Companies tend to over-rely on their legacy products and services to deliver a disproportionate amount of current revenue. In these situations it can be mistakenly assumed that, with incremental upgrades, those “cash cows” will also produce revenue and growth in the future. With The Offering perspective, Modern Growth Champions can address this issue by creating new value propositions around products, services and experiences that are geared toward the future and have maximum offering-customer fit. Ultimately, formulating strategies around key questions such as:
The questions hold the key to creating the differentiation that helps companies capture first-mover advantages, sell their offerings when times are bad and sell them at a premium when times are good.
Strategic Objective: Renew The Offering
Under The Offering perspective of the Growth Strategy Framework, companies can pursue the strategic objective to Renew the Offering. Differentiating new products, services and experiences requires companies to “do different things” as well as “do things differently”. However, creating novel features alone does not guarantee the market success of any offering. Renewing the Offering requires Modern Growth Champions to connect new value propositions directly to customer wants, needs and jobs-to-be-done. This is best accomplished when customer behavior and viewpoints are observed and translated into more targeted and empathetic offerings. As a practical result, companies can focus scarce resources only on the things that really matter to customers, the things that really create the differentiation and the things that generate new demand and new sources of growth.
Author: Keary Crawford
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