Busting and DAFO series that began with How to weaken our weaknesses and went on with How to fortify our strengths and with Threats to me? The Jousting, today comes the time to conclude with the most dreamlike part of this model of self-knowledge: The Opportunities that can come to us from the outside.
One of the biggest difficulties involved in opportunities is detect them. And once that procedure is completed we must analyze them, if we see them viable we should include them in our personal brand model and then prepare a release of the result in beta mode.
Time will tell if the opportunity detected was worth it, but let's be benevolent to ourselves: many will have no place in the market.
The blog of the stratega Javier Mejías published a few years ago a post that - in my opinion- remains in place 10 keys to spot opportunities. I advise you to read it, But here's a summary:
- Finding customers misplaced or well served. Both assumptions can be an inspiration.
- Finding inefficiencies in the market. For example, insurance or hotel price comparators, poor customer service from telephone operators...
- Search for new demographic or merchandise segmentsDo. A good example here would be the increase in the senior population.
- Looking for unresolved frustrations. This fits perfectly the case of Viagra or its competitors.
- New technologies or products. For example, IoT (Internet of Things), Eco-friendly batteries to replace fossil fuels...
- New legislation or policies. Liberalizing a sector, the removal of export locks,...
- Changes in the cost structure. For example, cloud storage has brought a significant drop in costs.
- Possibility to remove traditional barriers. Here it refers to question those things that are just like that, without more.
- Finding unsused competitive variables in saturated markets. The example is insulin, where companies were concerned about purity and users worried about the price.
- Search for things that work in other countries. Not everything here works over there or the thing over there works here.. But the case of churros in China, or Halloween in Spain are exceptions.
It is time to analyze whether any of the opportunities arising from the above points have any business viability. Does anyone else do it? Is the idea relevant? Do I need funding to get it up and running? Are there patents? Would the demand be elastic or inelastic at the price? Local, National, World?
This period takes time, but also agility. It's not about falling into the "paralysis by analysis". Perhaps the time factor is critical to ensuring the success of the launch, but above all continuity.
Include opportunities in our personal brand model
A model like the Business Model Canvas can be useful for analyzing the non-economic variables of the business:
- The value proposition. It's what makes our idea harder to imitate, a valuable armor that will be given by a succession of attributes that united build a unique whole. I should start with the phrase "I'm the only person who...".
- The best partners. No brand model without key partners. Who will help us better reach our future customers, Collaborators, Shareholders...? It is worth remembering that it is easier to reach our stakeholders via a friend, Partner, Colleague, that on cold door.
- Customers. Who are you? Where are they? Are they for a single sale (a house) or repetitive selling (a restaurant)? What value can we give them to justify a higher price?
- Activities. How do we define our offer? Through what actions do we build the value proposition? What problems do they solve?
- Key resources. Will we need research? Our hard and soft skills- are enough to ensure that we don't miss anything? Do we need funding? Do we need multi-language? Do we need patents?
- Roles. What kind of relationship will we establish with our customers? Long or short term? Personal assistance? Self? Training, Mentoring, Coaching, Consulting? Transactions?
- Channels. Through which channels will you know our new proposal? How do these channels integrate? What are the costs of time and resources?
- Investment needed. What will we give to get all this going?
- Expected revenue. What will we get?
Go for it: throw the idea supported on that opportunity
With the brand model it will be possible to generate an action plan. It's time, it's the place, it's our chance to see the light. Now only it remains a necessary component for success: maximum motivation and illusion.
Convinced that everything leaves a mark, I help companies better connect with their stakeholders through personal branding programs (personal brand management) and employee advocacy (programs of branded internal ambassadors).
Soymimarca Partner, Integrates Personal Branding and The Human Branding, I also collaborate with Ponte en Valor, Brandergizers, MoreThanLaw, Noema Consulting, AdQualis and QUIFER Consultants.
I participate in various programs at IESE, ISDI and EAE, UPF's Social Media Graduate and UVIC, among others. Collegiate advertising, Master in Marketing. Humanities Degree Student.
My advertising DNA comes from 20 years in agencies: Time/BBDO, J.W.T., Bassat Ogilvy, Saatchi & Saatchi, Altraforma and TVLowCost among others.