Do your clients consider what you do as a “painkiller” or a “vitamin”? Are you solving real and significant pain for your clients or are you a Nice to Have option?
Some very hard lessons have been learned in 2020 by businesses that are not a Must Have. When times get rough, “Nice to Have” is not going to make it. The first thing to go is services and expenses that don’t solve immediate and real pain.
It is a very important process for every business owner, CEO, and solopreneur to look at this concept from their client and prospective client’s point of view. Vitamins are optional and you don’t want your solution, product, or service to be optional for your clients.
One exercise that we do with our clients is to break down all of the factors that make a solution a Must-Have vs. a Nice to Have and rank them on how they address each. The result of that exercise is that they show up somewhere on the scale of Nice to Have vs. Must Have. What it also does is help us with guidance and direction on which particular parts of their value proposition need to be strengthened in order to move further toward the Must-Have part of the spectrum.
Most of the factors we look as it relates to how their solution impacts their clients can be summed up as follows:
Does it drive more revenue for their customers?
Does it bring on more clients for their customers?
Is it repeatable or have a long term element?
Does it reduce expenses for the customer?
Is the impact on significant budget items?
Does it create efficiencies for the customer?
Does it positively impact other areas in their customer’s business?
This is a simplified view of the process we go through and there are several other factors but those are the main points.
One very important factor that we always include in an engagement like this to gather input and feedback from existing clients, former clients, and prospective clients that chose NOT to move forward with their solution. We often find that when we look at the results compiled internally from the company and compare it to the input and feedback from the external individuals, it can differ quite significantly. Obviously there is always some level of bias from internal resources, especially at the CEO, business owner level. By triangulating the internal data points as well as the external data points, we can typically develop a clear roadmap for strengthening the value proposition.
Once that roadmap to strengthening the value proposition is clear, arriving at very compelling messaging is much more possible. That is ultimately the goal, to have a very strong value proposition that ranks high on the Must Have scale with prospective clients and to have messaging that tells the story to that audience in a way that resonates with them very strongly.
If you are a business owner, CEO or solopreneur and are interested in going through this exercise, please reach out as we have multiple options from a condensed virtual workshop to a more comprehensive process including gathering internal and external input and developing a detailed roadmap and steps to strengthening the value proposition. We can also help with developing and refining messaging that tells that story and is very specifically focused on your target audience.