Fit-for-Purpose: How Modern Businesses Find, Satisfy & Keep Customers
Are your products and services fit-for-purpose? How would you know? Do you know why your customers choose you, your products and services? If not, how can you find out? This session will answer these questions and more.
This session will introduce our Fit-for-Purpose Framework. The F4P Framework gives highly pragmatic, actionable guidance so that you understand and know how to:
- segment your market based on customer purpose
- establish fitness criteria that actually matter in customers' selection decisions as your key performance indicators (KPI)
- sense your market using your front line staff and alternatively using Fit-for-Purpose (F4P) surveys and the Fitness Box Score
- select market segments that align to your strategy
- design products and services that align to customer expectations in various segments
- take actions to amplify successful markets and switch off unsuccessful ones
We will illustrate the Fit-for-Purpose Framework guidance with examples from several industries, such as: advertising, event hosting, insurance, pharmaceuticals, training, and others.
Outline/structure of the Session
The session would be a condensed summary of the Fit-for-Purpose framework.
Please see the 14-point summary of the F4P Framework in the Learning Outcome. Given the time constraint, we plan to amplify and illustrate a few of them in a 20-minute session, and just identify and summarize the rest. We draw our examples from several industries, such as: advertising, event hosting, insurance, pharmaceuticals, training, and others.
Introducing Fitness for Purpose:
- If you make your products and services more fit-for-purpose, you make your business more resilient and robust and position it for long-term success
- Fit-for-purpose includes the design, implementation, and service delivery. You have to attend equally to all three.
- Segment your market based on your customers' purpose. Each segment will have their own criteria for selecting your product or service
Understanding Fitness for Purpose
- Of many characteristics of your product or service, relatively few (we call them fitness criteria) actually matter in customers' selection decisions
- Four types of metrics: KPIs (very few, otherwise they aren't key!), health indicators, improvement drivers, vanity metrics. Avoid the dysfunction resulting from using one type of metric for the purpose of another.
- Several typical fitness criteria found in many products and services
- Design different service levels to the different fitness criteria of different customer segments
Managing Fitness for Purpose
- Using humans and narrative
- Using F4P cards and box score
- Finding new market segments based on purpose and exploiting the opportunity
Integrating Fitness for Purpose
- Understanding the blind spots: customers who don't buy, who lie, dysfunctional markets, etc.
- Moving beyond jobs-to-be-done and Net Promoter Score (NPS)
- Integrations with popular approaches: Mission Command, Balanced Scorecard, Personas and Goal-Oriented Design, Lean Startup
- Connecting to the product life cycle, business leadership and long-term survival
Product managers, service designers, service delivery managers, and those who work in product strategy, strategic planning, market research or marketing, or those who oversee these functions in senior executive roles
Some experience in designing, implementing, or delivering products or services to customers, or leading employees in such functions in a real-world business.
schedule Submitted 7 months ago
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