In some cases, business will face a limited lifespan unless they accept change to maintain pace with ever-evolving markets. Though it may be necessary, change can be difficult to execute!

So, how can you successfully execute change?

Be clear on the outcome you want
A firm goal will allow you to remain focussed throughout the implementation of your strategy. Your goal should align with the needs of your market. Changes to the way we work may be frustrating, so clearly communicating what you hope to achieve, and how, with your team will reiterate why the changes are necessary. A clear objective also gives you a way to measure whether the project has been successful.

Execute your plans with confidence
Providing clear direction will allow the move to be as seamless as possible. The prospect of disruption can be daunting, but thorough planning for any changes will help you and your colleagues to implement them successfully.

Embrace the potential that your new strategy will provide! Don’t be scared of change.

Embrace change
An Oracle/Forbes Insights survey revealed that 51% of executives saw support from leadership as key to the success of a transformation project. First and foremost, all executives need to understand why and how the process will happen, then filter their understanding to their teams. If everybody is on board, with the same end goal in mind, then they can work concurrently and productively.

How SER Team can assist
SER Team work alongside you to develop an overarching value proposition, ‘go to market’ strategy and business strategy. Find out more here.

Would your business benefit from a strategy refresh? What do you find challenging about implementing strategic change?

The post Adapting your business strategy first appeared on SER Team.

In a typical company/customer transaction, the business will receive a financial payment while the customer receives the value that your product or service provides. While the monetary value is easily quantified, the intangible value is more complex, and therefore difficult to apply figures to.

Some exchanges don’t, in the first instance, involve cash at all. A website might ask users to volunteer some personal information (often an email address, mobile number or home address) so that they can contact them in the future with information on offers. The exchange of information could be for potential discounts. For the business, the eventual value is to profit from the additional sales this technique could generate, and the customer can achieve value by saving money through a discount. The ‘fairness’ of this exchange is decided by the judgement of each party. It cannot be definitively measured, however, because the value of data or the value of an additional address on a mailing list cannot be clearly quantified.

The same can be said for researching. The physical act of information gathering is carried out in exchange for knowledge gain. Both are intangible; however, the value is much further down the line when decisions, plans, proposals and indeed sales campaigns can be crafted around the knowledge gained.

Simply identifying your value offering is inadequate as a basis for pricing. The product may save customers time – but how much time? How long will the product last? Are there any maintenance costs? Each of these questions impact their worth.

If the customer feels they’re not getting value worthy of the cost, they’re unlikely to buy at all. Considering pricing from a customer’s perspective and undertaking some research will allow you some idea of what a customer is generally willing to pay to obtain the value you’re offering.

Although value is extremely difficult to quantify, if you can explain its value relative to your price point, you are able to defend your pricing strategy.

The post Can we put units of measure on value exchange? first appeared on SER Team.

The post Identifying the Stakeholders in Your Market first appeared on SER Team.