Secrets for Thriving in the Gig Zone by Ketaki Karnik

Author:Ketaki Karnik [Ketaki Karnik]
Language: eng
Format: epub
Publisher: Hay House
Published: 2021-07-05T00:00:00+00:00

Measuring the Strength Index of your offering

*Use reverse scale, i.e. 5: low competition intensity/low probability of obsolescence; 1: high competition intensity/high probability of obsolescence

The six parameters comprising the Strength Index are elaborated below:

The overall market potential refers to the demand for your offering.

Uniqueness of your offering captures the extent to which your expertise is differentiated from the services provided by your competitors. This parameter also reflects the demand-versus-supply gap for your offering.

‘Your expertise vs best-in-class’, as the name suggests, evaluates your offerings vis-à-vis others from a proficiency perspective. In other words, it is a measure of how cutting edge your skills and knowledge are relative to your competition.

The next parameter, ‘your market access and client base relative to others’ is a combination of your existing and potential client base. The strength of your existing client base is measured by either deeper business penetration (i.e. more similar business) and/or wider penetration (i.e. extension of your services possibly leveraging your other core or ancillary offering) within existing customers. The effectiveness of your marketing efforts translates into a robust pipeline for converting potential clients.

‘Profitability of the projects you are likely to win’ is probably the easiest to understand. This is where your pricing and costing strategy comes into play.

Although you may be at the top of the game, sometimes, externalities—changing technology, business models or customer preferences—affect the lifespan of your offering. Think of it as being the best typewriter engineer in the world in an era where typewriters no longer exist.

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