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The phrase value proposition is scattered around business language today yet its meaning has been watered-down into vague sales and marketing ideas. Generally we find that’s mostly used as another way of saying ‘benefits statement’ or a way of describing the offering.

From a technical perspective, a value proposition is ‘a clear, compelling and credible expression of the experience that a customer will receive from your value-creating offering’. On the following pages, we’ll look at what this means in detail.

[Wiki says: A value proposition is an analysis and quantified review of the benefits, costs and value that an organization can deliver to customers and otherconstituent groups within and outside of the organization. It is also a positioning of value, where Value = Benefits / Cost (cost includes risk)]

Why it’s important

A strong value proposition will:

• Generate faster, more profitable sales

• Help you decide who to do business with – in other words, when and why to say no

• Uncover the hidden and non-obvious strategic insights of clients and prospects

• Give you clarity as to what your organisation is actually going to do for clients

• Qualify opportunities fast giving huge cost savings on cost of sale and quickly qualifying out non-compliant organisations and opportunities

For example, EDS says its average cost of pursuing sales opportunities is $480,000. Applying a value proposition can reap huge benefits.

• Enables supplier alignment – helping purchasers to weed out suppliers who don’t align with them strategically

That’s all – no more freebies. Gotta check out this hit squad for yourself. Congrats ladies.

I personally signed up for their newsletter and downloaded this excellent PDF and spent the morning watching their video and taking copious notes.

Errol Chung

The LiquidSalesman.

Categories: $0 Budget Marketing Strategies, Perfect Client, Personal Development, Projects

Strategic Marketing- Host a Partnered Event

July 6, 2010 the LiquidSalesman. Leave a comment

by Errol Chung – the LiquidSalesman.

Strategic Marketing is the next logical evolution of marketing and communication. Most statistical reports will show that word-of-mouth and visual keys are some of the strongest forms of marketing there is. Mass marketing is great for specific daily updatable information such as grocery store discounts, department stores, cell phone companies with millions of dollars budgeted for ads; not for the small business, and not for the solo-entrepreneur, who I am focusing on.

Word-of-mouth allows you to use other people as on-the-spot testimonials; otherwise known as “referral machines”. These individuals have visited your establishment and are willing to put their reputation on the line to make sure their friends see you and share in the experiment. The power of Visual Keys can be seen in every Coca-Cola logo or the Nike Swoosh on every billboard, soda can or t-shirt label. What about some of the lesser known but widely revered logos? For this example we are looking to the Shop Owners and the Perfect Client.

The main goal of this Strategic Networking exercise is twofold: Get as many points as possible from public relations, corporate branding, name recognition, and community involvement per dollar spent, and gain the trust of all of your Marketing Partner’s current clientele to make your company a household name.

Where it’s being done main stream

Movies! – Ever wonder how a movie can cost $500,000,000 (that’s 500 million) to make and gross over $1 Billion dollars. Do you really think that that $500M came from early ticket sales or Hollywood movie budgets? No. Partnered marketing efforts of Hollywood are the stuff that dreams and beach front condos are made of. They seamlessly combine all of the things we enjoy, offered by businesses we trust, wrap them around a core theme and feed them to us in cute little packages.

Promote: 1 year before release Previews hit the movie screens

Promote: 6 months before release Commercials hit the TV airwaves

Print: 3 months before release Reviews and cast scandal rock the headlines

Partner: 2 months before release Big Vendors( Burger King, Walmart, Sprint)

Sponsor 1 month before release Smaller Vendors (Clubs, Assoc & Mini-Events)

Event: Movie premier Gala Event (cameras, celebs, celebration)

Marketing: 1 month after release Continued merchandising

Marketing: 2 months after release Continued merchandising

Marketing: 3 months after release Talk of a sequel…?

How it can be scaled down to fit your business

The common element between the fast food companies, merchandising companies and the movie company is that they all share the same client, but can all squeeze a different dollar out of him. He will spend $20 at the movies, not to impose the $8.50 Super Burger Combo (with collector’s cup), and the $25 retro Spiderman t-shirt that he just had to wear to the movies. 1 client, 1 central event equals 2 additional vendors that sold their items apart from the main event.

For this campaign, you and your Strategic Partners do not have a core product; you have several core products that must appear to be one. Find a central theme, a reason for your Perfect Clients to gather and enjoy themselves. In my book, we use the example of theMotor Cross Exhibition.

[If you do not know how to choose a Strategic Partner, please visit my Editorials –www.LiquidSalesman.com]

The Off-Road Tire Shop, the Motor-Cross Driving School, theLaundromat the Car Wash, and the Small Urgent Care Facility. Five seemingly independent businesses that all focus on the same basic clients: Those who like to play in the dirt. Imagine the possibilities of combining the marketing budget of all four companies and hosting a Motor Cross event. Create teams for each business then promote and sponsor them. Create a community tradition, not just a one-time clever campaign. Include a few graphic components and some major in-house marketing and you can have a yearly phenomenon guaranteed to bring clients into all 5 companies.

These concepts seems to come with a much higher cost however, there are 4 budgets to consider instead of just one. Considering the diversity of each business’ clientele, word-of-mouth marketing and a simple in office/corporate website will play a large roll.

1. Off Road tire shop hosts a mini seminar at their tent on bike safety and tire ware

2. The Driving School offers free dirt bike lessons to ages 14-18 and 50+

3. The Laundromat offers their pickup service and their expertise on stain removal

4. The Car Wash offers discounts on bike and truck washes during and after the show

5. The Urgent Care facility runs the First Aid tent and talks about bike safety

All are revered as masters in their field and all are seen by the guests at this event as specialist towards the motocross and extreme sports world. All have an opportunity to become a family member instead of a service provider; The Extreme Sports family.

Here is where blanket radio ads and additional promotional aspects are good reminders to those who have heard it mentioned already. A very small percentage that hears it for the first time on the radio will come. Conversely, a very large percentage that hears about it from a friend, then reiterated on the radio will come. In essence, sticking to the current client lists of each business should allow for a very large audience. Count your heads here, not prospective radio ads.

The Plan

The plan does not have to be for a large motocross event, evening ball (tuxes and all), little league softball game, networking meeting at a new resturatunt (which they will comp for the promotional benefit). As long as it is something that they have to physically get ready for and attend you can be sure you will have their attention and that they will be a captured audience.

Plan: Find Strategic Partners (Remember: same client, different core product)

Plan: Talk about your shared clientele and what event they would enjoy the most

Research: Each store manager runs the idea past their customers for feedback

Research: Report back to Strategic Partner and decide contract and responsibilities (This is the heavy section. You must decide on an event, date, location and cover all of the expected and unexpected odds and ends)

Promote: Get as much word-of-mouth advertisement as possible (newsletters, banners, customer contests)

Promote: Print/write as many online news articles, blogs, comments, Facebook posts as you can about your event and write them often up until the day of your event.

Promote: Promote your Strategic Partner’s involvement

Promote: Invite other small business groups, news and media reporters

Event: Gala event: Do as much as you need within budget to make sure your clientele is overjoyed and talking.

Market: Get all names on an email list. (i.e.: in store/email sign- up sheet at front door…)

Market: Word-of-mouth promotion. Make sure there are several people there speaking on behalf of your business

Promote: Write about your event, upload photos, and invite people to visit you.

The goal is not to sell 100 widgets at the event. The goal is:

1. To use the earned trust network of other business professionals to your advantage.

2. To expand your customer base of “Perfect Clients”

3. To get more of the “Perfect Clients” into your establishment who already trust in your quality.

4. To increase your neighborhood recognition and Public Relations image

5. To build word-of-mouth buzz about your business.

6. To have a great time meeting people in your community that you would otherwise not have been able to meet.

The next hurdle to pass is the Sale. What to do with the client once they are interested in your product or service. This will be discussed another time. First, get the BUZZ going!

Errol Chung

the LiquidSalesman.

Categories: $0 Budget Marketing Strategies, Perfect Client, Projects

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Creating a Value Proposition

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Why it’s important

Strategic Marketing- Host a Partnered Event

Where it’s being done main stream

How it can be scaled down to fit your business

The Plan

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