You’ve written your business plan and are eager to execute it, but before you start it’s worth taking a look at your client value proposition (CVP).
Your CVP is a succinct statement that explains to prospects and clients what you bring to the table. It should be unique and crafted specifically with your target clients in mind, but it should also set you apart from competitors, so it won’t be enough to just say you offer good rates or great service. Your CVP should reflect the essence of your business to give you the best chance of converting quality prospects into leads and clients.
Here are the fundamentals to a winning CVP.
Build a rapport
Your CVP is about communicating to prospects and clients, so the best place to start is with them. What are they looking for? What concerns them the most? What specific problems do they need you to solve for them? To answer these questions, it’s useful to speak to some clients directly to get their perspective, just like market research.
You could even send a survey to clients who’ve settled recently to obtain their thoughts and feedback. The aim here is to identify the core issues that bring them to your door, and what they want and need you to solve for them. This information can then be used to build a personal rapport with prospects in your CVP, by tapping into the heart of their issues.
Identify your strengths
The next stage is to be introspective and identify the strengths of your business. Is your service exemplary, or do you focus on getting the best value deals? Do you excel in navigating the complexities of large refinances, or are you most comfortable helping people get the keys to their first home? You may have already done this in your SWOT analysis when creating your business plan – you can use this as a basis to help you identify what your client’s would view as your strengths.
Identify your gaps/weaknesses
It’s just as important to identify the weaknesses or gaps in your offering. By doing this, you can create a roadmap for improving the business so that it aligns with the CVP. Your CVP should be aspirational, telling the story of where your business currently is, and where you want it to go. This helps with future business planning, as you are able to clearly identify opportunities for improvement.
Keep the client front and centre
Put your findings from these two exercises together and try to summarise in one sentence how your strengths benefit your client. This is the difficult part, but once you get it right it will make all the difference, so take your time and try different ways of articulating your value proposition. The key here is to keep your client front and centre: your CVP should resonate with them and explain why they want you to help them finance their property.
Use your CVP
Once you’ve created your CVP you can use it in many ways, including as a tag line for your business in all your marketing materials – this way, any potential client who sees it will start to connect with your brand and business. Think about all the ways you can communicate your unique value proposition with prospects, clients and even centres of influence: through marketing and sales materials, online, and even via the decal on your car.
Last but not least, it’s important to make sure your whole team is on board with your CVP. Everyone needs to be consistent when dealing with prospects and clients for it to be believable. Your business needs to live and breathe your CVP.
A CVP that differentiates your business from your competitors’ and resonates with prospects and clients, will help you attract the right clients for you.
For more information on creating an effective client value proposition please contact us.