This is part two of a three part series on "Defining Your Company in Marketing Terms", you can find the first part of the article HERE >>
CREATE A VALUE PROPOSITION
A good value proposition is a clear and simple statement that reflects the unique value your business will provide to a customer or target market through a combination of benefits and price.It helps differentiate you from your competitors and should be focused on how your product and/or services drive a specific end result that meets the needs of your customer. Examples of value propositions of interest to potential customers include:
- Results-based value propositions, such as your ability to help save money, drive improvements in productivity and/or profitability.
- Performance is valuable, if your product or service is similar to others, but you can offer it better or faster.
- Relevance, such as Industry-specific solutions, shows a commitment to a specific target that means faster ramp up speed, deeper expertise, and specific industry best practices.
- Price is also powerful, because customers can be price conscious. However, price-based value propositions do not necessarily mean discounts. Ensure your price is balanced with your overall value proposition.
TIP:People buy products and services to solve challenges they have. When positioning your products and services, focus on the benefits they offer potential customers rather than just features and functions. Think like a customer; "what will I be able to do that I couldn't do before engaging with you?"
VALUE-BASED MESSAGING
Customers want to know the value your products and services provide to their business. Rather than creating messaging based on what the product does, focus on the needs of each of your customer target types: are they looking to reduce IT overhead, are they outgrowing their system, have they ever had their system audited to evaluate its lifespan or capacity? Center your messaging on the pain points your product or service will alleviate, and present a strong call-to-action that will get them to engage in the next step of the customer lifecycle.
When it comes to marketing Microsoft Dynamics, focus on the value that your solution and services bring to the customer, rather than only on price or price promotions. Value is the relationship between the consumer's expectations of product quality and the actual amount paid for it. For a company to deliver value to its customers, they must consider the "total market offering." This includes the reputation of the organization, staff representation, product benefits, and technological characteristics as compared to competitors' market offerings and prices.
FOCUS ON THE INDIVIDUALS
Saying "we target the CIO or CFO" does not help your sales people have high-quality and compelling conversations with prospects. To be most effective, get deep into the mindset of the target audience. Think about what problems your target needs to solve. What is the impact of the problem? Why would your target buy your product? What is critical to them in selecting a vendor to help them solve those problems? Do they want a long-term relationship or do they want you to fix their issues and then leave? The more you know, the better you'll market and the better you'll be able to prepare your sales team to sell. Know who you need to work with, know what makes them tick, and know how to accompany them on their journey.
In the next installment, I will be covering how to develop credibility an sharing an exercise on how to write your Elevator Pitch.