Success in your business depends on your ability to deliver value at a profit. And primary to that equation is delivery of VALUE, not the pursuit of profit.
But don’t misunderstand me: your endgame is definitely profit. It’s just that the path to earning the most profit always follows the path of deliver the most VALUE.
Case in point, for a business partner, we did a thirty-minute brain-storming exercise to increase value delivery.
Let’s break down how you can do the same with a 30 minute team brainstorming session I call the MVPI.
Start by pulling your entire team together and brainstorm about 3 questions.
Pro Tip: don’t filter ideas. The goal is to list as many as you can. I suggest using a big whiteboard or a bunch of sticky notes. Make three columns, one for each question, and list as many ideas as you can.
Your goal during Step 2 is to find high-value ideas that are low cost to implement.
Before you pick the highest scored MVPI, stop to see if you can create a Customer Value Hypothesis.
The Customer Value Hypothesis seeks to find high-level patterns from Step 1 and Step 2. These patterns, once uncovered, will be helpful in executing value delivery. They also help you and your team to remain LOYAL to value delivery and not what you think delivers value (see case study example below).
After you create a Customer Value Hypothesis, select ONE MVPI to execute. Only one for now. You can execute the other ideas once you’ve successfully implemented the first.
Here’s the case study I shared above for a weight loss and wellness company we partnered with.
After brainstorming and coming up with our Customer Value Hypothesis, we realized we could significantly increase value delivery by helping prospects and customers to believe three things:
After evaluating our ideas, we settled on one very simple but powerful value delivery campaign. We called it the 30LB Challenge. Here’s how it worked:
Now it’s your turn: get your team together and make a BIG list of Value Delivery, Maxing Value and Maxing Profit ideas.
Remember, don’t filter and judge ideas, just list as many of them as you can. Once done brainstorming, organize ideas by value delivered and cost. Choose one MVPI implement and keep the rest on deck for future integration.
P.S. don’t underestimate how much emotion and eXperience plays into customer VALUE delivery.
Want more details on how to launch your next MVPI? Then join us for our next X-Factor Live Training, where I breakdown the MVPI process and answer questions about maxing value and profit.
When you deliver more value to customers at a profit, you’ll crush the competition and win more business than you can handle.
During X-Factor Live, we’ll share our 3-step MVPI to help you create and reimagine products and services that deliver massive value at a low cost. See you inside the training.
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