The Triforce of Value
This article is written by Clinton James, a Contributor Author at Startup Istanbul.
In one of the Startup Turkey events, having been an entrepreneur and now entering the world of startups, Mr. Jonathan Crawford, the founder of Storenvy is determined to share what he has monitored from mentoring them and seen what he terms as the triforce of value.
It is based on how to grow and strategize your business while you focus on creating value for your customer versus creating value for yourself or for investor.
From his background as an outsider from Silicon Valley and lived in Kansas, he built Storenvy Company, then moved back to Silicon Valley where he was able to raise $7 Million from some of the best investors in the world and built the company that had 25-30 people with over 100,000 online stores. This was however sold recently to a company alibaba who are really interested in small business space and now he mentors early stage companies while trying to figure out what's next.
The first element on the triforce value is your positioning value being the idea of ‘good-fast-cheap pick-two’, The idea is if you want it fast and cheap then it’s not going to be good but if you want it good and fast then it’s not going to be cheap.
The Good reckons quality, complex, feature-richness, elegance, status and reliability. The Fast depicts speed, convenience, effortlessness and time saving. The Cheap is defined by affordability and low resource investment. Jonathan emphasizes that, “If you need to be powerful in what you do then two of these are sufficient.”
The mistake is companies are trying to do all three as they are actually insecure. They might have a more innovative solution that gets to people much faster but they still are underpricing the competition.
Good-fast-cheap pick two concept is emphasized to be of quite some significance through Defining positioning, Enhancing Clarity and Focus, Customer Segment, What you’re not doing and the Business Model guide.
From this, he reckoned that the total value of an effort is best depicted from the combination of the customer and the actual product being provided. As long as there is a level of satisfaction in them, it stands ideal to generate a lot more other than putting in so much energy on talking about the power product and obsessing over how well our product works but what we should be doing is trying to figure out if we are excellent at making a product or somebody into a better version of themselves? Always come back to the value driven approaches and strategize around it.
During customer’s value recognition a lot is criticized to convince them. Among these fundamental queries entail: Capability to fulfil the needs, Utilization and Awareness of what is being achieved. Customer success team starts with your employees. They will become your advocates once realizing the value provided. Therefore, create value for enough people, focus and build your metrics and your entire attitude as an entrepreneur.
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