email survey can gather more information, but it won’t capture the customer’s immediate feelings.
You also need to talk to your prospective customers, particularly those who have never purchased anything from you. Ask them if they’ve heard about your business and what they think you stand for. This is called your company’s level of awareness.
Make a list of what you think you’re good at and a list of what you’re not so good at, and add your customers’ views to the lists. Then look long and hard at each of the weaknesses, and work out how you can address them. Ideally, you want to turn them around completely, so that they become strengths.
Know what you’re good at and not so good at, so you can play to your strengths and fix your weaknesses.
2.6 Define your proposition and values
Once people have decided that they want to buy something, they tend to choose the business that closely matches their own lifestyle and values. You need to define what you do and what you stand for as a business.
You need a very clear statement that is called your proposition. If you’re not a household name it needs to say what you do. If you are a well-known brand you can get away with a slogan, such as “We try harder”, from Avis, or “The ultimate driving experience”, from BMW.
At first sight, it seems very difficult to create your proposition and brand values. But your proposition should just say clearly what you do in one sentence. One way is to fill the gaps in this statement: we supply (customers) with (product) that will (benefit). For example, “We supply commercial vehicle manufacturers and repairers in South America with cooling systems that will cope with the rugged conditions and harsh climate”.
Your brand values are what you want your customers to feel when they see and interact with your business. You need to match these to your market, though. For example, it’s no good trying to be a young and energetic business if your market is elderly people.
one minute wonder Visit the food shops in your area and look at their displays. What colours do they use? What’s the layout like? What sort of people shop there? Try to decide what their brand values are, and which is their target group of customers.
Think which one of these best describes your business. And is it what your target customers want?
Reliable and stable. The banks and insurance companies must come across as safe and secure.
Exciting and energetic. BMW and Red Bull have created energetic brands with emotional appeal.
Innovative and leading edge. Brands like Audi, Apple and Sony promote their leading-edge technology.
Creative and stylish. Think about Gucci and Ferrari.
Sophisticated and high-status. Brands such as Rolls Royce, Dunhill and Rolex say that you’ve arrived.
Value for money. Companies like Kia, Skoda, Hyundai and Asus Computers push value for money.
People today want to feel engaged with a company and be proud to buy its products. Your proposition and your brand values show this and form your promise to customers. Just make sure that you never break this bond of trust.
You must be able to state clearly what you do and what you stand for in fewer than 35 words.
Every business has competitors. And actually it’s good for everyone, as the combined spend on promotion and advertising increases the size and growth of the market. Only the very largest companies can hope to cover the whole market and all the niches within it. You must understand who your competitors are and how you stack up against them.
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