- Your business plan needs to…clearly spell out the points of differentiation…for your product or service…compared to your competitors.…And those points of differentiation…need to be things that your customer cares about.…Now the differences need to be substantial…relative to competition.…By saying you're one to two percent faster…than your competitors, that won't…get a customer's attention.…20% faster, now you have their attention.…Second, they don't just have to be…substantive differences, they have to be meaningful.…
If your customer cares about cost…but not at all about speed,…it doesn't matter if you're 20% faster.…So make sure as you're articulating…these points of differentiation,…you look at substantive differences…as well as meaningful ones.…Now knowing how you're differentiated…is going to help you know…where to invest your time and money…because this is a planning exercise…and you're going to focus on…those differentiating factors and where to compete…or not compete in the marketplace.…
This is the part of your business plan…
Author
Released
9/17/2015- Define the problem your business solves.
- Determine a product and revenue model.
- Build a go-to market strategy.
- Describe the components of a product development roadmap.
- Explain how to brand and market a product.
- List criteria for choosing suppliers.
- Identify common pitfalls of business plans.
Skill Level Intermediate
Duration
Views
Related Courses
-
Developing a Competitive Strategy
with Anil Gupta1h 4m Intermediate -
Strategic Planning Foundations
with Mike Figliuolo1h 22m Intermediate
-
Introduction
-
Welcome1m 11s
-
-
1. Defining Your Business
-
Sizing the market1m 55s
-
2. Understanding Your Market
-
How you rank vs. competitors2m 48s
-
3. Defining Your Product
-
Protecting your market2m 41s
-
Developing your product2m 23s
-
Delivering your product2m 4s
-
4. Selling Your Product
-
Pricing your product2m 36s
-
Selling your product2m 20s
-
Supporting your product2m 11s
-
5. Running Your Operations
-
Managing production2m 3s
-
Managing suppliers2m 20s
-
6. Managing Your Business
-
Leading the organization1m 52s
-
Getting advisors2m 2s
-
Compensating leadership2m 13s
-
Administration1m 20s
-
-
7. Projecting Your Financials
-
Financial assumptions1m 47s
-
Financial forecasts2m 20s
-
Capital requirements2m 27s
-
Financial risks1m 50s
-
Exiting your business1m 53s
-
-
Conclusion
-
Business plan pitfalls1m 54s
-
Next steps1m 18s
-
- Mark as unwatched
- Mark all as unwatched
Are you sure you want to mark all the videos in this course as unwatched?
This will not affect your course history, your reports, or your certificates of completion for this course.
CancelTake notes with your new membership!
Type in the entry box, then click Enter to save your note.
1:30Press on any video thumbnail to jump immediately to the timecode shown.
Notes are saved with you account but can also be exported as plain text, MS Word, PDF, Google Doc, or Evernote.
Share this video
Embed this video
Video: Defining points of differentiation