This is part 2 of a 3-part series to focus on (re)framing your business strategy for the multi-cultural, diverse woman entrepreneur.
In part one of this three-part series, we unpacked the why and who we serve in our business. These are fundamentals that, even though you have a business, are still essential to revisit from time to time. It allows us to recenter and refocus. Doing so will enable us to optimize our resources and generate more revenue.
If you haven’t yet unpacked why you are in your business and who you serve, please visit the first part of this series.
We are now moving to the what and the how. Our previous article hashed out the why but now we need to know, What we offer, and How we will distribute it and communicate it to our customers.
Or, in other words, the Value Proposition.
The what here is the product, the service your business is offering to customers.
According to Strategizer, your Value Proposition is the reason why customers turn to your company over another. It is the only reason, as we established in the previous article and thoroughly researched and evangelized by Simon Sinek, people don’t buy what you do; they buy why you do what you do. People also buy, especially if you’d like your customers to be with you for life when they understand and believe in your business’s purpose.
A value proposition is a clear statement that explains how your product solves customer problems or improves their situation.Strategizer
It provides a specific set of benefits. And it also connects and communicates to your ideal customers why they should buy your product or service instead of your competitor’s.
Match your customers to your value proposition
Matching your customers with what you offer and how you offer are the keys to a win-win for all parties. However, it requires clarity and openness to see your customers’ needs.
Here is a past story of a client whose intention was to market to a specific audience, but it resonated with another in reality.
As a consultant for a global milk brand that came out with a soy-based product. They launched this product with a campaign that targeted young children (target audience) who were lactose intolerant. Therefore, to make the packaging appealing, they came up with a fun and kid-like design, and their marketing campaign followed suit. They were targeting the mothers and their kids in the supermarket.
Three months after launching, they did a post-analysis. Also, they did a focus-group discussion panel that indicated that mothers of this targeted audience were not buying the product for their children but rather for their elderly parents! Kids not only didn’t like the taste; they didn’t connect or relate to the campaign either.
The global milk company pivoted its strategy; being a company that focuses on the customer, creating an entirely new campaign.
To avoid the costly mistake above, you may want to ask yourself and your team these questions:
- What value do we deliver to the customer?
- Which one of our customers’ problems are we helping to solve?
- Which job are we helping the customer get done?
- What customer needs are we satisfying?
- What bundles of products and services are we offering to each Customer Segment?
We also want to configure the elements that best fit our customers. Some things to consider as you formulate the best offering, according to Strategizer, might be:
- Consider if this product or service is so new that there isn’t a service offering like it before. For example, you have an APP specifically designed to help you relax. Although now there is an app such as these, remember when it first came out.
- Get-the-job-done, consider all the jobs your product gets done for your customer and what pain points it eliminates. Or, in some cases, how can it delight and bring ease to your customer. What about expectations?
- Consider accessibility, usability, or its ability to reduce cost and increase efficiencies.
These are just considerations to think about as you come out with features for your product or service.
It isn’t a one-way street
In the end, the learning here is to match what you offer to the real needs and problems of your customers. Also, it is better to prototype a product or idea and enlist your customers’ help to shape it, so it doesn’t miss the intended customers entirely.
How is the section on how we will communicate our why and what to our who.
If customers don’t hear about what you offer, how will they know your product or services exist?
Our effort is to let our people know that we have a product or service to solve their problems. We want to communicate our purpose in creating the product or service and its value proposition to our customers.
Where can we find our customers?
Let’s start with using social media platforms such as Instagram, Facebook, or LinkedIn. There are many platforms out there that we can choose from; the key is to select the best channel where you can meet your customers. And it just might be in person.
And you might check out Businessknowhow on a list of eighteen ways we could find our customer:
- Create a customer acquisition plan that targets, attracts your audience.
- Look for and follow business prospects on social media.
- Work your local newspapers.
- Make sure your website and social media pages make it easy for visitors to know how to reach you.
- Go door-to-door
- Use coupons and special offers to attract customers.
- Sponsor Events.
- Attend meetings and seminars that your prospects might attend.
- Follow up after meetings.
- Give value to get a lot.
- Work your personal network.
- Put your business name, phone number, and website address on anything you can.
- Study successful competitors.
- Use multiple small ads instead of one big one.
- Test pay-per-click (PPC) and other online advertising.
- Claim your place in Google my Business.
- Ask for feedback when prospects don’t buy.
- Realize there is no one path to success.
Next, we need to craft the message.
Our message’s essence needs to lean back to our why and purpose of creating this product or service. I will share with you that this is the part of the strategy that we want to all rush over.
Many times we spend our time building a product rather than communicating and connecting with them.
According to Jennifer Grubbs, written copy and design both create a tone. She cites, being playful, introspective, humorous, serious, joyful, frank, formal, informal, and more describe the mood of your brand.
Clearly communicating to your audience gives you a competitive edge.
I recommend taking a course or two on how to write and communicate well. I don’t recommend giving the copywriting to a copywriter until you yourself have established a voice.
Getting our own voice out there for our customers to hear is essential this coming 2021. Try it first then get help polishing your work.
I’d give yourself time and try and include your customer as you reflect and refine your messaging.
Once we have the core message ready and refined, we can tailor it to the chosen channels. We can go more in-depth in our next article.
Please don’t skimp on this part; it is tempting but if you want to build your business these are essential fundamentals you just can’t get away from.