The market is where buyers and sellers interact. When you are a seller you need to be able to add value to people in the market place so that they will become your clients. The keys for success in a small business is to determine your value proposition and your target market.
After you have established your value proposition and your target market you are better placed to develop your image, your promotional program and your sales program.
At its simplest a value proposition is a statement of the value a particular client obtains from using your product or service. You can have a value proposition for your business as a whole but for your important clients and prospects you will need to ensure that your value proposition is targeted specifically to them.
Developing a value proposition is generally not something that comes easily to most small business operators, so we have developed a short questionnaire designed to help you develop a specific value proposition. If you would like a copy of this questionnaire go to Value Proposition Worksheet Free Download.
When I ask people to describe to me their target client I typically get an answer that there is not just one description of an ideal client, but there can be several. When you have identified and described these several ideal clients you have probably also described your different market segments.
How will you recognise prospective clients from different market segments?
Will each of your team members recognise prospective clients from each of the market segments
What is the consistent image you wish to project into the Market Place. Then how will you express that image. This will impact on such things as web presence, stationary, office or shop front if relevant, staff presentation, telephone manner and even your press releases and client mix.
Ideally you will develop your promotional program at the beginning of a year so that each event supports one and other, supports your overall image and you ensure you have the available resources when needed.
Your promotional program may include events your organise, attend or sponsors, your press coverage, audio visual material, hard copy material and endorsements.
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