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Few days back, I attended an excellent talk by Prof. C Scott Hindell on Blue Ocean Strategy organised by GCCI Youth Wing.

I thoroughly enjoyed the talk and found some interesting insights for my business. Here are some of the key takeaways for me from the talk.

As a business, do you have a quick, simple, short answer to the following question from your potential customer:

Why should I do business with you?

Remember, the longer the answer, more trouble you are in.

Think about following questions as well.

If you are gone tomorrow will your customer miss you?
Can you give something exceptionally useful to your customers compared to alternatives?

According to the Blue Ocean Strategy, the most important thing for any business is to identify its primary and secondary customers i.e. customer segments. Once you do that, find out your value proposition for them.

Some thought provoking statements from the talk:

  1. Brand is a result and it is the output of a value strategy.
  2. Customers are not trying to take advantage of you. Key is to understand the alternatives your customers have.
  3. Surveys are dangerous because customers don’t know what they want.

Here are the most important 2 takeaways from the talk:

Why and who are more important than what and how
Discover something exceptionally useful for your customer segments than the alternatives they have

On a related note, he also suggested to watch the “Spaghetti Sauce” TED Talk from Malcolm Gladwell. According to him, this talk gives you a new insight every time you watch it.

Here is the brief video of the talk. Hope you will enjoy it as much as I did.

  • Posted on December 3, 2013

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