Creating a strong value proposition

By Samantha Garner | April 20, 2019

creating a strong value proposition

What makes your business unique and desirable to your target market? If you’re not sure, you won’t be able to tell your customer why they should do business with you. You need a value proposition.

A value proposition is a concise statement that outlines how your products or services deliver value to your customers, and what makes your business unique. It explains how a product solves a pain point, communicates the specifics of its added benefit and states the reason why it’s better than similar products.

Value proposition examples

The more specific you can make your value proposition, the better. Avoid making generic claims that can apply to any business. Strong value propositions deliver clear promises to the customer, like increased revenue, decreased costs, improved health, greater efficiency, or fewer errors. These are the clearly identifiable things that will actually benefit your customers, and the reasons they’ll be drawn to your business.

Examples of effective value propositions are Wal-Mart’s “Everyday low prices,” Slack’s “Make work life simpler, more pleasant and more productive,” and Shopify’s “One platform with all the ecommerce and point of sale features you need to start, run, and grow your business.” These demonstrate the value and benefits these companies promise to offer.

About the Value Proposition Canvas

Strategyzer.com and Swiss business management theorist Alexander Osterwalder developed the Value Proposition Canvas to help business owners create the perfect value proposition. really looking for.

The VPC is a visual method that helps us to systematically understand what customers want, and to create products and services that perfectly match their needs. It collects information about customer needs and requirements which allows for a more effective design of your products and services. This should lead to sales and profitability and much less time wasted on developing ideas that customers may not care for.

Anyone can think of good and creative business ideas, but it’s a good idea to design value for your customers on paper first. By using the Value Proposition Canvas, you identify customer needs, and products and services to meet those needs, in a visual and structured way.

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Should you hire a professional to create your marketing plan?

By Samantha Garner | April 13, 2019

As we love telling entrepreneurs, a well-researched marketing strategy is critical. Without proper marketing planning and consideration, you could end up selling to the wrong group of people, setting your pricing way off-base, or exposing critical flaws that could hinder your small business.

So, can you create this yourself, or should you hire outside help to create your marketing strategy? Alek Mlynek, one of our GoForth Experts, has some advice for small business owners who are wondering about their best marketing strategy. Check out his advice on creating marketing plans here.

Further reading:

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Small business blog posts we liked this week

By Samantha Garner | April 6, 2019

small business website

From security concerns to workplace culture lessons, here are some of the business blog posts and articles we’ve enjoyed reading lately. Have any to share? Let us know in the comments!

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How exactly do you measure customer satisfaction?

By Samantha Garner | March 30, 2019

customer experience cx

As a small business owner, you know that delivering an outstanding customer experience is one of the most important things you can do to be successful.

But – how exactly do you measure customer satisfaction?

Here are a few common customer experience metrics

Net Promoter Score (NPS): The NPS is an index that ranges from -100 to 100 that indicates how willing a customer is to recommend a company’s products or services to others. It divides customers into three categories: Promoters (loyal + satisfied), Passives (satisfied + unenthusiastic), and Detractors (unsatisfied + unenthusiastic).

First Contact Resolution (FCR): FCR gives an indication of how well you resolve customers’ support requests the first time by tracking the number of interactions in a case. Tracking your FCRs helps you see what you can do to keep the average number of interactions low.

Customer Satisfaction Score (CSAT): CSAT is the average score awarded to your brand according to customer answers on a survey. Small businesses use CSAT scores to determine how satisfied customers were with specific products or services.

You should now have a much better understanding of what customer experience measurement is and why it’s important for you to prioritize its measurement. Awesome!

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How to define the customer experience (CX)

By Samantha Garner | March 23, 2019

small business restaurant franchise

What exactly is customer experience (CX) and why is it so important?

Customer experience is the sum of all experiences a customer has with your business, either during one transaction or over the lifetime of your relationship. Customers receive some kind of experience when dealing with your business, ranging from negative to positive. A company’s ability to deliver a positive experience each and every time that someone does business with it sets that company apart from its competitors in the customer’s eyes. Research shows that customers do business with companies they like, so the more positive experiences a customer has with your business, the more they’ll continue to do business with you — in essence, your customer develops brand loyalty, and brand loyalty translates into dollars.

How to define the customer experience

To define your customer experience, it’s important that you know what your customers want and need. How do you know what their experience should be like if you’ve not asked them what they want from you and your business? What pains are you solving for them? Primary market research should be conducted early on with your target market to make sure you know what customers are looking for, what their pain is, what’s missing, and where you can fill a gap in the marketplace. Once you have an understanding of what your customers need, you can visualize the best ways to satisfy those needs through customer experience. Start by putting yourself in your customer’s shoes – revisit our earlier posts about the Empathy Map here and here to get started.

Delivering what customers want

Of course, designing a great customer experience is only the first part — you must actually deliver on that experience, and then measure your CX satisfaction to make sure you’re delivering a great CX for your customers. Then you must ask the customer if they had the experience you wanted them to have. A Harvard Business School study of large companies in the US found that over 70% of business executives believed their companies delivered on their customer experience design. But when the researchers asked the customers of those businesses, the story was quite different. Only 8% of customers felt they had the experience they were looking for. Yikes!

Why the difference? Sounds like the big companies weren’t communicating with their customers — either they were designing the wrong customer experience, or they weren’t delivering the experience properly. In any case, the customer walks away with a less than positive impression and the business loses future sales potential.

How can you deliver the customer experience that’ll inspire loyalty? Let us know in the comments!

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