WE'VE MOVED!
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
Options
In Changing Times Show Value
dnparker
subscriber Posts: 9 Member
My business works with hundreds of small businesses. Over the last few months, we have noticed a change in our clients and a change in our own business as a result. Its not been a drastic "oh my god" type change, but a increasing awareness of expenses and value. Fortunately for us, the web has deep value and marketing both on and offline are even more pressing in uncertain economic times. But I have certainly seen businesses suffer and fail in the last year, especially those with weak value propositions.
It has caused me much reflection and those closest to me have seen some significant changes in the way we run our business. We invested in the Ben Craig Center`s business consulting service this past Spring and were told that although our clients really liked us and thought our expertise was high, they were uncertain as to the value we delivered. Our changes of late have been the direct result of taking those comments to heart and truly getting our heads wrapped the delivery of value in our virtual workplace.
One thing we did was to reduce our focus on new sales and increase our focus on existing clients. In a start up business, new sales are critical to building a base of revenue. However, with the changes in the times and the level of mass we had built I felt it was time to make this change. This renewed focus has permitted us to reduce our new sale expenses (moved from a retail location and went to an office suite) and increase our expenditures in account servicing (added an electronic ticketing system and added technical staffing to improve turn-around times)
The list is a bit longer than this, but you get the idea. We are striving to be increasingly worthy of our expense to our clients each and every month and increase their value perception.
What is your value proposition?
How are you increasing your value to your clients?
Please post and let us know.
It has caused me much reflection and those closest to me have seen some significant changes in the way we run our business. We invested in the Ben Craig Center`s business consulting service this past Spring and were told that although our clients really liked us and thought our expertise was high, they were uncertain as to the value we delivered. Our changes of late have been the direct result of taking those comments to heart and truly getting our heads wrapped the delivery of value in our virtual workplace.
One thing we did was to reduce our focus on new sales and increase our focus on existing clients. In a start up business, new sales are critical to building a base of revenue. However, with the changes in the times and the level of mass we had built I felt it was time to make this change. This renewed focus has permitted us to reduce our new sale expenses (moved from a retail location and went to an office suite) and increase our expenditures in account servicing (added an electronic ticketing system and added technical staffing to improve turn-around times)
The list is a bit longer than this, but you get the idea. We are striving to be increasingly worthy of our expense to our clients each and every month and increase their value perception.
What is your value proposition?
How are you increasing your value to your clients?
Please post and let us know.
Sign In or Register to comment.
Comments
Excellent point on keeping up with appearances. Collectors and aficionados enjoy experiencing exclusivity. A great example is the cigar club I am in. Yes, a club around cigar smoking. But we purchase and smoke a high volume of cigars because of the culture that has been built around the product lines our main shopkeeper provides. From bringing in manufacturers for special events to trips to Central America, we get to immerse ourselves in the culture for just a bit. As you begin to cater to this crowd, you may find expanded use for social networking and conveying as much exclusivity as possible. You may also find expanded viral marketing and, most importantly, second and third sales.
Good luck!!
Darryl