We get many organisations contacting us each week asking the question “Can you help us find new business?” In order to answer that question, we ask them all four straightforward, simple questions – However many struggles to answer!
In order to illustrate each answer to the 4 questions, I’m going to pick one of the simplest products in the world – Water. However we’re going to pick two completely different brands of the same product, Carrick Glen© sold by Lidl© and Pellegrino©™ from Nestlé©. The price point is dramatically different, Carrick Glen©, works out at circa 21cents per litre and Pellegrino©™ works out at circa €2 per litre.
Each product appears the same but on reflection provides different functions and solve different problems.
The 4 questions are;
1. What problem does your product or service solve?
2. What’s your value proposition?
Value proposition is the promise of value delivered by your product or service, perhaps the return on investment – ROI. If I spend $1,000 ‘I better be solving a problem costing more than $1,000’.
3. Who is your target market?
What does your ideal client look like; type, turnover, industry sector, number of employees or perhaps something intangible like ‘early adopter of technology. Chances are if an organisation or person has a problem, similar types of organisations or persons will have the same problem. A problem you can solve.
4. What’s your differentiator?
What makes you different or what’s your USP – Unique Selling Point. This is very important in a world where there’s so much competition, you need to stand out from the crowd or be heard above the noise.