THE GAP-IN-THE-MARKET MODEL
One of the easier ways to enter into a market is through untapped territory. Identifying underserved customers gives businesses a major advantage so it behooves them to perform their due diligence. The Gap-in-the-Market Model helps businesses plot their competition in a simple three-dimensional space each represented by a critical metric.
THE STOP RULE
Today the Stop Rule survives as a cognitive tool with wide applications across companies of all scales. It removes the laborious task of having to weigh insanity inducing options and puts in place a non conditional executive order when a metric is triggered.
REGRESSIVE REMORSE
Regressive Remorse is a common experience resulting from hedonic adaptation, causing us to perceive previous versions of products or services as inferior after experiencing an upgrade. For businesses, effectively communicating the value of an upgrade is crucial in overcoming customers' initial resistance.
THE CHOICE OVERLOAD
Be mindful of the amount of choices customers must make. Too few choices and they feel underserved. Too many choices and their overloaded brains resort to buyer’s remorse. Check out the infographic on the choice overload.
THE SWOT ANALYSIS
The SWOT analysis is an instrumental tool in assessing the standing of a company or organization. Its acronym stands for Strengths, Weaknesses, Opportunities, and Threats, and organizes thought processes for important decision making.
THE EISENHOWER MATRIX
By plotting our tasks over the four quadrants of this model based on importance and urgency, The Eisenhower Matrix affords us a more logical rationale to an otherwise chaotic day.