Page 603 - Value Proposition Design: How to Create Products and Services Customers Want - PDFDrive.com

Reinvent Yourself Constantly

Successful companies create value propositions that sell
embedded in business models that work. Outstanding
companies do so continuously. They create new value
propositions and business models while they are
successful.

Today’s enterprise must be agile and develop what Columbia Business School
Professor Rita McGrath calls transient advantages in her book The End of
Competitive Advantage. She argues that companies must develop the ability to
rapidly and continuously address new opportunities, rather than search for
increasingly unsustainable long-term competitive advantages.

Use the tools and processes of Value Proposition Design to continuously
reinvent yourself and create new value propositions embedded in great business
models.
Five things to remember when you build transient advantages:

Take the exploration of new value propositions and business models just as
seriously as the execution of existing ones.

Invest in continuously experimenting with new value propositions and
business models rather than making big bold uncertain bets.

Reinvent yourself while you are successful; don’t wait for a crisis to force
you to.

See new ideas and opportunities as a means to energize and mobilize
employees and customers rather than a risky endeavor.

Use customer experiments as a yardstick to judge new ideas and
opportunities rather than the opinions of managers, strategists, or experts.

Continuously ask yourself…