MM-10 7. Communicating the value.
Customer don’t buy product they buy the benefits that these products and their suppliers offer them.
A sales man has 10min, website 2 and advertisement has 10 second. That sales pitch or ad must clearly articulate the value to the customer in very short period of time.
SASS example of value communication of $5mn. And as the smugmug add more feature costumer became more confused. And they move from feature to benefit as beautiful design and unlimited storage.
Value communication is different because marketing and sales people are often cut of from innovation team. And as the teams try to reconcile the divergent view most senior or loud voice wins.
Great new product even when priced right, don’t sell themself, marketing needs to pramote them and and sales need to sell them.
THREE STEP TO CREATE GREAT VALUE COMMUNICATION.
1. Create crystal clear value statement not a feature description - A feature belongs to product, and benift to customer. Probe your customer about their pain points and how your product would solve them. You should also quantify the relative value of your product compare to what customer gets today from other offering.
Moca [ matrix of competitive advantage ] draw four quardent with y [improtance to customer] and x[your performance relative to competitors]
The benifit to your customer that comptitor can’t match is the message to highlight. The benifit you are good at needs to communicate as more important than customer realise [if you can’t prove it don’t emphasis]. And your compatitve disadvantage you need to prepare a defence. Using this matrix your communication become more structured.
- your feature are not same as customer benifit [ gigabyte vs unlimited storage ]
- customers are hardly interested in how you created innovation or how much you spent on it. Seven patent are meaningless to them.
- you should communicate core benift with extreme brevity. Short but sweet.and test them before finalising with customer.
- try to restrain and communicate only what matters to your customer.
2. Make your benift statement segment specific - your customers are different so same value message is not going to work on all customer. Tailor your message according to each customer segments.
3. Measure the impact and refine your value message - Do MOCA on regular basis. You should be prepared to refine the message if customer don’t believe value is clear and compelling.