insights

Better or Cheaper? Why it’s no longer the right question.

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Classic strategy has taught us that we should ask one key question to win;  “can we make it better or can we make it cheaper?”.

With the rapid (r)evolution of online business models I believe the paradigm has changed. In many cases, we can now do both – we can create a business model that delivers a product or service both better and cheaper.

The challenge is that too many businesses are taking existing business  models and adapting them to online. Certainly a lot are getting benefits of reduced cost and they are making it easier for the customer. But most  are missing a golden opportunity to fundamentally change the business model and make it better and cheaper.

Below is a link to new reports from Deloitte on ‘The Internet of Things’ and how companies can be thinking about its use across their business and changing the business model.

Enjoy and I hope it triggers your thinking on the business model of the future.

http://www2.deloitte.com/global/en/pages/technology-media-and-telecommunications/articles/internet-of-things-ecosystem.html?id=us:2em:3cc:4dcom_share:5awa:6dcom:technology,_media_&_telecommunicationsBetter

Using CPI as an effective tool for networking

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Going to a networking event, a lunch or a meeting?

In preparing I find it useful to think of CPI or in fact 3 definitions of the acronym:

  • Consumer Price Index – have a quick scan of key financial, economic and business data that have been the big news in the last week. It is hard to be seen as someone who is tapped into business, if you are unaware of recent news
  • Common Points of Interest – if you know who is going, Google them to try to find things that might be common points of interest. If you meet someone at the event you don’t know, finding the CPI is one sure way to connect
  • Critical Performance Indicators – if you are meeting with a client or target, do as much research as you can on them and their industry to understand the critical levers for their business and industry. It will certainly increase the information they will share if you can ask about issues that are the key ones for their business.

5 Simple Steps to Build Rapport

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  1. Be genuine – don’t try to be something that you are not.
  2. Show interest – in the person, their business and their business challenges
  3. Don’t be in a rush – but also don’t dally. Saying “Ok lets down to business straight away generally doesn’t work – but you also don’t want the client sitting there thinking ‘Are we ever going to get going here?’
  4. Balance inquiry and insights – balance asking questions with providing insights. Too much talking and they tune out – just all questions means they feel like they are getting the 3rd degree.
  5. Listen Actively – Clients generally complain that people selling to them generally don’t listen. So listen actively and listen actually