Problem & Gap Identification & Prioritization


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We will discuss what is the process from steps 1 to 3 to prioritize the acts that could lead us towards closing the deficit or a difference between where we are and what we aim at. It is typically derived in a technology roadmap by weighing the relative technical complexity AND the value in the business process plotting the results into a quadrant plot using a matrix of action priority. The key challenge now is to elicit, collect and gain agreement on what is important and urgent for the parties. Our mission is that business should have objectives and objectives that do not align with the individual with whom we collaborate in our fieldwork. We're making this process open to all stakeholders to help determine the tactical interpretation of the gap closure strategy. The very first task you should hop on is SEO problem identification. This is a key point for improvement.

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Analysis Tools

Are there any tools out there that can help us map the gaps simply and effectively? Gap analysis is one of the critical steps in strategy development, but you should know that there are many different ways to approach this tool. The graphic below shows an example of an ice-level model for strategic planning at PwC.

Before we get started with our actual discussion, let's highlight some takeaways from the above graphic which will be useful when it comes to formulating strategies:

1) Remember that your company exists because its current customers have recognized value in what you offer today. Asking them - "What would cause you to pay more?" or "Would you be willing to pay more if …" can identify new market opportunities or profitable niches.

2) Customers' tolerance to the complexity that a product or service offers is a crucial factor in your pricing strategy, as that decision will determine the potential market size available to you. A different way of describing this principle might be called "The Primary Product Effect." This principle states that if a customer needs only one product offering from a company, then its price will be irrelevant (subject to certain conditions).

3) By following the concept of selling value not price where it comes to pricing and what we offer our customers will make them feel better about paying more for something they want, which is great for businesses. You can easily see how creating value has an impact on each area of business and by employing these techniques you'll discover new ways to create value and be rewarded for it. For example, if we look at price as a way of creating value for the end-user then we can see that there is a direct correlation between price and the quality and quantity of the product. The more expensive your product is, the higher its quality and vice versa.

4) Value could also be defined as something that gives you an advantage over competition or provides added worth to what you already offer; thereby getting better results from your services (e.g., pay-per-click advertising).

5) The value chain concept describes how your business adds value for customers by adding different products, services, systems, technologies, and inputs – one after another – until they have been transformed into a valuable result (e.g., a laptop computer).

6) The concept of the value chain also helps in demonstrating how each department, technology, or subsystem processes and adds value to the product in its unique way. For example, when selling computing hardware like PCs, retailers add value by putting them in stores where they are displayed under optimal lighting conditions (and security measures), offering customization options (like adding memory or changing hard drives), and providing quality control through accurate inventory records; thereby making them more accessible to customers. Service providers add value by filling out warranty information for computers so that if something goes wrong after the customer leaves the store, the company can diagnose it quickly and send parts overnight. Add-on items like extended warranties provide even more value since they help protect the customer's investment and provide peace of mind.

On your part as a business owner, you should know that value is not something that can be determined objectively by market research alone; instead, it is heavily influenced by what each person perceives it to be. For example, most people will agree that an iPhone is worth more than a disposable plastic flashlight (no matter how many lumens it emits), but for some reason, this logic does not apply when we look at buying new cars. Many people would agree that driving home without serious injuries in their new car is far more important than whether or not the headlights are LED or halogen, but apparently, at least one car manufacturer disagrees because its latest models come with low beam headlights that are LED while the high beams (and brights) seem to be halogen.

7) The objective function of your business is what you want to accomplish with any given project, offering, or marketing campaign; it has three elements: maximize revenues, minimize costs and meet all other business objectives.

8) There are two ways in which you can increase profits for your company when deciding on price strategies. You can either reduce your costs so that when you divide the profit by the number of items sold it yields a higher profit margin per item sold, or you can raise the prices of your goods so that when divided by the number of items sold it yields a higher profit margin after each sale. For instance, if Company A sells an item at $100 which costs it $60 to produce, its profit per item sold is $40. If it raises the price of that same item to $120 but reduces production costs to $50 then its profit margin is also $40; in that case, the key difference between the two strategies (and the reason Company A chose one over another) was that by increasing prices it increased revenues while reducing costs.

9) Because there are no fixed rules when it comes to creating value for your customers, companies like Apple can seemingly charge astronomical amounts for products like iPads and iPhones without losing business. On the other hand, when this strategy does not work (when customers perceive an offer as being too expensive), even low-cost players like Aldi might pack up their operations and leave a market altogether - as they did in South Africa when their low prices took a toll on local farmers.

10) The key difference between an effective promotion strategy and one that fails miserably is not how creatively or aesthetically beautiful it looks, but rather how well it adds value to the product being promoted while achieving its specific business objective(s). For your promotional activities to succeed you have to keep the big picture in mind by making sure that any efforts you make are justifiable from different angles: customer, internal operations of your company, and of course bottom line.

11) Businesses that control their channels directly (i.e., sell products through their outlets) might have more flexibility concerning pricing strategies because they can use relatively sophisticated pricing algorithms that automatically update prices based on predefined rules or external data. This is the approach that large-scale supermarket chains like Carrefour and Tesco have taken to ensure they can reduce costs as much as possible without losing market share to competitors.

12) One of the major benefits of online retailing is speed; by cutting out the need to maintain expensive brick-and-mortar stores (whether for stocking or customer face time), companies like Amazon can offer products at lower prices than their traditional counterparts.

Unfortunately, the downside is that this strategy also makes it easier for customers to compare prices across different retailers which in turn increases competition - but then again if your company thrives off economies of scale this might not be such a bad thing.

13) The key difference between loss leaders and psychological pricing (e.g., this item costs $1.99 but feel free to buy it for less than that - the idea being that customers like to think they're getting discounts even when prices remain unchanged) is that while prices can change with loss leaders, products are still offered at discount; psychological pricing, on the other hand, implies no price changes but rather clever marketing strategies aimed at influencing customer perception of savings.

14) When setting your pricing strategy, you need to consider how committed existing customers are willing to become if you offer them lower prices; in most cases, companies make the mistake of thinking will lead to increased sales but what they often fail to take into account is that once customers have become accustomed to a certain price point you need to provide them with enough value through other avenues not only to justify it but also retain their business.

15) In some cases, different customer segments might be willing and able to pay higher prices for the same product as long as it provides more value than cheaper alternatives from competitors.

Apple is a great example of this strategy where customers are not just willing but eager to pay extra for products that offer functionality way beyond its competitors in terms of both aesthetics and performance.

16) The best time savings deals occur when your company does not need any upfront investment or has excess capacity; companies that manufacture custom products (like printing companies) can sometimes offer their clients discounted prices in exchange for faster turnaround times - this is more often the case when client relationships are less established.

17) If your company sells products with many substitutes available on the market, you might want to consider minimizing price elasticity by providing customers with more value than they would get elsewhere while remaining profitable; some companies have had success implementing subscription models where customers can pay a monthly fee in exchange for being allowed unlimited access to their product offering during that period.

18) While many companies see omnichannel retailing as an opportunity to provide better customer service, some businesses also use it as a way of increasing average order values (AOV).

For instance, stores like Harrods will often offer free delivery for any orders over a certain value in the hopes that customers will purchase something else to make up for the cost of shipping.

19) For many businesses, omnichannel retailing also provides additional opportunities for cross-selling - not only can you recommend related products with your advertisements but when customers are on your website they are more likely to make impulse purchases because it is easier for them to do so.

20) Businesses tend to have different pricing strategies depending on their industry; some companies charge higher prices to sell fewer items while others offer low prices just so they can generate good word of mouth among existing clients.

If your company is in a commodity business then understanding price elasticity and seasonality factors is very important since demand fluctuates throughout the year.

21) Since it is difficult for customers to compare prices on your website, you should use pricing strategies that are intuitive and recognizable without having to rely too much on price-matching guarantees

One of the biggest issues with this strategy is that companies need to be mindful of what competitors are doing in terms of pricing; by simply matching the lowest price they might end up getting stuck with low-profit margins or worse, attract competitors who can afford to offer lower prices.

22) One way around this problem is to set reference points against which customers will see your product as being less expensive than its competitors

Apple has done a great job of this by branding their products as being more luxurious than any other out there whereas McDonald has built an empire where you can buy a cheeseburger for $1, encouraging customers to see their products as very affordable.

23) The best way to determine the right price for your product is through A/B testing, which involves setting up an experiment where one or more prices are shown to different segments of your audience and you analyze the results at the end.

The main problem with this approach is that it's hard to figure out what happens in reality since there might be other factors influencing conversion rates (i.e., how often people will buy your product).

24) One alternative strategy is to offer customers different priced bundles but instead of focusing on maximizing prices you should treat bundling as a way of increasing your average order value; if a customer can purchase a combo deal at a lower price than buying the items separately then they will probably do so to save money.

25) On the other hand, you could also sell fewer products for a higher price per unit - with less competition in terms of product selection this allows your business to capture more value from existing customers while reducing any risk involved with increasing overhead costs or increasing prices across the board.

In some sense, it's worth considering that two businesses selling different numbers of units but charging equal prices would have equal profits when discounted by their total number of sales.

26) It is important to realize that when using bundles and combos, there is usually more margin on configuration options (i.e., individual pieces within an overall bundle) than on the core product itself; this means that you are more likely to make a higher overall profit by offering bundle deals despite having lower prices!

27) Another way of increasing your average order value is by carrying out cross-selling - again, A/B testing can be used to determine which products are most relevant based on how customers browse around your website. If you have an analytics package then you should always be looking for ways to optimize conversion rates because it will help you realize if your strategies are working or not.

28) An alternative approach involves using sentiment analysis for determining what kind of comments customers might leave about your company online - past experiences with other companies can provide valuable insight into their opinions even though they aren't explicitly stated.

How to do a gap analysis: The 5 step process?

Step 1: Investigate and Learn

Having a great idea is one thing, but it's quite another to take that idea and turn it into an actual product. Get a simple txt file with your insights about your web page progress.

Point out technical SEO issues you might have. Part of the planning process should involve looking for potential problems or weaknesses in your current plan as well as figuring out how much these issues might cost you to fix later on down the road. Having this kind of information at your disposal will help you determine whether or not any parts of your business could use some work!

Step 2: Evaluate what you have now

When it comes time to consider solutions, ask yourself if any of these options would be worth implementing and if so, how difficult they will be to implement within a reasonable timeframe. If an idea seems like it will cost too much or take up too much of your time, consider whether or not this is the best solution to the problem at all. Sometimes, doing nothing might be better than trying to fix something that isn't broken yet.

Remember to check search engines, for example, Google search console, and perform search engine optimization. Make a list of what you have at work now, even if it takes multiple pages. Examine your search engines for your rankings. Check title tags. Do competitor keyword research to find points of growth. It is important for your site's ranking to include both internal and external links. This shows your users and search engine crawlers that you have high-quality content on your site.

Step 3: Prioritize

If you can't do everything that needs to be done then you need to figure out what comes first and what could potentially wait until later on down the line. Using a simple spreadsheet can help you understand how various changes might affect one another as well as provide a way to compare costs and benefits so you can see which option would provide the biggest return for your company overall. Only once you have finalized your priorities should you begin making any changes to the way your business works. Don't forget to mention such points as getting rid of broken links and gaining more relevant keywords.

Step 4: Make the changes

If you're making any major changes then it's usually a good idea to give employees some sort of warning so they can prepare themselves. That being said, if you want to keep costs down or take advantage of an opportune moment for growth it might be in your best interest to make these kinds of changes all at once! By jumping on opportunities when they arise you can maximize your chances of getting ahead through selling when demand is high (and prices are also high). You don't always know when that time will come around again, but by taking advantage when available you can easily reap the benefits later on down the road. Work with your technical SEO. Remember, if you have any technical SEO problems on your website, it will affect the quality of the entire site. Search rankings improvement might help here. Structured data is a simple way to help Google search engine crawlers understand the data and content on your page. For example, if you have a recipe on your site, the ingredients list would be presented as a bulleted list – that is structured data that helps Google understand the data on that page. Get rid of duplicate content. Check canonicalization issues which refer to individual web pages that can be loaded from multiple URLs. This is a problem because when multiple pages have the same content but different URLs, links that are intended to go to the same page get split up among several URLs. 

Step 5: Evaluate results

Once you have made any changes, you must evaluate them to see if they are helping your business. Even though you might anticipate a certain result doesn't mean it will come true - always get the facts before making any assumptions or passing judgment on what may or may not work for your company. Only once you have all the information about what is going well and why should you consider implementing any additional changes. After all, there's no sense in trying to fix something that isn't broken!

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