There can’t be many people in business these days who haven’t come across the SMART formula.
It is an acronym applied to goal setting.
It stands for specific, measurable, achievable, realistic and timely.
The traditional SMART formula is designed to allow you to come up with the right set of goals to help drive your business forward. It has been a business tool for many decades.
But did you know a SMART formula can be applied to your product and/or service?
It’s rather different to the goal-setting version. The acronym stands for special, massive, awesome, ridiculous and today.
Yes, I told you it was rather different.
This simple formula allows you to check where you are with what you sell and it’s a great tool; a pocket-sized Dragon’s Den if you like but without the TV cameras and the cutting comments.
It allows you to check if your product or service has a special quality and discover if it will have mass appeal (if it does not, how do you turn it into something with mass appeal)?
You can see if it has ‘wow’ potential – in other words, is it awesome?
It will also ask if you have thought of ways you might be able to improve it which, at the present time would seem totally ‘ridiculous’.
And finally, what could you do about it ‘today’. In other words, what immediate action are you prepared to take?
There’s no better driver for any individual than passion and sadly, it’s regularly our hobbies that we reserve our true passion for.
But imagine if you could project the same amount of passion into your product – can you imagine the power?
True entrepreneurs know the importance of passion and know exactly how to adapt it to provide the advantage over competition.
In order to make it easy to feel passionate about your products or services, your offering should not just be a good one, it needs to be an extraordinary one.
When I’m mulling over a new product or service I regularly take myself off for the day and have a meeting with myself.
I take a blank sheet of paper and brainstorm around the formula.
You’d be amazed at what you come up with.
If you want to find out more about my Results Hub come along to my next Late Late Breakfast meeting.