Image Credit: Idreamlikecrazy on Flickr
Throughout the years of working with clients to develop their value proposition or enhance their branding and messaging, I often get an interesting request. Namely, to create a value proposition for their company.
They hope to establish a single value proposition for their entire company– a “meta” value proposition that will encompass and communicate the essence of everything they do. The fact is, for any company with more than one major product offering or service line, that is never going to work. Let me give you an example.
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You don’t have to look far to find a company that has developed their value propositions, branding and messaging strategy from an inside-out perspective. Take, for example, Tivo. Why didn’t they take over the world? Why weren’t they Apple TV?
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Who is Your Target Market?
You have an idea for a new product or a business. You know how you’re going to produce it, how you’re going to price it, how you’ll fulfill your orders… now you just have to figure out who you’re going to sell it to. What is your target market? Of course, you’ve thought about this question before. You probably have some 1000 ft. view idea of who will be buying your offering – small manufacturing businesses, tech-savvy entrepreneurs, mid-size consumer retailers, etc. But you keep hearing again and again that this isn’t enough. Who exactly is your customer, the blogging gurus ask? Have you created a customer persona? What about a buyer profile? Do you know them inside and out? What are their hopes and dreams? What’s on their Netflix queues?
The overall message is that if you don’t have an intimate knowledge of your customer akin to that of your childhood best friend before you even go to market, your sapling new business venture is doomed to crushing failure. Now, it’s absolutely true that you need to have a thorough understanding of your target market before you start selling–but let’s skip the friendship bracelets, and ask just a few practical questions to build up a sensible customer profile. Read More »
Image Credit: Gabriel Argudo Jr on Flickr
Everyone is looking for the magic bullet that will teach them how to innovate. Have you ever heard about a new product or service or blog or article idea and thought, man, I wish I had thought of that? Or looked at your competitor’s offerings and wished that yours could stand out more? How about seeing the new trend of the week that’s gone viral, and wishing that you had been the one to catch lightning in a bottle? If you have ever thought that maybe, just maybe, what you’re bringing to the market isn’t different enough, this post is for you. Read More »