Building A Thriving Business (What's at the VERY CORE) Pt 15

In my last post, I ended the discussion by talking about your ideal customer. This week, I will carry on from where I left off, by reiterating that, if you know your ideal customer, you'll know how to sell to them. However, selling starts with your value proposition. What can you offer them, that solves their problem, dissolves their doubt, makes life more pleasant, in a genuine way, that they can relate to or admire? And can you make the proposition unique, such that the competition find it difficult to emulate?

Your Area Of Excellence

The value proposition, doesn't just stop at making a statement or promise. You, also have to create the value, and provide this value better than anyone else in the market, for a prolonged period. Providing constant value, that the customer raves about, comes from constant innovation. And, to get the highest and best yield, the innovation should be mainly focused on your business's intangibles, such as sales, marketing, advertisement and brand awareness.

Your Competitive Advantage

Next, you have to differentiate the value being proposed. For a product/service, some differentiate with design, exclusivity (time or price), function, size, appearance or features, to name a few. This is what the market calls your competitive advantage. NOTE, in differentiating your offering in the market, don't listen to what traditional wisdom has said, about looking to your competition, to look for advantage. That strategy is no longer effective. Now, you have to look for your CUSTOMER, because, they're the ones that will inform you about the pain points in your market. Check Pt 8 of this series for more info.

A Second Look At Tawk.to

We have talked about Tawk.to in this series, but they deserve another mention. Their unique value proposition, entering the online chat service market, was a free service for all. And, at the same time, providing 24hr product support for their customers. They further positioned themselves in the market, by offering an affordable agent at $1/hr, to handle your year round online business communications. Whereas, the remaining competition is competing on the prices of the many features, they can add to the product, which doesn't give them enough time to provide constant product support for their clients. Tawk.to has the second largest share in their market, inspite of their late entry, because, they positioned themselves, before entering their market.

Conclusion

It doesn't matter your size as a business, if you can position yourself in your market, you can compete with the Goliaths.

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