As women business leaders, we understand how important it is to focus on delivering services and products to clients. But at the same time, it’s crucial to keep an open mind and recognize when a strategy adjustment is needed.
In a recent BNET article, Steve Tobak, a Silicon Valley strategy consultant and executive coach, recommended a balanced approach to make sure you don’t miss out on major opportunities:
- Make sure your product or service meets customer needs: It may seem like an obvious point, but Tobak cites “technology snobbery” that gets companies into trouble when they invent an amazing product that customers simply don’t want or need.
- Focus on evolution rather than revolution: The market is naturally risk-averse, so a product that is an improvement on an existing solution is more likely to succeed than a revolutionary item that requires a big investment.
- Keep it simple: Related to point #2, if your new product or service is more complex than an existing solution or a competitor’s offering, it can be less appealing due to higher perceived risk.
- Avoid the “chicken and egg dilemma:” Potential customers often put off buying new products until the price comes down, but product makers can’t lower the price until sales volumes are high. Tobak notes that this is a tough impasse to resolve.
- Be realistic about your target customers, price and marketing strategy: It’s tempting to price your product or service higher than competitors’ because you know your offering is superior. But Tobak warns that customers may never find out if you price yourself out of the market.
- Make sure you’re addressing the real problem: It’s absolutely critical to make sure your solution solves a real problem. Stay in touch with customers to make sure you’re addressing their actual pain points.
- Always remember you’re aiming at a moving target: In a fast-paced market, it’s important to remember that customer needs are always changing. Make sure your products and services keep up with prospects’ evolving requirements.
The bottom line? While it’s important to focus on your strategy, successful women business leaders keep their companies agile by asking tough questions and making course corrections when warranted.
If you keep simplicity and customer requirements in mind and never forget that the only constant is change, you can avoid pitfalls that cause many businesses to miss big opportunities.
Read Steve’s entire article, 7 Ways Companies Miss Out on Huge Opportunities