Every business transaction is an exchange of value. If you give me $1, you expect to get something worth more than $1 in return. Anything less is not worth the effort of the exchange. I call this a Value Proposition.
But most business owners don’t really understand what their Value Proposition is – that is they don’t really know what they are selling! Here’s a clue – it’s not your product or your service. In most cases, it is best defined as the FEELING your customer gets when they do business with you – that’s the true value they are willing to pay for!
Here’s Your Net Worth Tip of the Day
- Answer these questions: “What FEELINGS do I want my customers to have when they do business with me?” “How will I know if my customers actually got that feeling when they did business with me?”
- Declare to your team the specific feelings you want your customers to have.
- Review each step of your marketing, sales and delivery processes and ask if each process promotes the feelings that represent your Value Proposition.
- Modify your processes to deliver your desired feelings – and customers will rave about you!
If you’re not sure how to answer the 2 questions above, schedule time to visit with 5 of your best customers and ask them these questions. They will give you the answer to your true Value Proposition!
To get more tips on how to improve your leadership skills, your team engagement and your business results, go to my website, www.tourdeprofit.com and you’ll find lots of free stuff there.
And, to make progress faster in your business, ride along with like-minded business owners who share ideas, lessons learned and business strategies that are working. You’ll find it all in my FREE, private Facebook Group: The Peloton. Here’s the link: https://www.facebook.com/groups/jointhepeloton/
Come on – join us! And remember, whatever you do, RIDE HARD!