5 Questions to (re)discover your True Value and reconnect with your customer
What is the True Value of your company?
Why? Because in a demand crisis, customers are more discerning with their spend. But, even in this uncertainty, there’s good reason to believe you can actually cut your marketing spend and find better ways to reconnect with your customer.
How? By (re)discovering your purpose. Here’s the DIY home-kit:
5 QUESTIONS TO ASK YOURSELF TO FIND YOUR TRUE VALUE
1. How do you benefit the world?
What direct or indirect benefit do your products/services have in building a better world for your community, customers, stakeholders, your industry and your team? For example, our brand agency does many things, but our reason for being is to make communications simpler, to help businesses and their customers navigate around all the noise. And a simpler world is a better world.
2. How are you different from your competitor?
Think of it in terms of your benefit, the value you add or your unique skills. If you focus on the one that differentiates you from your competitors, you build a demand around that specifically.
For example: Three stalls could be selling hamburgers, but what sets them apart? Maybe one bakes its own buns – good, lead with that: “hamburger on a homemade bun!” It could be anything; maybe one serves burgers with a smile, or it’s made with love. Whatever it is, communicate it and highlight your differentiator.
3. What’s the first thing you did when you started, and the last thing you’ll let go?
As we grow from being an expert in one thing, we naturally want/need to gain more expertise in other areas, to diversify in the market as your business grows. But in that growth, it’s possible to lose connection with your core skills/offers.
You might start out growing apples because you love them and you love producing them. And after a while, you’re quite successful, so you start selling other fruit. But, when a crisis hits, you might find yourself in a situation where you start panicking, because just look at all this fruit you have that’s not selling (and probably going off soon).
But, hang on. This whole thing started with apples. It’s what people know you for and you love them – Going back to that core could help you reconnect with yourself and your customer.
4. What are your core strengths as a business?
What part of your business functions are you really good at? Distribution? Client services? Narrow it down and really just focus on those for the next while. Just put all your effort into that one or two things you’re really good at.
5. What energises your people?
In a crisis, your people’s energy can be a real asset. So don’t discard it, use it. If you and your people really like doing something, make that your key focus for a while. It keeps everyone’s energy levels up, which is always great for business.
For example: If everyone really likes picking fruit, make that your thing for the next while. Go pick as much fruit as possible. Don’t stop picking fruit, no matter what the world says you’re supposed to be doing instead. That energy will serve the business in many more initiatives.
Armed with this information, your True Value, you’ll have a much clearer idea of who you really are as a company, what you should be doing and how you should be talking about yourself.
And, if you feel like taking a deeper dive into this topic, see our ideas on how to reconnect with your customer. Or, connect with brand & purpose experts now.