As a 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 could not deliver on one or more of these important pillars? Worse yet, how many times have you lost business because you could not deliver on one of these pillars?
It’s no wonder why so many manufacturers choose to focus on these three pillars of their value proposition. Yes, it is true that you can earn new business by unseeding an embedded supplier by offering a stronger value 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 your costs of goods increase?
Recently, I got to thinking about why companies do not see the growth they were planning on. I started pondering why their marketing and sales teams were not 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. Therefore, when goal growth is not achieved, the first thing they do is look to fix the sales or marketing team - sometimes both. So, 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 was fixed is the symptom and not the problem. Fast forward 9-18 months and it is common for the same problems to exist, corporate growth was never achieved and a lot of time and money have been wasted.
So, what is the root of the growth equation? It’s your company’s value proposition!
With the ever-changing communications environment, buyers are more educated today than ever before. Most buyers will have a multitude of choices in choosing a vendor, supplier, or OEM that all clearly meet the time, quality, and price expectation. Its time to think about your value proposition and why a buyer should choose your company amongst 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.”
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 an engaging conversation?
Consideration: At this step, it has most likely been determined that 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 are considering?
Evaluation: Now that you are on the shortlist 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 client 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 that 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 team through digital properties, download our ebook, Selling Digitally, here.