What problem is your solution solving? How do you deliver it? What is your competitive uniqueness and how have you highlighted it in your value proposition?
These are some of the questions we ask our clients during our solution immersion process. We kick this off by taking a full day with our client to find out about their product/solution, probe for the strengths and weaknesses of the company, and go about creating a go-to-market campaign tailored to their needs.
The first step in creating a go-to-market plan is to learn where our client’s company stands. Surprisingly, top decision makers in the same company often have different ideas of their solution’s strengths, weaknesses, and their position in the market. Although it goes without saying, the entire workforce, especially the top decision makers, should all be on the same page about their product or service. Companies that aren’t on the same page are uncoordinated and ineffective. Marketing may be touting that their product does A and B while R&D is focusing on improving part C and sales is promising D and E. An agreed on, ubiquitous message is the most important step to an effective firm.
After determining the client’s current state, we can combine this information with our research to create target market predictions. We focus on finding the right industries, applications, and economic buyers. What is the top target market? What are the pain points? What are the titles and constraints of major economic buyers and how can we show them the value in our client’s solution? These are some of the questions we solve in order to drill down into the target market and prepare us for building the customer value proposition framework.
The customer value proposition (CVP) framework is the most powerful tool we derive from our solution immersion. A customer value proposition answers the question, “Why should customers give us their money?” and clearly and concisely states: Who we have chosen as our strategic customer base; What unique and attractive value we will deliver to them; and How we are able to deliver the unique and attractive value to them. In essence, a CVP is a definition of who our client is and what they want to be. A customer value proposition can be aspirational to achieve market leadership, but must also be credible when communicated through marketing messages to target customers.
In order to create the CVP framework, we determine compelling company assets (current and projected), profile the ideal customer, map assets to customer value chain, case study analysis, joint constituent analysis, point of view development, and identify and differentiate competitors.
Once the CVP framework is created, we run competitive analyses, determine strengths and weaknesses, and assemble the go-to-market campaign. We take all of the detailed information on our client, the market, segmentation, industry trends, and so forth, to create effective sales tools that build pipeline, engage decision makers, and efficiently drive revenue.
Running through the solution immersion process takes a full day. It focuses the firm and ends with a go-to-market strategy that leads to more revenues, a quicker sales cycle, and better yield on sales capacity. Firms that we take through this process learn about where they are, where they should be, and how to bridge that gap. They also leave with a unified vision about their company and confidence in their solution.