Business Plan Tips : Business Customer Value Innovation

The technique I developed called value innovation
helps to focus innovation that gets to a blue ocean strategy such as Southwest Airlines
strategy in the airlines business, to get to around the customer experience. To focus
innovation around the customer experience, and finally to build a strategy that’s compelling
and long lasting, and can really put competition at a disadvantage. There’s twelve basic steps
to it, and they actually are far less complicated than the process looks. They key is the first
is to identify what’s the promise we’re making to the customer. What will it take to attract
them? Second is requirements. And this has to do with the key customer to-dos. What does
the customer have to do if they’re going to get this experience? The third element is
identifying the barriers. What are the things that keep the customers from doing these things?
And then what’s the value of our offering each of these opportunities to them in order
to use our product or fly our plane? Next element is to look at best practices. Who
are the competitors who are best at solving these specific set of needs here? And finally,
then, six, under the customer experience, is doing the four actions we talked about
in the last video, which is what are you going to reduce, what are you going to eliminate,
what are you going to add? All consistent with the idea of the promise you’ve made to
the customer and how we can beat competition in doing that.

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