9/6/2021 Tip: The “Improvement Matrix” | Growthink

9/6/2021 Tip: The “Improvement Matrix”

Today’s Quote

“Success in business requires training and discipline and hard work. But if you’re not frightened by these things, the opportunities are just as great today as they ever were.”
~ David Rockefeller

 

Today’s Tip

I’ve been using the “Improvement Matrix” for 20+ years and you should too.

The first step is to figure out the 8-12 attributes of your business that customers find most important. Then you survey your customers to find out a) how important each of the attributes are to them and b) how they feel your company performs on each attribute.

Then, you plot the results in the matrix below.

The centered vertical and horizontal lines classify each attribute into 4 quadrants:

  1. Underperforming (but OK): you are underperforming in this area, but customers don’t care much about it, so that’s ok.
  2. Overperforming: you are doing well in this area; but customers don’t value it. Keep doing what you’re doing, or consider allocating resources away from this area into a more important area.
  3. Keep it up: these are areas that your customers care about and that you are doing well in. Keep it up.
  4. Improvement Quadrant: this quadrant is the key. It shows those areas that customers find important, but for which your performance is not up to speed. You MUST get better in these areas ASAP.

As you can see, the Improvement Matrix will alert you to the key areas of your product and service that you must improve. All it requires is a simple customer survey and plotting of the data. And the results can revolutionize your business. So do it!

 

Today’s Resource

How to Build a $10 Million+ Company

What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?

Well, there are a LOT of differences, actually…

But I’ve summarized the main differences on this page:

How to Build a $10 Million+ Company <—- 

The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business…

In fact, when you follow this formula, you can make much more by working less…

How to Build a $10 Million+ Company <—- 

 

Trivia

Today’s Question: The symbol of what world currency is derived from the Latin word for scales/balance?

Previous Question: What term denotes the socio-cultural changes that occur in poor areas when wealthy people buy housing property there?

Previous Answer: Gentrification.

Consequent to gentrification, the average income increases and average family size decreases in the community, which may result in the informal economic eviction of the lower-income residents, because of increased rents, house prices, and property taxes.
 

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