packaging, quality, store location, the buying experience and many other factors, including product benefits, make up a value proposition. As consumer tastes and preferences shift, the business value proposition must also shift to reflect the new and current profile of consumer needs. Read full story:
