Agenda – Returns & Rewards
Worksheets completed today:
- IACT Toolkit 08 – Competitor Analysis
- IACT Toolkit 09 – Value Capture
- IACT Toolkit 10 – Returns & Rewards
Today, we discussed how we can ‘Quantify’ (measure) results and rewards for our business and customers. Monetary value ($) is not necessarily the best quantifiable ‘Currency’ for your venture. Examples of ‘Returns’ may be measured in the following:
- Social and Relationship
You may choose, for example, customer retention rates or social media ‘follows’ as your best quantifiable currency, depending on your business objective/ purpose. Importantly, it must always be aligned to your ventures’/ customers’ values.
This workshop also delved further into our venture’s ‘Value Proposition’ and introduced us to the four ‘Basic Cost Types’ (Money, Time, Effort and Uncertainty). The cost types are factored in to help evaluate the customers’ dynamic decision making journey and value perception of your product/ service (ie. how much is a customer willing to pay for it, is the customer required to put down a deposit, does the customer acquire the item upon purchase or is there a waiting time? etc.).
Following, each team had to evaluate the features and benefits of their product/ service and how they can deliver them specifically to our target market. The worksheet exercise, ‘IACT Toolkit 09 – Value Capture’, required us to also list who were going to be our ventures’ direct and indirect beneficiaries of our product/ service. The lecturer was quick to address that sometimes the immediate beneficiaries may be the venture’s wrong customers and perhaps our indirect beneficiaries are the ones who we must appeal to instead. None-the-less, ventures must go through extensive and cyclical ‘Iteration’ processes to gain the most accurate portrayal of their ever changing market.
Today’s workshop helped me to contextualise my business problems more accurately and to paint a better ‘overall’ picture of what my target market is looking for in a particular product. I also feel more capable in introducing my product to my customers but only once I was able to establish the strengths of my product (perceived customer rewards from purchasing this item). A good seller should know his/her product inside-out, hey?
As per usual, another fun filled day.
Information on Innovation ACT 2015, see links below: