EPISODE C6.003 Select Products & Services for Reinvention Projects

Introduction
Here we are in the last week of July and the first month of the 3rd Quarter is ending - how much closer are you to success?

If you have been with us all month, you know we have been railing against the politicians and bureaucrats for acting arbitrarily in response to the pandemic; and any illusion they are making data-based decisions should have been dispelled by now. This is not about a specific political party or group, it is about the arbitrary use of power at the expense of the most important global community - you.

People like us, Living the Life, employ 57% of the planet's population and yet are treated as the source of its problems. Not here, we celebrate the contribution you make to a better society and our focus is to improve your chances of success. 

This week we continue the new programming structure. We use a Balanced Scorecard to format our weekday shows: Finance (Monday) = Operations (Tuesday) + Sales (Customers) + People (Employees) with Fridays dedicated to Owners. Look at the week this way - Monday through Thursday is working IN the Present, Friday is working ON the Future.

Also, we just built a new community, our version of a Chamber of Commerce. Join Up and gain access to our Hosts and access our library of best practices.

Have a great business week.
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Show Objectives
I will start with a disclaimer - we are only starting the process of making a decision. In the early stages of Reinvention it is the Owners role to narrow the field down based on the following techniques. Once the list is narrowed to a few high probability winners, the results will serve as the basis for starting an agile team.

Key Issues - ​Owner/Customer Perspective:

1. Manufacturability - how easy to produce and quick to market?
2. Cost of development & production - what investment is required?
3. List of potential projects - market penetration, revenue and margin generation, expansion of markets.

What You Need to Know
The following issues that will help make the field of options smaller:

1. Performance below expectations - revenue and margin.
2. Performance below client expectations.
3. Based on technology that is obsolete.
4. Competitor's offer reduces or removes its market advantages.

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What You Need to Do​

1. Target Customers for the New offer.
2. Target Markets for the New Offer.
3. List of Potential Products/Services to Develop.
4. QFD (Quality Function Deployment) the options to determine best choice:
   1. Vx of Customer WHAT List
   2. Design Characteristics  HOW List
   3. Rate and Rank the customer wants - the WHY evaluation.
   4. Relationship between customer WHAT & organization HOW lists
      1. weak link - 1
      2. medium link - 3
      3. strong link - 5
   5. Based on 1-4, draft of build specifications.
5. Compare Lists and select based on easy of build, customer acceptance, potential growth (revenue and margin), long term market share (life cycle value).

​Shows

• Previous: EPISODE C6.002 SELECT MARKETS FOR REINVENTION PROJECTS
• Next: C6.004 Investigate and Identify Opportunities in Existing Markets