Alright guys, today's post is about something I have recently been researching after discovering. There is a measurement concept regarding somebody's success and status that bases the assessment off of four key aspects.
The "VRIN" Score acronym stands for the following four factors of measurement;
Each letter category within the VRIN Score system is out of 10. The higher the number, the better. This means there is a maximum attainable score of 40. If you are scored at 40, you are essentiallty projected to be a billionaire. Somebody such as a minimum wage worker is a 1, or something low and around that lower number range.
So let's start with over-viewing value. Basically, this VRIN category scores your concept or business model based off of the amount of value that it provides to the customer or recipient of the product or service. Also, it's a measurement of the perceived value of the product or service being provided. Having a high perceived value will give a higher score in this category.
Next, we have rarity. This letter represents how innovating your concept is, and whether or not it is found out in your market already. If you have a high rarity, you are considered the niche authority. Essentially, this means you are the go-to person for your service or product. This is extremely lucrative. Having high rarity is effectively monopolizing your niche and dominating your target market over all competitors.
Third, we have the inimitable rating over your concept. If your product is difficult to replicate or your service is unique in the sense that nobody else can provide it, you also have a boost in the rarity category. But it overall increases your score in the inimitable category because what you are doing has high innovation that nobody else is able to provide to others.
Finally, Non-substitute value. This is an assessment of your competition's ability to provide your service or product, and essentially describes your monopoly value as well. If you are high in this category, that means that your business cannot be replaced by another product or service.
Overall, if you rank highly in each of these categories, your business is in a prime tipping point for massive success. All there is to do is to effectively get your now-prepared and high value, irreplaceable and innovating idea out there and gain sales and establish your brand.
Hopefully this brief assessment of the VRIN Scoring system is beneficial to you all in developing and creating the best and most optimized product or service possible, and that it has provided valuable insight that will further yourself and your business. I hope you have enjoyed! To discuss this further, let's Skype or do a Google Hangout conference, or simply email me at email@example.com.