Last week, while coaching one of my medical industry clients, I had a major, multi-part Blinding Flash of the Obvious (BFO). This client’s medical practice has many competitors, both medically and geographically. One competitor (called LuxDocs in this blog) in particular, has positioned themselves to be “high-end”, charging an annual fee for access to their doctors.
Initially, my client did not consider LuxDocs to be a direct competitor even though they address the same area of medicine. However, as we went down the list of LuxDocs’ actual and perceived value points and benefits, 24/7 doctor access for example, it became obvious that my client offered, or could offer, many of the same perceived high value services and benefits as their “almost” competitor.
Our discussion progressed into two areas:
- Which of the services and benefits that my client already offers are valued by their patients but are not currently emphasized within their internal perception or external marketing?
- What services and/or benefits could they add that are of perceived high value by patients, but could be offered with low additional cost?
BFO Part 1 – This concept isn’t only applicable to medical practices – substitute the word Customer or Client for Patient and re-read 1 and 2 above. Now look at your product or service through the lens of what is already included, or could be included, in your offering that are perceived as high value/benefit, but that you haven’t emphasized?
BFO Part 2 – Remember, look at product or service aspects that are of high value to your clients, customers, patients or whoever makes up your target market. This is not necessarily about what you and your team value, it is about what your market values. In other words, work to understand the entire, complete definition of your product, not just the obvious.
BFO Part 3 – This is closely related to the concepts presented in the book “Blue Ocean Strategy” by W. Chan Kim and Renee Mauborgne. Add high value items to the design of your product or service while eliminating high cost low value items.
Action Steps – As many of my current clients have already done:
- Completely define your product or service.
- Make a list of as many; reasons to become your customer, ways you add value to your customer, and benefits, both small and large, of being your customer as you can. Remember, from their point of view, not yours. Shoot for 100.
- Your complete product definition and the list of your value points form a major part of your Unique Value Proposition (UVP). Make sure you constantly and consistently communicate all of these aspects of your UVP both externally and internally.
- Read Blue Ocean Strategy.
If you would like assistance with the process implied above or you wish to accelerate your progress toward your business goals, contact me or the ActionCOACH business coach in your area.