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Value Proposition Workshop

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Here is a Value Proposition Workshop I have been presenting to businesses in the resource sector

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Value Proposition Workshop

  1. 1. Workshop: Creating a compelling value proposition presenter: Danielle MacInnis Call Dan on: 0400 507 037 1
  2. 2. Agenda • Why are you here? • Your business model • What is a value prop? • Customer value map • Customer jobs • Customer Pains • Customer Gains Morning tea break 10:15am • Products and Services • Features list • Pain Relievers • Gain Creators • Assessing the fit Lunch 12:30pm • Rebuilding your value proposition • Customer insight • Crafting your value proposition • Messaging • Assessing • Evidence • Using it • Case Study Finish 3:00pm 2
  3. 3. Dan MacInnis Speaker: Consultant: Podcaster My background 3
  4. 4. ! Hint: Have you got a burning marketing question to ask? Now is your chance! Why Are You Here? 4
  5. 5. The Value Proposition Why should I be doing business with you? A value proposition is a bundle of products & services that create value for your customer 5
  6. 6. Focusing on the value proposition A Value Proposition describes the benefits customers can expect from your products and services. The key question to ask: If I am your ideal prospect, why should I buy from you rather than your competitors? 6
  7. 7. Value Proposition Exercise Activity: Share your value proposition worksheet with the person next to you. Get some feedback. 7
  8. 8. Value Proposition Issues ! Hint: Have you got a burning marketing question to ask? Now is your chance! Now the spoils go to t he fast-moving companies that get the product right (because they have incorporated customer input), get the message right (because they have interviewed customers and know what matters to them), and get their digital environments right (because they have watched and adjusted to how customers interact with their content). 8
  9. 9. Symptoms of a poor value prop P Difficulty getting high level appointments P Lack of focus in engagements and client work, are you trying to be all things to all people P Difficulty in getting new projects despite a clear set of skills, tools and methodology that would benefit your prospective customers P No clear message on your marketing materials, is your website only a list of features? P No clear differentiation between you and your competitors P Feature based marketing P Reliance on incentives, rebates or discounts to win customers P Competitive bids situations come down to price P Prospects seem confused by your product and service offering P Marketing campaigns deliver low response rates and lukewarm enquiries P You haven’t tested your value proposition 9
  10. 10. Value proposition No-No’s O Not having one O Borrowing someone else’s because it sounds good O Developing yours by repeating what your competitors say O Listing features and calling it a value proposition O Including competition in the wording O Letting the sales force do it O Developing your marketing and sales materials before you have one O Doing it without including your existing customers O Making it a winding 5 minute monologue instead of a 20 second capsule O Not refining it as you learn from your customers and the marketplace O Focusing to much on the ROI numbers rather than your customers real needs and buying triggers 10
  11. 11. What should have happened • Clearly identified a specific target market • Asked them what they want • Build what they want • Go deep before you go wide, every time. Become the authority on one niche. Question about going narrow on your target customer segment? 11
  12. 12. Have you built something nobody wants or something your customers have asked for? Why value propositions fail 12
  13. 13. The Context: Your Business Model ! Hint: Have you got a burning marketing question to ask? Now is your chance! 13
  14. 14. Your Business Model 14
  15. 15. Value Proposition Components 15
  16. 16. Focusing on the value proposition 16
  17. 17. Customer Jobs What is the value for the customer? What customers are trying to get done in their work and in their lives 17
  18. 18. Customer Jobs 18
  19. 19. Customer Jobs What are the jobs-to-be-done of a potential Tesla buyer? 19
  20. 20. Customer Pains 20
  21. 21. Customer Pains 21
  22. 22. Customer Jobs What are the pains of Tesla buyer? (i.e. his problems, risks, obstacles, frustrations...) 22
  23. 23. RISCI Assessment Management Capability Qualifiers Maximum Score Safety 2100 Quality Assurance 1000 Environmental Sustainability 600 Business Sustainability 1075 Estimating and Tendering 600 Delivery, Planning and Scheduling 975 Human Relation and Industrial Management 625 Partnerships 200 Project Control and Management 1100 Market Readiness Qualifiers Maximum Score Value proposition 1475 Route to Market 950 Customer Risk 1100 Competitor Failure 750 23
  24. 24. Customer Gains 24
  25. 25. Customer Gains What are the gains a Tesla buyer wants? (e.g. required or desired outcomes and benefits) 25
  26. 26. Customer Gains 26
  27. 27. Map the customer pains & gains Map on your workbook page your customer’s gains and pains 27
  28. 28. Your Turn 28
  29. 29. Morning Tea 29
  30. 30. Customer’s choice Which jobs REALLY matter to customers? 30
  31. 31. Customer’s choice Which jobs REALLY matter to customers? 31
  32. 32. Customer’s Insight • Why did you buy from us? • What is one thing we do that you love? • What is one thing that we do that others don’t? • If you were to refer us what would you say? • Tell me about three other companies that you love? • Key word search • One word test Test your customer assumptions Adjust your assumptions 32
  33. 33. Your target customer 33
  34. 34. Target ideal customers, not everyone marketing strategy • Where do most of us have our focus most of the time? • Our problems, issues, challenges, predicaments, worries, and pain are where we are focused. You want your ideal customer to say: “That’s for me” NEWSFLASH: It is not about YOU. It is about THEM. 34
  35. 35. Your business strategy YOUR BUSINESS VALUE TARGET MARKET YOUR SKILLS, EXPERIENCE & THE PROBLEM YOU SOLVE ! Tip: Are you just grabbing any business that walks in your door? Or are you targeting the market you want to serve and that you are designed to serve? 35
  36. 36. Success Factors SOBO 2013 - successful companies did these things 60% more likely to reach their targets 36
  37. 37. Steps in building your business 37
  38. 38. Your Ideal Customer http://upcloseandpersona.com Not everyone with a pulse! Who works with us? The ideal client for us is a service based company that is ready and motivated to work on their business. They understand that marketing is not a short term turn on once off event but an approach to business. Clients are most likely to succeed with us if they work through The Simple Marketing System. They need to focus on the goal of want getting solid long term results which is to attract ideal customers consistently. Characteristics of our ideal client: Motivated and enthusiastic Willing to make a difference Have high Integrity What to learn and grow Can commit the time to do the pre-work for each workshop Niche 1. Professional Services - Coaches, HRConsultants, ITMarketing Managers that are too busy (MacInnis Marketing Consulting) Niche 2. Spa - Day Spa, Beauty Salon, Hair and Beauty Salon - Marketing planning commencing (Beautybizmarketing.com.au) Niche 3. - DYI small Businesses - (The Simple Marketing System) ! Tip: set up online survey, and ask customers about your service, how they found you etc marketing strategy 38
  39. 39. Your Ideal Customer Not everyone with a pulse! Who works with us? The ideal client for us? Characteristics of our ideal client? ! Tip: profile your top customers from your existing database and see what they have in common marketing strategy 39
  40. 40. Your Products & Services 40
  41. 41. Your Products & Services 41
  42. 42. Your Products & Services 42
  43. 43. Pain Relievers 43
  44. 44. Pain Relievers 44
  45. 45. Pain Relievers 45
  46. 46. Gain Creators 46
  47. 47. Gain Creators 47
  48. 48. Gain Creators 48
  49. 49. Assessing the Fit 49
  50. 50. Assessing the Fit 50
  51. 51. What happens if there is no fit? Built something nobody wants 51
  52. 52. Test your square Provide evidence showing that your customers care about how your products and services kill pains and create gains 52
  53. 53. Test your business model Provide evidence showing that the way you intend to create, deliver, and capture value is likely to work 53
  54. 54. Rebuild your value proposition 54
  55. 55. Test your value proposition 55
  56. 56. Lunch 56
  57. 57. Worksheet 1 Summarising your core marketing message Target market / ideal client (demographics + psychographics) Problem/Issue/Challenge Where is the pain? Where does it hurt? Solution/Outcome Success Story 57
  58. 58. Worksheet 2 Marketing Message What do you say when someone asks you what you do? The formula is: What do you do? We work with (This Target Market) Who (Have this Problem or Challenge) How do you do that? We help them get (Ultimate Outcome) Tell me more... A good example is (Success Story) 58
  59. 59. Why should they care? " We work with these kind of people, with this kind of problem, who want this kind of outcome or solution.” brand strategy Expert Problem they solve Grooming small dogs We specialise in small dog grooming needs with special equipment Grooming - Environmental Provide an alternative to pets with allergies to some shampoos and products Management Consultant Management problems that are costing you money Business Coach Not reaching goals and missing opportunities Financial Planner Worried about not having enough money for retirement Accountant Paying too much tax HR Recruitment Not finding the right people Marketing Consultant Doing ad hock marketing and not attracting the right leads 59
  60. 60. Who wants to share their value prop? ! Tip: Remember there are prizes! Those that share often get the benefit the most ! Be brave. " We work with these kind of people, with this kind of problem, who want this kind of outcome or solution.” 60
  61. 61. Test Value Proposition 61
  62. 62. Compelling elements - Tips 62 Did you know questions? Introduce three things your decision markets don’t know but would like to about the • Scope of the problem you are solving • Urgency of the issue • Dramatic shift in the trend you are addressing • Unmet need you are filling • Who is an expert you can quote • You want them to say “really, That is news to me.” Imagine if there was a better way Link the two – who wouldn’t want that You don’t have to imagine it, we have created it. – evidence it – show Explain it so your 8 year old can understand it What are the real world results of what you do that we can see, smell, taste or touch? Now create a personal connection
  63. 63. Test Value Proposition 63
  64. 64. Marketing Assets Digital assets. What digital assets can you create? 64
  65. 65. Where Do They Go? LinkedIn generates more leads for B2B companies than Facebook, Twitter, or blogs individually. Yet only 47 percent of B2B marketers say they use LinkedIn versus 90 percent on Facebook. Inside View Online Demo 65
  66. 66. Website 66
  67. 67. Lead Generation digital strategy 67
  68. 68. Branding – A Case Study brand strategy digital strategy 68
  69. 69. Branding – A Case Study brand strategy digital strategy 69
  70. 70. Next Steps Brand Audit Online 1 on 1 with Dan Visit the Portal for more information 70
  71. 71. Thank You 71
  72. 72. Worksheets 72
  73. 73. Customer Jobs 73
  74. 74. Customer Jobs 74
  75. 75. Customer Jobs 75
  76. 76. Customer Profile Template 76
  77. 77. Value Map Template 77
  78. 78. The Business Model Framework marketing strategy 78
  79. 79. Backup Slides 79
  80. 80. Your Value Proposition marketing strategy Why people choose us 80
  81. 81. Your Value Proposition marketing strategy Why people choose us Operational Excellence Product Leadership Customer Intimacy Operationally excellent companies offer customers the best total cost for products and services at the greatest convenience. e.g, MacDonald’s Companies defined by product leadership consistently offer innovative products that push performance boundaries. e.g Apple Customer-intimate companies seek to cultivate long-term relationships with members of their target audience through product and service personalisation, offering customers the best total solution for their needs. e.g Amazon 81
  82. 82. What your prospect is thinking marketing strategy 1. Do you work with people like me? 2. Do you understand my problems, issues and challenges? 3. Do you have solutions and results that actually work for people like me? 4. Do you have some free information that can help me immediately? I don’t want to pay for anything yet! 82
  83. 83. Craft the message to one person. Make it the right message to the right person at the right time. Marketing Messages 83
  84. 84. Your Value Proposition Do you see your company in any of these scenarios? Best Case Neutral Case Worst Case You provide a one-of-a-kind o ering that your market needs and wants; you have strong di erentiations from your competitors. Your market knows your name and associates it with that “one thing” that you’re know for. And you continually deliver on it - perception is reality - so you continue to win mindshare in your market, defending your tuft and in uencing your market. Your o ering is somewhat di erent from - and better than - those of your competitors, and you communicate that di erence (through probably not as consistently as you should). Some of your market knows your name, but they describe you in di erent ways; you’re not yet known for that “one thing”, but at least you’re occasionally recognized. You know that you could make a greater impact on your market with stronger positioning. Your market sees little di erence between you and your competitors, and your name is not recognized. Because of this, you have to spend precious budget and time educating the market at each touch point. You often end up competing solely on price, though your business isn’t optimized to continue pro tably with falling prices. You have to ght long and hard for every sale. It’s very di cult to meet your revenue and pro t goals. 84
  85. 85. Our Business purpose (what we do) Our Vision (what do we want to be known for) Mission (single goal or focus) Value proposition – (why our customers choose us) Our Personality Traits(character and culture) Our Values(how we behave and believe in) Vision, Mission and Values Template 85
  86. 86. Building your value prop worksheet 86
  87. 87. My Values Personality Fun, creative, easy going, young at heart, social, caring, supportive, thoughtful, analytical, strategic, big picture thinker, honest, giving, inspiring, dependable, responsible, real, exploratory Values Empathy – caring, listening, acting in a way that is authentically in the best interest of customers Insight – Cultivating a culture where insight is golden and assumption is the opposite direction. Innovation and IT – to move us towards humansing service as an enabler not a replacement. Sharing Knowledge - educating and communicating information with with staff and customers to collaborate for better outcomes Creativity and fun - brainstorming, thinking outside the square, enjoying the process and constantly collecting great ideas Try to use the pay it forward principles It begins with doing a favour for another without feeling like reciprocity rules apply. 87
  88. 88. Value Proposition to different target markets 88
  89. 89. Your Value Proposition marketing strategy Why people choose us • Why do people want what you sell? • What problems do you solve for them? • What are their other options? • Why are you the best option? • Think of the outcomes of your product or service • Your point of difference must be true • It must be important to your client • It must be supportable 89
  90. 90. Competition Product Name: You Company: Tag Line Positioning: Price: Product: Process Strengths Weakness Marketing 90

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