As an OEM or contract manufacturer, your buyers are demanding high quality, low price, as well as timely delivery. How many times have you garnered new business from a competitor because they couldn’t deliver on one or more of these important pillars? Worse yet, how many times have you lost business because you couldn’t deliver on one of these pillars?
It’s no wonder so many manufacturers choose to focus on these three vital elements in their value proposition. Yes, it’s true you can earn new business by offering a stronger value than another supplier in one or more of these areas, but what do you do after you win the business? How do you protect yourself from being the one on the chopping block the next time you miss a deadline, have a quality issue, or the cost of your goods increases?
Recently, I got to thinking about why companies don’t see the growth they were planning for. I thought about why their marketing and sales teams weren’t able to achieve success, especially when they were doing the right things, the right way.
Many business leaders and owners are used to fixing problems. So when their goal for growth isn’t achieved, the first thing they do is look to fix their sales or marketing teams—and sometimes both. What happens next? Salespeople are replaced, marketing agencies are “fired” and new processes and technologies are embraced. Sometimes this works, but often times the only thing that’s fixed is the symptom, not the problem. Fast forward nine to 18 months, and it’s common for the same problems to persist; corporate growth was never achieved and a lot of time and money were wasted.
So, what’s the root of the growth equation? It’s your company’s value proposition!
Today, buyers are more educated than ever before. Most buyers will have a multitude of choices when choosing a vendor, supplier, or OEM that all clearly meet the time, quality, and price expectation. It’s time to think about your value proposition and why a buyer should select your company from the pool of competitors knocking at their door.
“In almost every case where a company was struggling, we could find an issue with their value proposition at various points in the sales and marketing ecosystem.” - Chris Peer
Identifying your value throughout the buyer’s journey is critical. Buyers typically go through a six-step process when making a buying decision:
Determining how you provide value at each step in this journey is the path to marketing and sales success.
Research: How are you attracting buyers in the research step? Is your marketing bringing in leads? Is your value proposition attracting buyers?
Engagement: If the leads are coming in, are they qualified? Is your value proposition strong enough to convert a “researcher” and engage them in a conversation?
Consideration: At this step, it’s likely the buyer’s quality, time, and price needs are going to be met. What does your value proposition say to get you on the short list of companies they’re considering?
Evaluation: Now that you’re on the short list of qualified suppliers, is your value proposition strong enough to win you the job?
Confirmation: Congratulations, you won the job. Is your value proposition strong enough to keep the buyer over the long term?
Your value proposition is perhaps the number one asset in your company’s growth equation, yet so many companies fail to define it. Don’t waste years fixing the symptoms of failed success. We recommend you instead look deep into your company’s ethos and create a compelling message that clearly defines why your company is different and why buyers should choose you for their next job.
To get a stronger understanding of how to align your sales and marketing teams through digital properties, download our ebook, Selling Digitally, here.