Adjusting Your Value Wheel

Each business has a value wheel – the collection of things you do that create value for your customers.

In each situation, and for each customer, you present these in a different way. One customer cares more about the speed of delivery, another about how flexible you are, a third loves that you have an office in Cairo right next to where their main supplier is.

While your value wheel has a few core elements—the handful of things (values, behaviors, promises you keep) that make you you—each customer’s next-level reasons for hiring you will differ.

Your job, when selling your wares, is to know which of these value wheel elements to present when and to whom, and to be facile enough in representing and rejiggering them to communicate just the right offering to each different (potential) customer.

If this all wasn’t easy to see a month ago, it certainly is now. A month ago, a big chunk of how we used to create value was taken off the table. Our new task is to see if the pieces we are left holding are enough that we can continue to do (a new version of) what we do, even in today’s new, unprecedented context.

For many industries and business models, the short-term answer is a simple ‘no’:

Airlines can’t be airlines if people don’t want to travel.

Most restaurants can’t be restaurants without seated customers

But there is also potential, even with a lot of change:

Schools, it turns out, could probably teach kids effectively without kids coming together (though most are failing to do this well).

Most services businesses, whose lifeblood used to involve face time (not FaceTime) with clients and going to giant conferences, are discovering that a lot of that was expected behavior that was mostly unnecessary.

For those of us lucky enough to still be holding enough pieces to stay afloat, the questions to ask are:

How do we clearly see the collection of pieces we’re left holding?

Might there be a way that THIS collection of pieces is, in fact, enough to do meaningful work?

If we imagined that this new normal were here to stay, what would we do differently? What bigger bets would we make?

(and finally)

What new things have we learned about ourselves, our capabilities and our customers that we want to preserve, even when things get back to “normal?”

To help take this forward, here’s a downloadable value wheel that you can print out and fill out with your team (virtually, of course).

Value Wheel

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