This is the 2nd of 3 presentations that I gave at the NWVMA Annual Convention in October 2016. In this presentation I discuss how the use of a proper business strategy can make any business more popular and less sensitive to competition.
5. Strategy
⢠A description of how we can identify
what our clients value and how we
can deliver it
⢠It takes our vision & mission and puts
them into operational terms that can
be analyzed and acted upon
21. Past Environment
⢠Racehorse generated much of our profit to
drive growth.
⢠Horse business was growing
⢠Less price sensitivity since pricing knowledge
was less obvious
⢠Focus on âAâ horses
⢠Competition was older and less tech savvy
⢠Less Internet influence
22. Future Environment
⢠Declining racehorse industry
⢠Horse industry contracting over time
⢠Canada will have slower economic
growth in next 5-10 years
⢠USA, Asia and eventually South
America will have robust economic
growth
⢠Competition should even out and
even decrease
25. A strong and direct value
proposition for a well defined
customer segment is essential
for business success
26.
27. Customers
⢠How many segments?
⢠What do they value?
⢠What donât they value?
⢠Poor customer choices?
⢠Missing services?
28. Sarah Busy, 35-55, Lawyer
Sporthorse Owner/Trainer Profile
Demographics
⢠Married, one child
⢠Hunter/Jumper focus but follows dressage
too
⢠2 horses
⢠Boards; works with trainer
⢠$175k income
⢠Horses are a hobby but competitive
Challenges/Needs
⢠Information overload for veterinary care â
what do I need to do for my horse, really?
⢠Finding time to spend with horse
⢠Keeping up with the Jonesâ â trends
constantly changing
⢠Standing out in the show ring
Buying Behavior
⢠Very active digitally
⢠Uses mobile/tablet almost exclusively
⢠Linked In and Facebook active
⢠Relies on trainer and what competitors are
doing â what is winning
⢠Shares information with friends if happy
AND more so, if unhappy
⢠Follows the circuit locally and in California
⢠Makes decisions quickly, wanting to know
cost but cost is secondary.
Other Hobbies/Information
Consumption
⢠Likes to be on boat when not showing or
hanging with friends
⢠Interested in the latest trends â clothing,
tack, styles, trainers
⢠Regularly reads âThe Horseâ and
âChronicle of the Horseâ
⢠Active in local and national HJ Assoc.
⢠Follows âxxxxâ blog and regularly checks
âxxxxâ website
⢠Daughter is active in horses and following
in Momâs footsteps
How can we help?
âI want someone who will work with me and more importantly, my trainer, to keep my horse healthy and in shape to win. I need
someone who will be on time and efficient because I donât have time to waste. I want what is best for my horse, always. He is my
baby.â
Sarah is passionate about her horses, is competitive and always wants the best for her and for her horses. She doesnât like to cut corners.
She struggles to find as much time as she wants for her passion so wasted time is frustrating to her. Downtime for her horse is beyond
hard and she depends on her trainer to give her the best advice and keep her horse sound, healthy and winning. She wants to be
rewarded for her good work.
29. Why Profile
⢠Content that will resonate
⢠Smarter spending
⢠Loyalty
⢠Ambassadorship
⢠Make strategic business and
marketing decisions
33. Service Market Focus
⢠Lameness
⢠Preventative medical care
⢠Dentistry
⢠MRI
⢠Emergency care
⢠Horse show care
34. Value Proposition
⢠Solves a need or a want
⢠money, time, functionality,
performance, education
⢠Reduces a pain point
⢠Money, convenience
37. VP Mistakes
⢠Describing features rather then value
⢠Imposing your own opinion
⢠Not understanding what customer sees
and acknowledges
⢠Providing value to a Customer Segment
that doesnât exist
⢠Itâs ânice to haveâ
⢠Itâs just a feature of someone elseâs
product
38. Value Proposition
Courteous & personal equine
veterinary care, education and
services for horse people who
value their horseâs health.
Supportive environment for
referring vets
Educate horse owners to make informed decisions
Comfort because we care about their relationships
Is it important that we have progressive training and equipment and technology