This blog was prompted by a recent conversation with a customer who felt they were struggling to land their value proposition message with their prospects.
This is a scenario I’ve seen on numerous occasions over the years; one that often leads the seller to utter the emotional outcry of, “they (the prospect) just don’t see the true value in what we offer.
More often than not the source of the problem is that the value proposition message is being pitched to an organisation that isn’t a good match for what they’re selling; (there are other potential reasons, but for the purposes of this blog we will stick with this one).
So, for this customer, the first thing I’ve advised them to do is establish their “Target Market Profile”; in other words, to identify what their ideal customer looks like and focus of crafting their value proposition around them.
And here’s a top 5 suggestion list of how they should go about it.
1. Define your target market.
Start by identifying the industries, company size, and geographic locations and any other relevant criteria that are the best fit for your product or service.
2. Take a look at your (best) existing customers.
Look at your best existing customers to identify common characteristics such as industry, company size. market focus etc. This can give you an insight into the type of businesses that are most likely to benefit from what you have to offer.
3. Remember why people have bought from you in the past.
Consider the challenges that your existing customers wanted to solve with your product or service before they bought from you; look for businesses that have similar pain points.
4. Think about your credibility.
If your prospect asks, “where have you done this before for an organisation like ours?” What will your answer be? The more referenceable you are, the more likely they’ll be inclined to listen to what you have to say.
5. Look for businesses with growth potential.
Identify businesses that are likely to experience growth in the future. This can help you target customers that are more likely to have an appetite for change and become future customers.
One you’ve completed these 5 steps take some time to revisit your value proposition; Your ideal customer should be someone who will benefit the most from your value proposition. Does your value proposition clearly define the value you offer and does it resonate with them.
Next time, I'll offer my top 5 tips of crafting and refining your value proposition to match your ideal customer.