performance improvement

Last month we touched on two of the Five Business Dangers that create revenue generation – marketing and sales. Hopefully, you’ve taken some time to define your company’s specific roles for marketing and sales – if not, you may wish to go back to last month’s article. We dedicate this month’s topic to marketing.

Laying a solid foundation to support your marketing efforts today and well into the future is essential for the success of your business! You may already have some key elements in place, but consider adjusting your marketing plan to include the following:

  • Why does your company exist (this may resonate with your target market)?
  • What does your company do – what is its product/service?
  • Who does your company serve – what is your target market?
  • Where is your target market found? What is your geographic footprint?
  • Does your company offer a niche product or service where what you offer is exceptional in your marketplace (i.e., better than 70% of your competition)
  • Where does what you offer land with regard to price or value?
  • What is the WIIFM (What’s In It For Me) factor for what your company offers?
  • Why does your target market come to you for what you offer?
  • As a result of doing business with you, what should a customer or client experience?
  • What is your unique selling or value proposition and guarantee? How is what you offer different from your competitors’ offerings?
  • What stories have you created that exemplify the experiences your customers have?

Taking the time to develop the areas listed above will enhance the performance and effectiveness of your marketing efforts. They will provide your sales team with the necessary ammunition to power their sales efforts to success.

What’s Your “Why”?

A number of years ago (2009), Simon Sinek authored the book ‘Start with Why’. Here is a short video on the powerful advantages that may come with developing of your company’s Why:

Most companies have descriptors of what they offer and to whom. Have you described your ideal customer or client? If not, capture the characteristics of your best customers and create a profile that describes that ideal client – often called an avatar. Your company may have more than one avatar.

If your company is local, it’s important to think about and define your geographic offerings area. Of course, if what you offer is on the Internet, then you will want to focus on reaching your ideal audience wherever they are. While you think about these, state how and where your offerings are unique or different from that of your competition. This means that if three or more companies offer essentially the same product – where what you offer is tangible or a service – will your target market be able to go with you if each of the choices are the same price? People choose based on price if they cannot easily distinguish a more expensive offering from one that is less expensive. This being said, take some time and evaluate whether your offering is ‘high end’ or ‘low end’ price- and value -wise for your industry.

The “What’s in It for Me” Factor

Learning the WIIFM factor for your customers will help put the focus on them and on their experience before, during, and after receiving what you offer. For many businesses, asking for information about the experience of their customers will help shed light on what is enormously important to them. This at times may be at odds with the view of the business and their team. When you have this information at hand, it can be incorporated into your company’s unique selling or value proposition and guarantee.

You may have heard the phrase ‘stories sell’ – customer stories can make a dramatic difference in making your prospects warm up to what you offer. Donald Miller’s ‘Building a Story Brand’ (2017) is a great read on this topic. You will discover value in understanding the important roles of the hero and the guide.

Next month we will address channels through which to market your company’s offerings.

Building or enhancing your revenue performance will depend on how well you develop your marketing foundations and messaging. To get into the specifics of your business’s marketing efforts, we’ll need to rely on your candid assessment. Is it time to take stock to figure out where success or the lack of it is coming from?

In future months we will examine, separately and in depth, Marketing, Sales, and each of the other Five Business Dangers. We will also provide a free assessment tool that will highlight specific gaps within the Five Business Dangers.

Your Gateway to Performance Improvement and Business Success

If you’re feeling some pressure to address the success of your business, don’t wait – it doesn’t take more than a brief phone call…

David is an accomplished and experienced business professional who brings over 40 years of insight to the table. As a business coach, he specializes in helping business owners prioritize their needs. He can help you examine the health of your business and find critical areas which once addressed will result in performance improvement for your business.

It all starts with a single, free conversation. Call 734-726-5208 today for a free coaching session or contact David today. Your success is waiting!