Wealth

Unveil Your Lucrative Calling: A 4C Framework for Personal Career Exploration

Recently, there have been myriad inquiries from the backend about [How to identify a lucrative vocation that befits you]. Thus, I have succinctly compiled a set of analytical templates for all. I am confident it can aid in sorting out a plethora of ideas.

When I was engaged in brand consulting in the past, I had a classic 4C analysis model. Later, I discovered that it was also highly efficacious when employed in personal business realization.

To elucidate, it is to analyze a business/brand from 4 dimensions and discern the most suitable business growth opportunities.

The four Cs are Company, Consumer, Competitor, and Category.

If each of us is run as a company, this set of analysis templates can also aid us in swiftly identifying lucrative ideas that befit us.

So, what precisely should be undertaken? I shall explicate them one by one below.

A. Unveil your core values (Company)

Core value is what you excel at, what comes effortlessly, and what is most valuable about you. If someone else were to undertake this, they would undoubtedly not be as proficient as you.

The most commonplace ones are the skills and experience you possess.

For instance, you are adept at crafting PPTs, delivering speeches, and managing projects. These skills that can be [modularized] are your [products].

The more seasoned and professional you are in this domain, the higher your scarcity will be, and the higher the premium you can command.

Another salient factor is that you have relevant resources in a certain field.

For example, after remaining in some industries for an extended period, you have cultivated a robust relationship with the upstream and downstream suppliers in this industry, and have a profound understanding of the strengths and weaknesses of different suppliers, and their cost-effectiveness. Then, when a customer demand arises, you possess the ability to swiftly match resources.

For another exemplification, if you have privileged information about this industry, you can bring together Party A and Party B to expedite the deal, thereby saving both parties the time and money of going back and forth, allowing the right customers to find the right service, and enhancing the efficiency of the deal.

This situation often transpires in areas where industry barriers are relatively deep and supply prices are not so transparent.

For instance, in the early years, MCN Studio, which sold large models for Internet celebrities, could be undertaken by one or two individuals. At that time, the market was opaque. Party A did not know the real price of Internet celebrities. It was all up to the operator in the middle to arbitrarily set the price.

If you happen to be in this field, felicitations, you possess a vast treasure.

These are all core value points that can be directly actualized as individuals.

But the most common quandary I encounter in daily consultation is that I don’t know how to explore my own value points.

Often when you introduce yourself to me and expound extensively, I have already uncovered several value points, but I am still perplexed.

In fact, this is quite simple. Merely ask yourself a few key questions:

1. In your past work and life experiences, what have you done the most and what are you most adept at?

2. What are the decisive conditions needed to excel at these things? This implies that if these conditions are not met, this undertaking will never be accomplished.

3. What are the consequences of this endeavor? Who will benefit from this and to what extent? Who will be willing to remunerate you, and how can you aid them?

If you can answer these questions comprehensively, your core values will be unveiled.

B. Identify your target customers (Consumer)

Having found our core value, we have only found one end of the business monetization equation.

The other side of the equation is finding your customers, which is:

Who will pay for your core values?

It is not facile to answer this question, because you have to profoundly analyze your target customer group, what are their characteristics, what is their consumer psychology, and whether you can perfectly meet their needs.

This situation often transpires in the business world. It is evident that the customer desires an apple, but you keep expounding on how sweet the pears you sell are.

This is because the target customers are incorrect, and all the efforts are in vain.

The same principle applies to ourselves. If you think you are very adept at something, but you go round and round but can’t find anyone willing to pay for your skills, it will be highly vexatious.

Either your skills are worthless, or your target customer group is completely wrong.

But generally speaking, the latter situation occurs at a higher rate, so I will introduce how to find your own customers.

First, you have to physically classify your target customers.

Gender, age, region, occupation, family background, etc., these are all physical classifications based on objective conditions.

Through physical classification, you can initially screen out potential individuals who are willing to purchase your value points.

For example, if you are proficient at PPT design, then young white-collar workers in the workplace are obviously the people who need this skill most, and stay-at-home mothers are not suitable.

For another example, if you are very adept at helping people answer emotional questions, then obviously young female users are the group in urgent need of this value, and there will be fewer men.

Secondly, you need to classify the value of your target customers.

The concept of value classification originally came from CRM (Customer Relationship Management). According to the customer’s consumption habits, four intervals are divided using the two dimensions of unit price and frequency.

That is: high unit price and high frequency purchase, high unit price and low frequency purchase, low unit price and high frequency purchase, low unit price and low frequency purchase, these four dimensions.

Usually, customers with high unit prices and high frequency of purchases only exist in an ideal state and are basically non-existent in reality. What you need to focus on are two types of customers: high unit price and low frequency purchase, and low unit price and high frequency purchase.

High unit price and low frequency purchases are also called non-standard customers.

If you provide him with [tailor-made] services, you can charge a higher price. The needs of this type of customer are different for everyone, and they are very demanding. You can’t sell what Zhang San wants to Li Si. You have to start from scratch every time, so you can charge a higher price.

For example, you can make a customized PPT plan for a certain project of the company, or you can provide one-to-one in-depth consultation for others. These are typical cases of specific analysis of specific customers.

Those who purchase at low unit prices and with high frequency are standardized customers.

You copy your value into thousands of [standard parts] and then sell them in batches to many people. This kind of customer has a huge base and their needs are very similar and basic, so you can develop a set of tools and sell them in bulk.

For example, paid knowledge courses are typical standardized products. You find people who have common problems in a certain field, then make your views and methods into courseware materials, and then post them online to charge per piece.

As for the last type, customers with low unit prices and low frequency purchases cannot bring much value and are not worthy of your attention.

Third, you need to categorize your target customers for loyalty.

This is a later operation.

When you have a group of customers with strong willingness to pay, you need to use operational methods to convert low-loyalty customers into high-loyalty customers.

One of the purposes of customer classification is to help you know more clearly who is paying for you, so that you will not be blinded by a blind eye. Only by knowing yourself and your enemy can you win every battle.

Another one is that you can continuously polish your value output around the needs of your target customers.

The more detailed and in-depth your understanding of your customers is, the better you can adjust and optimize your value deliverables based on their preferences, and even customize them in the future.

These can allow you to form unique points of difference and competitive barriers in market competition. At this time, it will be difficult for others to try to steal your business.

C. Research your competitors (Competitor)

We must learn to take advantage of others and make up for our own shortcomings.

Many times we do it ourselves, and it’s easy to do things behind closed doors. After tinkering for a long time, I thought I could do something grand. My number of fans increased by hundreds of thousands, and my income multiplied several times. After actually doing it, I found that the data was not surprising and the response was mediocre.

Where is the problem? Did you not find the right path, didn’t follow the right mentor, or didn’t figure out who your target customers are?

Cease pondering blindly. These are all conjectures. They are seeking certainty from uncertainty. The efficiency is too low.

The swiftest way is to observe what outstanding colleagues are doing and find more accurate certainty from known certain events.

So, from which dimensions can we look at it?

First, look at how people initiated.

If you want to thoroughly study your competitors, you must learn to trace them back to their roots. Start researching the person when he is still a little shrimp and just starting to make a fortune, rather than when he becomes famous.

If you succeed, everything you say is right, but it won’t inspire us much.

It depends on what he did when he first started and how he thought when he encountered difficulties.

Look at what cards he had in his hand at the beginning, what cards he played out, how he managed resources, what he did in the first step, what he did in the second step, and what he did in the third step.

For example, instead of studying what content people posted when they first started doing self-media, which piece of content started to have explosive growth in traffic, what improvements were made after that, and whether there were corresponding changes in the data. What did people do after the explosion?

Try to restore the full picture of the opponent’s initial stage as much as possible. There is more practical information here.

Second, look at the key points that others have done right.

Success is not about doing 100 things right, but doing the key two or three things right among the 100 things. These two or three things play a more important role than the remaining 97 things. This is the key turning point.

Then, you must pick out these key turning points, ponder over them, and study them over and over again.

For example, some industries rely on upstream resources. There are only two or three upstream suppliers in an industry chain, so you have to see how they control these exclusive resources and whether they have formed a monopoly. At this time, if you want to compete with others, you might as well join them.

For example, some labor-intensive industries rely on cost reduction to extract profits. Do you have a more efficient way to reduce production costs, optimize production efficiency, and thereby increase value output?

Another example is that in some industries, traffic seems to be very strong, but the conversion rate has always been very low. Then obtaining traffic is not the difficulty in this industry, but how to convert traffic into paying users, so user operation is the key.

In short, every industry has a key turning point unique to this industry, which is also a profit point. If you do it right, you can change a lot of things. If you do it wrong, no matter how hard you try, it will be in vain.

Studying competitors is to see if they have found the key turning point. Can you learn and imitate?

Third, look at what pitfalls others have stepped on.

Finally, by studying your competitors, you can also look for their failure experiences and find out from counterexamples what you should be aware of.

In particular, some relatively large opponents have paid more tuition for their failures and have more places worth studying.

When we are doing research, we can put ourselves into the other party’s role, do a scenario restoration and simulation, and ask ourselves a few questions:

If I were to do it, what judgment would I make under the circumstances?

If I were to do it, what information would I have, and what information would I not have?

If it were me doing this, what important things would I have overlooked? In retrospect, what mistakes did I make?

Remember, stones from other mountains can attack jade.

D. Find your industry foothold (Category)

The first three dimensions are all about studying ourselves and the individuals around us, which all belong to the micro level.

For this last dimension, let us pull our vision upwards and look at it from the macro level of the industry. At this time, there are also three dimensions for reference:

First, look at the overall output value of the industry.

Second, look at the scale of professional practitioners.

Third, look at the overall maturity of the industry.

I’ll tell you separately.

First, look at the overall output value of the industry.

In layman’s terms, it depends on whether the cake in this industry is big, whether it is a sunset industry, and what the future prospects are.

Regarding this information, you can comprehensively read it through many financial and business news and some industry reports. When reading, you only need to look at one data to judge, and that is the [expected growth rate].

The output value of the industry can be small at the beginning, but if it grows rapidly, with double-digit growth rates every year in the past few years, then this industry has great potential.

In addition to the rational data dimension, there is also a perceptual dimension that can be judged, that is, looking at social trends and whether people around you are discussing it enthusiastically, which can also be a basis for judgment.

For example, artificial intelligence, big health, spiritual healing, pension insurance and other fields that have been relatively hot recently. These are all accurately based on the momentum of the current social environment and emotions, and will definitely rise in the future.

Secondly, look at the scale of professional practitioners in the industry.

There is an old saying in the investment community, that is, in any industry, if even the neighborhood committee aunts start to enter the market, it means that the industry is overheated.

Although it is a joke, it has its truth.

There are many professional practitioners in an industry, which can promote the development of the industry, which is a good thing. But if there are more and more amateur practitioners, and all kinds of cats and dogs come in, then you can wait a little longer.

What are you waiting for? Wait for the big waves to wash away the sand, wait for the market to filter out, and wait for the good money to drive out the bad money.

The last one depends on the maturity of the industry.

The maturity of the industry determines when you should enter the industry to make money.

If you enter too early, you will have to pay too much tuition. If you don’t have this huge capital, you will become a martyr if you enter. If you go in too late, there will be many latecomers. If you want to get a share of the soup, it is often difficult to even drink the soup.

The best time is to go in when it’s “half-baked”.

What’s the meaning? That is, you have already seen some possibilities for implementation, but further adjustments and modifications are needed.

Just like building a house, the foundation frame has been laid, and the rest is design, construction, and decoration.

For example, the artificial intelligence Sora, which has been talked about a lot recently, has already produced some DEMO videos, but the details of the videos still need to be refined and the quality needs to be refined and improved.

However, perspicacious individuals have seen clear opportunities. In the future, the first thing this thing will replace is the advertising companies that currently shoot blockbusters for brands.

So entering the market now is the best time.

The above is to help you find your foothold in the industry.

I have written so much eloquently, and thank you all for your patience in reading this. Finally, let’s briefly summarize how to find a lucrative vocation that befits you, and use the 4C model to help you clarify your ideas:

A. Unveil your core values (Company);

B. Identify your target customers (Consumers);

C. Research your competitors (Competitor);

D. Find your industry foothold (Category);

Once you have the method, all that remains is practice. Finally, I wish everyone a prosperous and prosperous 2024.

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