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S1-E7. 4 KYC to build your BS - Wrap Up
Thank you for joining us, the Host Bees, Shiva & Vineet on this journey of building Empactful Organisations.
We explored the building blocks for an Empactful Organisation - the 4KYCs to set your organization on the growth path along with the wise sayings of our wise old BumbleBee which helped shape our strategies at each stage or building block, while also helping our friends Beevis and his brothers in building Beehive X.
“See with your Heart, Listen with your Mind”: Ep 3 & 4 - Know your Company & Customer
“If you can’t be where you want to be, then flap wings with those who are where you cannot be”: Ep 5 - Know your Competitor
“See with your Heart, Listen with your Mind, Spread Your Wings Far & Wide”: Ep 6 - Know your Community
1st KYC - Know Your Company:
Your Vision, Mission, Objectives & using those to define the product or service, building your differentiators and an actually unique USP.
Answer the following questions objectively for all aspects of your business that you think are strengths or differentiators:
i) Does this aspect deliver actual value or benefit to both your customers & your company.
ii) Is the aspect or feature rare to find or develop in the market – how easy or difficult would it be for a competitor to develop that aspect or feature within their company.
iii) Is this aspect of the value delivered easily to imitate or replicate by the competition - as stated in (i).
iv) Is your company able to fully use, develop and further grow this aspect or feature – do you have the right organization, structure, values & policies that allow the company to fully use this aspect.
2nd KYC - Know Your Customer:
Everybody is not your customer, so select customers based on who can benefit most from your product or service, while also realizing which category of customers you can serve best in terms of size, complexity, and other constraints.
Build the Customer Empathy Map, but don’t wait for the PERFECT Map to start.
3rd KYC - Know Your Competitor:
There is no longer any long-term competition; only present or future partners. It is important that the competitor you are choosing to partner with has similar long-term objectives and there is a synergy between the company's vision and mission.
The Opportunity driven SWOT analysis requires you to first list all possible (& not-so-possible) Opportunities and then analyze the strengths & capabilities to seize the opportunities. Once you have the list of strengths and capabilities, analyze the 3rd step is to evaluate yourself & your strengths objectively. That will help build a list of opportunities to seize immediately and & which ones should be left for later - Check Ep 5 for details.
4th KYC - Know Your Community:
Community is the glue that binds company, customers, competitors & the complete business ecosystem together – getting all stakeholders onto a single platform.
It has the power to extend your vision beyond physical boundaries and many a time, make the vision bigger & larger.
A successful community is built through Purpose on 5 blocks – Infrastructure, Service Providers, Networks, Knowledge & Capital.
Similarly, the 3 companies which came together as the pandemic restrictions were lifted in Ep 1 to deliver a new service, went through the 4 KYC framework to successfully design & deliver their services & build the business.
So listen to this episode and let us know your thoughts on utilizing the 4 KYC framework to Strategise, Position & Execute new processes and lead your organization on the Growth Path.
Connect with us to share your experiences, comments & stories:
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By Shivakumar Valadi & Vineet Nandan Gupta
5
11 ratings
Thank you for joining us, the Host Bees, Shiva & Vineet on this journey of building Empactful Organisations.
We explored the building blocks for an Empactful Organisation - the 4KYCs to set your organization on the growth path along with the wise sayings of our wise old BumbleBee which helped shape our strategies at each stage or building block, while also helping our friends Beevis and his brothers in building Beehive X.
“See with your Heart, Listen with your Mind”: Ep 3 & 4 - Know your Company & Customer
“If you can’t be where you want to be, then flap wings with those who are where you cannot be”: Ep 5 - Know your Competitor
“See with your Heart, Listen with your Mind, Spread Your Wings Far & Wide”: Ep 6 - Know your Community
1st KYC - Know Your Company:
Your Vision, Mission, Objectives & using those to define the product or service, building your differentiators and an actually unique USP.
Answer the following questions objectively for all aspects of your business that you think are strengths or differentiators:
i) Does this aspect deliver actual value or benefit to both your customers & your company.
ii) Is the aspect or feature rare to find or develop in the market – how easy or difficult would it be for a competitor to develop that aspect or feature within their company.
iii) Is this aspect of the value delivered easily to imitate or replicate by the competition - as stated in (i).
iv) Is your company able to fully use, develop and further grow this aspect or feature – do you have the right organization, structure, values & policies that allow the company to fully use this aspect.
2nd KYC - Know Your Customer:
Everybody is not your customer, so select customers based on who can benefit most from your product or service, while also realizing which category of customers you can serve best in terms of size, complexity, and other constraints.
Build the Customer Empathy Map, but don’t wait for the PERFECT Map to start.
3rd KYC - Know Your Competitor:
There is no longer any long-term competition; only present or future partners. It is important that the competitor you are choosing to partner with has similar long-term objectives and there is a synergy between the company's vision and mission.
The Opportunity driven SWOT analysis requires you to first list all possible (& not-so-possible) Opportunities and then analyze the strengths & capabilities to seize the opportunities. Once you have the list of strengths and capabilities, analyze the 3rd step is to evaluate yourself & your strengths objectively. That will help build a list of opportunities to seize immediately and & which ones should be left for later - Check Ep 5 for details.
4th KYC - Know Your Community:
Community is the glue that binds company, customers, competitors & the complete business ecosystem together – getting all stakeholders onto a single platform.
It has the power to extend your vision beyond physical boundaries and many a time, make the vision bigger & larger.
A successful community is built through Purpose on 5 blocks – Infrastructure, Service Providers, Networks, Knowledge & Capital.
Similarly, the 3 companies which came together as the pandemic restrictions were lifted in Ep 1 to deliver a new service, went through the 4 KYC framework to successfully design & deliver their services & build the business.
So listen to this episode and let us know your thoughts on utilizing the 4 KYC framework to Strategise, Position & Execute new processes and lead your organization on the Growth Path.
Connect with us to share your experiences, comments & stories: