Okay, we’re almost completed our journey around the Empathetic Business Model. The next part is stage 8, Updating and Energizing. This step is usually the most overlooked step along any model as well as exclude on most business models. Step 8 in the journey addresses the need for incorporating a plan for keeping your offering current and exciting in the eyes of those your serve.
Stagnation is the silent killer in any offering. Though your offering may remain as effective as the day your developed it, consumers may see your offering as being outdated, non-current or tired if you don’t update. Imagine if you never updated your computer or the software on it. Chances are you would probably still be using first generation Windows environment and clunky, limited software applications or maybe you would still be using a Macintosh to perform your graphic and publishing needs. Upgrading is a critical element of keeping your offering relevant to current needs of your consumers.
How do you determine when and how much upgrading you need to do to your offering? That answer comes from two sources; those you serve and the competition. First; stay in constant communication with your customers so that your offering remains relevant to their needs and wants.
Second; keep your eyes on your competition. Be sure your aware of how they are updating their offering and what are they doing to re-energize interest in the offering. Most providers I have observed avoid changing an offering unless something in the market changes forcing a response. Be vigilant in this quest to update and energize your offering when needed, not forced.
Summary; Keep your offering relevant by updating as needed by communicating with your customers as well as keeping aware of what your competition is doing to keep their offering relevant as well. Never duplicate, always improve.
This is the not the last step even-though we have come full circle. Next I want to share how this all comes together to create a cohesive and holistic Empathetic Business Model that will help as you move forward with next step of creating a business model and plan.