BUILD YOUR SMALL BUSINESS VALUE TRAIL
A Value Trail describes how you intend to create value for your target market and current customers.
As small business owners you realize the importance of delivering benefits/value to your customers. I am sure that you have a list of those benefits, at least in your mind. At BizQuack we recommend that you review this list at least every six months. This exercise helps you stay on track and to better focus on the needs of your customers.
The formula for building your Value Trail is accomplished as follows:
Step 1: Create a list of all your products/services around which you have built your value proposition.
Step 2: Identify your customer pains: “Pains describe anything that annoys your customers before, during, and after trying to get a job done or simply prevents them from getting a job done. Pains also describe risks, that is, potential bad outcomes, related to getting a job done badly or not at all.” To better understand your customer’s pains, describe them as concretely as possible. With this knowledge you can better share how your product/service becomes their best pain reliever.
Step 3: Now let’s look at customer gains: “Gains describe the outcomes and benefits your customers want. Some gains are required, expected, or desired by customers, and some would surprise them. Gains include functional utility, social gains, positive emotions, and cost savings.” Detail is important in identifying expected customer gains just as it was in the pains identification process; it allows you to make your value proposition and marketing presentation much more powerful.
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