Sunday, 3 July 2016

Capability Document in Digital Era: “You know Your Capabilities……But do your potential customers?”

“Ready for life”


“Beauty at its best”

Do these terms sound familiar? 

Yep, the slogans or, to say in business terms, ‘capability statements’ associated with Surf Excel, Close Up and Lakme, all popular products many of us use in our day to day life.

Over 90% of the Indian population use at least one product from Unilever. Unilever believes in building confidence and connecting with customers in real time through their business capabilities. They make a difference with their logo as well, signifies 25 products in just one single ‘U’.

Unilever uses capability statements to reach out to their consumers and capability documents to potential retailers and investors. Anyone can see their financial position, management style, mission and focus, skills and technology, branded products through the documents published in the company website. 

Especially in this digital era, the businesses must follow such practices to provide authenticated information to the prospective customers. 

What is a Capability Document?

A Capability document is a business document comprising of a company’s core competencies, specific products/services, achievements, skills, experience and corporate data. 

The purpose of a capability document is to effectively communicate the expertise, brand value and complete product/service information to the potential business partners, customers and even internal employees.

What are the objectives of a Capability Document?

Objectives of a Capability Document - SLN BRAND STUDIO

  1. Opening the door for Marketing actives, related to sales and brand promotion
  2. Showcasing the skills and expertise to the prospective customers, shareholders and purchasers
  3. Using gap analysis to identify gaps in the market which involves in determining, documenting and comparing the difference between current capability and market requirement
  4. Mitigating the gaps through facts which helps their clients to identify potential impact and provide them to insure their needs
  5. Developing a Mission and objectives to achieve Vision
  6. Listing down and highlighting major brand categories, services and products
  7. Aiding as an internal reference tool for the employers and managers at various levels to answer customers with critical data and information
  8. Few companies include past and current financial performance and cash flow status to help investors to make informed decisions
Key Functional Areas the Capabilities Documents Highly Benefit the Businesses:

     Marketing: Nike is an example that remains in the market attracting the new YO generation with superstars as brand ambassadors and innovative advertising methodologies. The company has invested more on digital and technology arena for marketing their products. They have created Capability document through digital transformation for enabling their marketing through designers, and technology to reach the customers. Capability documents help a great deal in marketing specific products, services or the overall business of start-ups, SMEs and global corporate.

   Sales: The capability Document aids to KNOW your customer, understanding their specific requirements which in turn helps in selling the products. The customer data analysis in capability document in form of gap analysis plays a major role in organizational sales to evaluate newest sales and marketing tools making the process easier for sales executives.


Benefits of Capability Document

Brand Building: When a particular brand has reached the positive sentiments in the market place it is considered acquiring brand recognition. When someone uses the names, Modern Bread, Kissan Jam, Pepsodent, etc., the brand is recognized by associating with the products. A product which is widely known in the market place acquires Brand Recognition. Capability documents will pave a path to create such close connection with the products & consumers and in turn build a brand identity.

Market Research: In a capability document, the companies provide business market research data that indicates customer satisfaction index. Business market research helps marketing and sales executives to analyse the competitor behavior, the current market trends and spending traits of the customers. Capability documents play a major role in conducting in depth market researches.

Industry trend analysis: Industry trend analysis, when documented helps to analyze and determine the performance of specific products, services from competitors. Such competitive analysis helps to understand the industry trend, based on which capability document projects the special features of the brand.  Capability documents aids in conducting industry trend analysis, in turn product customization and business growth.

Competitive advantage: A company’s capability statement, when documented with critical competitive data, helps the company to stand out from the rest. The competitive advantage is also determined through following elements: 

  •       Competitive Uniqueness 
  •       Competitive advantage
  •       Parity and Disadvantages
By articulating the above elements, capability documents create a strong first impression on customer's mind that stays as the best impression forever.

An effective capability document puts forwards the business capability, services and skills, products along with graphic presentation with well drafted content.

So a Capability statement should make you stand ‘Unique’ among competition while the content acts as your brand ambassador!

SLN Brand studio offers the effective Capability document comprising of systematic processes to ensure your business is sold and make you stand unique among ‘herd’.