This week’s blog is the first in a four-part series that will focus on accelerating your company’s growth in your distinct marketplace.
Our starting place is a reminder that you must first define your ideal customer. Chances are you’ve heard the phrase, “you cannot succeed trying to be all things to all people.” I included the saying here because while we may have all heard it, we may not have necessarily heeded the advice.
Customers have a wide variety of expectations when it comes to purchasing products and services. Some customers select expensive products and services believing they reflect the value of the company. Others may focus on product or service innovation, reliability, or world class customer service. I expect you can add to this list as you think about your customer base.
It is crucial that you identify the unique value that only your company can provide to a defined market.
The first step is to define your ideal customer’s psychographic. Think about what they appreciate, what they value, and what motivates them. Then focus on defining how your company can deliver to the psychographic most important to your customer segment.
This doesn’t mean you can ignore the remaining characteristics of their psychographic. However, if you want to be a leader in your market, I encourage you to focus on providing amazing levels of one particular value while being excellent at the other value disciplines.
Let me wrap this one up with an example. One of my information technology teams knows that their customers value customized software packages with features that cannot be easily replicated. While that is where this team excels, they also address their customers’ appreciation for responsive customer service, reasonable turn-around times, and a close, working partnership. They have a very loyal customer base that is quick to refer them to other companies who will fit the team’s focus.
The particular value your company decides to offer defines how you think about your business. It will shape your operating model. That is where we will resume the discussion in two weeks.
Are you interested in accelerating your company’s growth in a specific marketplace? I can help. Please fill out the consult form below and we can start with a free consultation. We can discuss your operating model and work to improve your business!