How to Grow your Business Faster
Have you had revenue success and now your growth has stalled? Perhaps you are a Startup and you are thinking, “How can I grow my business?”. Regardless of where you are in the growth of your company, there is one thing you can do to grow faster. If you focus on this one thing, and only this one thing, we can guarantee you will see faster growth. So, what is it? Your Value.
The path to faster growth starts with your value proposition. This is what your customers buy. You may think that they love your products, love your people and love your company, and these may all be true statements, but the real reason they bought your solution is because they believed that it would provide value to their business.
We see many companies forget this fact. Commerce in our society depends on an exchange of value. The customer is willing to give us a certain amount of money in exchange for our solution because they perceive that it is worth more to them than the money they are giving us. This is the foundation of growing your company.
Quite often, however, our clients forget this. They pitch their product or service to their potential customers, and hope those customers figure out how valuable it is and decide to give them money. This approach does work sometimes, especially when you are the only solution on the block that fills an urgent need, but even that luxury will run out. At some point you must figure out your value proposition, so why not do it now and grow faster.
How build your value proposition
The biggest challenge with articulating your value is trying to do it yourself. When you try to articulate your value proposition through an internal view of your organization, you will get a biased thought process that delivers an inaccurate value proposition. In other words, you will get a product focused value proposition that is not focused on business value. In our experience, you need to be led to your true value proposition by a third party who can give you unbiased approach.
Identify your value
First you must identify what your customers find valuable about your product or service, and your business. This must be done from their perspective, and not yours. Step into their shoes, look back at yourself, and identify what exactly did they find valuable.
Next, identify what makes you unique from all your competitors. Your customers have many choices, usually, so you must differentiate yourself from the rest.
Finally, identify how you impact their business. What is the monetary impact of your solution to their business? Do you improve their revenue? Do you lower their costs? Do you improve their brand image? What exactly do you do to improve their business?
Articulate your value
Aye, there’s the rub. Stop boring your customers with a hundred-page dissertation of your value. They don’t have time to listen. You must articulate ALL your value in one, concise, sentence that you can read or say in no more than 10 seconds. If you can’t do this, then you have an ineffective value proposition.
Believe it or not, this simple exercise will set up the foundation for all revenue in your company. Everything must be aligned to your value proposition and if you are doing something that doesn’t serve it, then stop doing it. Aligning your entire revenue process to serve your value proposition will:
- Eliminate customer confusion in your sales cycle
- Make product development decisions easier
- Make your marketing plan and tactics more efficient
- Drive more leads into your pipeline
- Make your sales team more effective and efficient
- Lower your cost of sales
Articulating your value proposition properly will engage valid prospects and more importantly eliminate the ones that will never buy from you. This will result in a shorter “lead to cash in the bank” cycle. In other words – Faster Growth.