Episode F.016 What Part of Your Offer Is Relevant to Clients Right Now?

Author's Notes
We are introducing a new format to our Show Notes and Broadcasts. We received feedback our podcasts are too long (average 26 minutes). The shows have been restructured into 13 minute segments - each with a specific objective. Segment 1: What the show will cover and why it is important. Segment 2: What do you need to know to take action. Segment 3: How do you apply it and the tools available, and Segment 4: Tips and Insights from our experience. Thanx for the Feedback and keep it coming.

What are Today's Topics & Why is it Important?​
Today's Show is a review of previous shows in the A Track - Strategy. Instead of using it to Select a Market, Identify Customer's Buying Persona, and Building a Value Ladder. 

The present market could be, and probably is, different the one you selected just a few months ago. With the high probability of a V shaped recovery, how ready are you to claw back lost revenue?

Topics:

• Market Research
• Market Selection (Scope)
• Value Ladder

Knowledge to Take Action
Market Research: starting with all of the potential clients (people or industries), review the options and narrow it down to markets you can penetrate.  Your goal - growth in the market and the ability to reach #1 or #2 in your niche. What information do you need to make the decision?

Market Scope: identify the different populations in the larger group you can segment out that match your offer, fit your processes, have the financial ability to afford your offer, and are making a buying decision now or in the near future.

Value Ladder: structuring your offer (how you bundle products and services) to create at least 3 levels - Basic, Core, and Advanced. It gives you the ability to reduce their risk by starting with something small, upsell them to your Core offer, and anchor pricing with the Advanced Level.

What You Need to Do
Conduct or Gather Market Research

• Identify pain points (needs) by targeted industries or companies;
• Identify targeted industries, companies, or consumers with budget to obtain acceptable margins;
• Identify targeted industries, companies, or consumers that fit your processes;
• Match current product/services brand offer with sales opportunities. 

Analyze Sales Opportunities

• Given what these companies or consumers are currently buying, identify why are those products and services not sufficient;
• Match specifications of our image, products, services against what is being sold;
• Identify the greatest gaps between our and the competitors offer that provides an opportunity to sell;
• Identify unfulfilled gaps where no offer solves the problem.

Market Scope

• Clarify the demographics (age, gender, position, etc.) and psycho-graphics (buying decisions, etc.) of the decision maker;
• Clarify how our offer provides superior value (or solves problems better, etc.) for the client;
• Build your product/service ladder (entry, basic, core, advanced) with features and pricing.

Next review your Value Ladder, does it still fit the customer base?

1. Collect information to create a buying persona and build a relationship.
2. Use the relationship to upsell your portfolio of products and services.
3. Anchor the prices by creating a desired sell level.

Let's take those 3 in order

The first level  is about a call to action (CTA) that trades an email address for something. It is viewed as bait to attract the perfect customer.  The bait is information you cannot get anywhere else - "you can learn from the school of hard knocks which is expensive, long, and predictable or pass that experience and build on the knowledge of others". This is a typical way of stating why prospects should engage with your business.

It is also your first opportunity to build a tribe. This starts with (1) making a statement (manifesto) of who you are - an extension of your vision-mission-values. (2) Second you make it easy for followers to connect with you. (3) Third you make it easy for followers to connect with each other. Remember generating revenue at this level is an effect of the relationship - not the cause.

The second level or levels is where the relationship built earlier is monetized. Usually you will find 1-3 steps from basic to advanced. Most marketing approaches will label this as bronze, silver, and gold. The one thing to consider is which level is your sweet spot? Where do you want to drive them? In a 3 tier offer it is usually the middle level.

The third level is your price anchor. This is a product and/or a service offer that you don't plan on having high volumes. Instead it allows you to place a price premium that makes the lower levels look enticing. It also should be a comprehensive bundling of everything especially if your lower items are standalone products and/or services.

This assessment will allow you to adjust who you target, how you start the engagement process, and fine tune your offer to fit their buying decisions.

Next Show: ​Whether The Recovery is a V, U, or a L - How Are You Going To Help The Client?