Is consistent growth realistic in this market? Is your value proposition really working for your business?
If you’re reading this, I guess you like the idea of more customers. A large number of additional customers who enjoy your products and services so much that they come back time after time. Customers that spread the word virally, so your business enjoys impressive growth year after year. So your business can really stand out in the market – can shine.
Some companies have worked out how to achieve all of the above and to earn good margins. Yours can too. You simply need a value proposition that attracts customers in droves.
Just so we are clear, a value proposition is not a marketing claim on some brochure.
A value proposition is how you solve a big problem for a specific group of target customers – that no one else is solving.
Copying others kills profits
The main problem is that, to customers, most suppliers in most industries look identical. It seems like a fog!
These customers are trying to make progress and they know they need help. However, they do not know who to choose! Indeed billions are wasted each year because customers cannot easily find the help they really need.
Consider the banks for example. If you took the logos away, could you tell them apart? Their call centres handle calls in the same way. Their services seem identical. Now consider telco firms, office supply firms, recruitment companies, accountants, web companies….. or even companies your industry.
Can your prospective customers easily see that your business solves their problems? How can you tell for sure?
Well, if they are spreading the word about how good you are, if sales are growing faster than your competitors’, if margins are good and customer loyalty is strong then your business is the honeypot it should be. Yet, if your sales are flat or your margins are tightening, then your products or services are actually just commodities. Sorry if that is blunt but you are wasting so much effort and money. It is time to attract a lot more customers.
You really are better off knowing because now you can do something about it. Many of my clients used to be there too so I know how frustrating and demoralising it can be!
Companies are growing – because they are like honeypots
You see, a few percent of companies are growing at 15% or more, year after year, whatever the economy is doing. The value each and every one provides their customers beams out in the market as strongly as delicious honey.
One example is Slingshot SEO. They were a creative agency but realised they were in a fog. So they worked out where they excelled and decided to focus on search engine optimisation (SEO). The leadership team did not stop there. They chose to make each and every one of their customers successful, to the point where they could dominate their industry. Then they worked out exactly what they needed to do to make that happen. They created software to ensure their customers’ success and hired the very best SEO people in the world. In fact they pulled out all the stops. Now that is a powerful value proposition. Slingshot SEO grew at 3,597% over three years….. Wow!
When we meet I can tell you of many other examples of great honeypot value propositions and businesses that are growing as powerfully and successfully. I can even tell you about examples in industries that are struggling. In just a short time with each of our clients we have guided them to create honeypots that transformed their results.
A value proposition that will turn your business into that honeypot
- Find your customers’ pain. Spend time with them. Get under their skin. Ask them where they are headed and what gets in their way. Persevere until you know exactly what wakes them up in the middle of the night in a cold sweat. Note: Do not limit your thinking to the pain that is relevant to your business or you will miss the massive value of this step.
- Stand in their shoes. Putting yourself in their shoes, ask yourself how your business can help to resolve, or greatly ease, their pain. Forget your existing offering and start from a blank canvas. Define, in very concrete terms, what value you could offer that would make all the difference to them. Make it so specific and tangible that you bring it to life.
- Test it.
Select a few trustworthy potential customers and see how they react to the value proposition you have now created. If they score less than 10/10, describe what you think worries them, ensure it really resonates and ask what would close the gap.
- Not marketing, delivery.
Before you make any marketing claims ensure your business can deliver this value proposition each and every time. It is the consistent delivery that will get customers flocking to you in droves, telling their friends and colleagues and willing to pay good margins.
- Spread the word.
Once you are absolutely sure you can deliver that 10/10 every single time, spread the word. Shout it from the rooftops. Do whatever it takes to ensure that your ideal target understands exactly what you offer – where the honey is. Describe their pain so they know how well you understand them.
Outstanding return on investment
It is true that these 5 steps take a bit of effort. Having said that, when we have worked with clients we have cracked the hard part in one or two days. It’s incredibly worth the effort because the return on investment has always been well above 50:1. In fact, done well, it will be even better than that – multiplying your revenue and profit several times over.
The fact that it’s not a quick answer is actually good news. Your competitors (even the ones that read this) will not do this properly. So then you will be able to enjoy outstanding results, just as our other clients have done, stealing massive market share and charging higher margins.
Here are a few examples. A skin care business now really helps women to improve the way they look instead of just adding potions. There is now the water company who provides councils with such good control that they save a fortune on water leaks. An electricity company now understands its small business customers so well that they adapt their service to meet their needs. Amazingly a conveyancing firm that guarantees a fixed price – and stands by their guarantee. And definitely not last, a pc backup solution revolutionised the industry. There are many more like those.
The envy of your competitors
So when will you make them work in your business? As you do, your customer growth and loyalty will become the envy of all your competitors. Your business will always be in such superb demand and your profits will be so good you will wonder why it ever felt difficult.
Just as important, your customers are in a fog. They won’t admit it but they need you to create that honeypot value proposition. They need your help to crack those problems. So you can make a positive impact on the world about you.
What are you waiting for? Go and become that honeypot so you can enjoy all those extra customers.
P.S. If you wish to fast track your progress we would love to discuss how we can help you.
Call us on 0207 0604 006.