To communicate value to customers, you need more than a list of features; you must communicate both the practical and emotional benefits customers will derive. This learning stream will guide you through the process of developing your unique value proposition – how to identify the hidden desires as well as the practical needs your offering addresses and how to highlight the elements of your business that present a compelling story.
How do your customers see you? The promises you make about your offering, and customer perceptions of how well you deliver on those promises, combine to create your market positioning. This learning stream provides a six-step framework for honing your positioning. You'll examine the facets of your business to find the elements you deliver that resonate most with customers, use starter wording templates as a jumping-off point, and validate your work with seven key criteria.
This learning path covers how to quantify your target market, test and refine your unique value proposition, and position your product or service so that customers understand and choose your offering. Quantifying your target market allows you to identify the exact customer you want to reach, align it with your other business strategies, and compute the size of your slice of the market and its growth rates. Once you understand your customers' desires and fears, you can create a unique value proposition that resonates. Positioning is your conversation with potential customers. Customers must be able to understand your product or service in three seconds or less. Knowing how to position your product or service is what makes you stand out in today's crowded markets where customer's attention is short and pulled in many directions—your product or service must not only catch customers' attention but make sense to them.
Who are you selling to? While entrepreneurial optimism might lead you to believe the entire world is your market, success depends on a focused definition of your core audience that aligns with the rest of your go-to-market strategy. This learning stream outlines commonly-used demographic and psychographic attributes for profiling your target market, in addition to tips for developing your own business-specific market characteristics.