Monday, April 20, 2009

Getting it right eventually

"Collaborative Communities" by Jeffrey Shuman and Janice Twombly asserts that no business model gets it right first time. Rather we must commit to continual change in response to customers' changing wants.

1. Planning identifies the business model, infrastructure and resources needed at lowest cost.

2. Preparation identifies potential customers, product development, forming the team, building relationships with business partners, establishing infrastructure and developing a profit formula.

3. Interaction is when we bring the product to the marketplace and gain customer feedback. (This blog is one of a number of ways we have to interact with our customers!)

4. Analysis and refinement is about evaluating the results of customer interaction, refining our understanding of what customers want and making changes to our products and business model as a result.