Competitive Analysis Matrix In A Nutshell

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The Competitive Analysis Matrix is a tool that allows businesses to define new growth opportunities. As the name suggests, the matrix is used to critically profile a company against its main competitors. The purpose of the Competitive Analysis Matrix is to provide a broad overview of the competitive landscape in a given industry. It helps … Continue reading Competitive Analysis Matrix In A Nutshell

Value Stream Mapping And Why It Matters In Business

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Value stream mapping uses flowcharts to analyze and then improve on the delivery of products and services. Value stream mapping (VSM) is based on the concept of value streams – which are a series of sequential steps that explain how a product or service is delivered to consumers. Understanding value stream mapping Value stream mapping … Continue reading Value Stream Mapping And Why It Matters In Business

What Is The OGSM framework And Why It Matters In Business

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The OGSM framework is a means of creating a well-structured and actionable marketing strategy. Fundamentally, the OGSM framework allows businesses to first define what they want to achieve and then determine how they will get there. To provide direction for marketing teams, the acronym of OGSM (objectives, goals, strategies, measures) should be followed in sequential … Continue reading What Is The OGSM framework And Why It Matters In Business

What Is Premature Optimization And Why It Matters In Business

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Premature optimization describes the act of trying to make something more efficient at a point where it is too early to do so. Here, this focus on efficiency comes at the expense of more important tasks. As an example, before a business sets up marketing automation, it better understands its customers extremely well; otherwise, the … Continue reading What Is Premature Optimization And Why It Matters In Business

Theory of Constraints And Why It Matters In Business

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The Theory of Constraints was developed in 1984 by business management guru Eliyahu Goldratt in his book The Goal. The Theory of Constraints argues that every system has at least one constraint that hinders high-level performance or profit generation. Fundamentally, the theory advocates identifying constraints and then eliminating them or at the very least, reducing their impact.  … Continue reading Theory of Constraints And Why It Matters In Business

S-Curve In Business And Why It Matters

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The S-Curve of Business illustrates how old ways of doing business mature and then become superseded by newer ways. The S-Curve itself is based on a mathematical concept called the Sigmoidal curve. In the context of business, the curve graphically depicts how an organization grows over a typical life cycle. Understanding the S-Curve of Business A … Continue reading S-Curve In Business And Why It Matters

PESO Model And Why It Matters In Business

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To optimize its marketing communications, a business can categorize media as either paid, earned, shared, or owned media (PESO). Analyzing these four categories is particularly useful for content-driven, online marketing strategies to build brand awareness, customer loyalty, and gain market share. Understanding the PESO model There is no more effective means of lead generation than … Continue reading PESO Model And Why It Matters In Business

What Are SMART Goals And Why They Matter In Business

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A SMART goal is any goal with a carefully planned, concise, and trackable objective. To be such a goal needs to be specific, measurable, achievable, relevant, and time-based. Bringing structure and trackability to goal setting increases the chances goals will be achieved, and it helps align the organization around those goals. Understanding SMART goals “SMART” … Continue reading What Are SMART Goals And Why They Matter In Business

Continuous Intelligence Business Model

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The business intelligence models have transitioned to continuous intelligence, where dynamic technology infrastructure is coupled with continuous deployment and delivery to provide continuous intelligence. In short, the software offered in the cloud will integrate with the company’s data, leveraging on AI/ML to provide answers in real-time to current issues the organization might be experiencing. Sumo … Continue reading Continuous Intelligence Business Model

What Is The Barnum Effect And Why It Matters In Business

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The Barnum Effect is a cognitive bias where individuals believe that generic information – which applies to most people – is specifically tailored for themselves. Understanding the Barnum effect The classic example of the Barnum effect at work lies in daily horoscopes, where vague and very general statements provide advice for individuals of a particular … Continue reading What Is The Barnum Effect And Why It Matters In Business

What Is Base Rate Fallacy And Why It Matters In Business

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The base rate fallacy occurs when an individual inaccurately judges the likelihood of a situation occurring by not considering all relevant data. Understanding the base rate fallacy The base rate fallacy is based on a statistical concept called the base rate. In simple terms, it refers to the percentage of a population that has a … Continue reading What Is Base Rate Fallacy And Why It Matters In Business

What Is The Bottom-Dollar Effect And Why It Matters In Business

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The bottom-dollar effect describes a tendency among consumers to dislike purchases that exhaust their remaining budget. If a consumer spends the last $50 in their bank account on dinner at a restaurant with friends, they may enjoy good food and good company. But after the meal, they feel dissatisfied because the meal has exhausted the … Continue reading What Is The Bottom-Dollar Effect And Why It Matters In Business

What Is The Buy-Sell Hierarchy And Why It Matters In Business

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The buy-sell hierarchy is a visual representation of an increasingly strategic business to customer relationship. The buy-sell hierarchy was developed by consultants Robert Miller and Stephen Heiman in a 2005 book about large account management. Miller and Heiman argued that in business markets, the business (supplier) to customer relationship was the primary determinant of success. … Continue reading What Is The Buy-Sell Hierarchy And Why It Matters In Business

Bye-Now Effect And Why It Matters In Business

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The bye-now effect describes the tendency for consumers to think of the word “buy” when they read the word “bye”. In a study that tracked diners at a name-your-own-price restaurant, each diner was asked to read one of two phrases before ordering their meal. The first phrase, “so long”, resulted in diners paying an average … Continue reading Bye-Now Effect And Why It Matters In Business

Cashless Effect And Why It Matters In Business

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The cashless effect is a bias which argues that consumers are likely to spend more money when they don’t have to physically give it up. Physically giving up money is also called “pain of payment” – the more pain a consumer associates with paying, the less likely they are to spend. Understanding the cashless effect … Continue reading Cashless Effect And Why It Matters In Business

What Is The CATWOE Analysis And Why It Matters In Business

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The CATWOE analysis is a problem-solving strategy that asks businesses to look at an issue from six different perspectives. The CATWOE analysis is an in-depth and holistic approach to problem-solving because it enables businesses to consider all perspectives. This often forces management out of habitual ways of thinking that would otherwise hinder growth and profitability. Most … Continue reading What Is The CATWOE Analysis And Why It Matters In Business

Butterfly Effect And Why It Matters In Business

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In business, the butterfly effect describes the phenomenon where the simplest actions yield the largest rewards. The butterfly effect was coined by meteorologist Edward Lorenz in 1960 and as a result, it is most often associated with weather in pop culture. Lorenz noted that the small action of a butterfly fluttering its wings had the … Continue reading Butterfly Effect And Why It Matters In Business

What Is A Business Plan And Why It Matters In Business

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A business plan is a document that details key operational and financial goals for a business and how they will be achieved in the future. Essentially, a business plan is an exercise in due diligence. While no business plan can accurately predict the future, they do demonstrate and give insight into the likelihood of eventual … Continue reading What Is A Business Plan And Why It Matters In Business

Bundling Bias

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The bundling bias is a cognitive bias in e-commerce where a consumer tends not to use all of the products bought as a group, or bundle. Bundling occurs when individual products or services are sold together as a bundle. Common examples are tickets and experiences. The bundling bias dictates that consumers are less likely to … Continue reading Bundling Bias

Agile Project Management

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Agile project management (APM) is a strategy that breaks large projects into smaller, more manageable tasks. In the APM methodology, each project is completed in small sections – often referred to as iterations. Each iteration is completed according to its project life cycle, beginning with the initial design and progressing to testing and then quality assurance.  … Continue reading Agile Project Management