Throughout my consulting projects, I regularly see people who run their business as if they were their own clients. They build the whole business model around their needs, they build how they want their business to be, and make everything as comfortable for themselves as they can. As much as this process seems pretty intuitive to the business owner, it’s a great hindrance to business growth.
With the globalization movement and the rise of the internet later on, there has never been a time where clients have become less loyal than now. Brand loyalty is dead. While one might be tempted to think that clients these days go after the cheapest price, and one needs to compete based on price to win. My experience shows that this is not true at all.
These days, client want the most value for their money. They have become more educated and less attached to specific brands, due to the fierce competition between a bigger number of brands to grab their attention. To offer great value for your clients, you need to differentiate yourself from your competition using one of the following approaches:
- Offering a unique product/service no one else offers
- Offering an existing product/service to a new target market. (Example: Offering simple videophone devices to elderly people who wish to hold video conferences with their relatives abroad.
- Bundling multiple products/services that already exist on the market. (Example: Offer an online presence start-up kit which includes a domain, a web hosting package, a basic website, and social marketing tools)
The most efficient way to do the above is to have a marketing plan of action. A marketing plan of action would help you define the value you offer to your clients, your target market, your marketing budget, your differentiating factors, your products and services, and your marketing material. Good luck!