Newsletter ..... Volume 09 ... Issue 0414
Gary J. LaRoy
President/CEO
Your Unique Value Proposition ...
If you took advantage of The Ultimate Question approach to learn what your customers think about your business ... and ... what they value most about your business, you are ready to begin formulating your Unique Value Proposition. You may have heard this called your Unique Selling Proposition or your Unique Selling Point. Regardless of what you call it, it represents the unique aspect of your business that sets you apart from your competition in the mind of your customer.It makes sense, that if you can determine what really draws your customers to you ... and if you can identify more people that value the same aspect of your service offering, you can increase the 'Fan' base for your business.
Besides asking your customer why they would be willing to recommend your business to their friends and associates (remember last week's follow up question), there are some other ways you can determine your unique value proposition. First, you can look at your sales register. Look to see what products or services your customers or clients are willing to commit their dollars to purchase.
When you graph the products or services you sell, based on the number of times your customers purchase that product or service. Stay away from sales volumes, because a high-priced item can skew your results. Please be aware, the information you gather may surprise you ... for good or for bad. You may believe your customers are coming to you for one product or service only to discover they are coming for something altogether different. If there is no clear-cut winner, they may be coming for something totally unrelated to your product/service mix. They may be coming for your expertise or your excellent customer service.
Finding your Unique Value Proposition is a key element in developing your marketing strategy. Next week we will look at refining your target market. However, for this week, our focus in on learning why your customers are coming to you with their business. Finding this UVP is far more likely when you really engage your customers. While you can get a snapshot view by looking at why they come to you by looking at your best sellers, you will only come to understand your true value to your customers or clients by getting to know them, earning their trust, and learning to listen to what they want ... and what they do not want. Get to know your customers and keep your ears open for 'opportunity triggers.' Then validate those triggers with others.
Think Short-Term and Long-Term ...
As you listen for these triggers, you will learn about the next-step opportunities that exist with your current customer base. The products or services they are shopping for today may give you an indication of how you can expand your offerings to your customers and how you can gain a bigger 'share of pocket' with your existing customers. Your ultimate goal is to become the sole-source provider for a narrow range of products and services that meet the ongoing needs of a loyal customer base.You can never out merchandise the mass merchandisers. Their buying power vast inventory of products and services will dwarf your attempts to compete with them. However, if you develop a niche strategy that is constantly on the alert for new opportunities to increase your penetration into that segment of the business you will find an increasing number of loyal customers coming to you ... because they understand the Unique Value Proposition you bring to every transaction
We offer one-on-one coaching for entrepreneurs, small established businesses and emerging businesses. We will be offering several introductory meetings as well as an on line meeting to provide more information on the Natural Path Forum. The Natural Path Forum brings small groups of business leaders together for collective learning and problem solving to address critical business issues. Just let us know of your interest, and we will make sure you get complete details on the cost, schedule, and other relevant information. Simply click the image below to indicate your interest ...
If
you need some help with this, I am available. You can click on the
Virtual Office link below or contact me via email. The first hour is
free. If you want to go beyond that, we can work out an arrangement
that is mutually beneficial. Allow me the privilege of becoming Your Guide on the Side.
President/Founder
Natural Path Marketing