Earlier in this series we asked you to look at your sales last year and segment your clients by their activity with you.
We asked you to identify and highlight your most valuable clients.
Ask yourself a couple questions:
- Can I be doing more business with these important clients?
- Are there more clients like them in my market, who I am not doing business with yet?
If you answered ‘Yes’ to either of these questions, you have untapped opportunities to grow your business. To unlock these opportunities, you need to know your value. If you know what your clients value in your company and your services, you can figure out how to unlock new value for them and create opportunities with new clients.
We read Inc.com magazine because it offers great articles that help build successful businesses. A recent article written by Karl Stark and Bill Stewart, Co-founders of Avondale Strategic Consulting, 5 Simple Steps for Unlocking Customer Value, provided some really useful tips that we’d like to expand on.
Step 1: Understand your value
Have you taken my challenge to meet with some of your most valuable clients? That conversation will have given you hard data on what it is about your business that your clients value.
- Do they value the time you save them when preparing their listings?
- Do they value being able to share your work with their clients and home buyers?
The questions you asked and the responses they offered should have given you insights into what they value about your business and how you could do to get more of theirs.
Step 2: Develop your value proposition
Your value proposition is equal to the benefits your clients receive from your services, less the cost they pay. You likely have competition who charge clients fees for photographs and virtual tour services, that are similar to yours.
As iGUIDE Professionals, you can deliver photographs, virtual tours, floor plans, room measurements, and floor area calculations for the same fee. You are able to offer clients incredible benefits for the same cost. This is a value proposition. Now start identifying more of them.
Step 3: Target market segments where you offer more
value than your competitors
How are you offering value that your competitors are not? When you look at growing your business through new clients, look at the ones who already value the services you provide.
They already see benefits from those tools because they are using your competition for those services. Because you offer those services along with the additional benefits of floor plans, room measurements, and floor area calculations for the same relative cost, you have a better value proposition and a strong probability of earning that business.
Step 4: Make sure your price promotes value
Satisfied clients won’t tell you that you are not charging enough, but unsatisfied clients sure will. And they tell you by either leaving you for a competitor or by not using you for every opportunity.
Value is equal to benefits less cost. Our first attempts at saving a client’s business or winning a new client’s business is to highlight our benefits or create additional benefits.
Failing those, we look at cost and for some clients, we may need to adjust our cost to create value.
The price you charge should be a win for your business and also a win for your clients.
Step 5: Invest in what brings you value
To maximize the return on your time and efforts, your sales and marketing should be focused on clients who can bring your business the greatest value. Knowing the clients who bring you the greatest value will deliver the greatest return.
Following these five steps are a great way to build your business case and grow your business. They require you to determine your value, develop your value proposition, and look for the greatest opportunities to demonstrate value and grow your business. Now put it all together in a standout presentation.