TUESDAY CHALLENGE: Update Your Value Proposition

No business can survive without customers, and your value proposition is created to satisfy the needs of those customers.

As a business, you cannot rest on past performance or on what you believe your customers need.

Every six months a current and potential customer contact survey must be initiated. For a small business the most obvious person to conduct such a survey is the owner.

Your challenge this week is to personally contact a minimum of 25 individuals in the following categories:

• Current customers: this is the easiest of the categories. If possible, this should be completed in person, but if not possible due to distance or other issues, a personal telephone contact can be substituted. The question  that has to be asked is:
  • How can we improve our product/service?
• Potential customers: Identify your target market and make in person calls. ( remember, this is not a sales call) You are conducting a survey and have several questions to ask:
  • Are you currently using a product/service (such as the one that you offer)
  • What is the most important benefit that you would like to receive from such a product/service?
  • How would you like to see the product/service improved?

For many owners, making a cold survey call should not be considered a frightful event. If the company that produces your product has a representative in town, ask him/her to accompany you on this quest. In the case of a service, find an impartial, but credible, 3rd party to go with you. I have several clients that have had a business development officer from their bank, or other trusted service providers, to go with them on the survey calls.

Yes, you may have to spend some time in developing your presentation, but the best way to practice is by making the call.

This is not just a “good idea” challenge, but one that is critically important to the survival and growth of your business.