The Marketing Lesson That is Hard To Teach

"It is the studying that you do after your school days that really counts. Otherwise, you know only that which everyone else knows."

-- Henry Doherty

As a business coach and lifetime marketing executive, my job is to simplify stuff. It often works like this:

I go into a Session to develop a Value Proposition with a client. We have built the Ideal Customer Profile, vetted it with several ideal customers and are now ready to create the marketing message, their value proposition. My client invited a number of others because they really know the product and the market. These are experts.

After the small talk, I go into listen mode. I’m writing. I might interject a question now and then. Invariably, the client team comes up with a little list of stuff they need to email me because it’ll really shed some light on things. These meetings tend to take a good bit of time.

When the client’s done talking and I’m out of questions, they then say, “So what do you think Rick?” Pause. Scribble, scribble. Then, with my fingers crossed, I muster every bit of sincerity I can find and respond with something like,

 “It sounds like your product saves people time.”

Silence. Gulp. Fear. No one wants to go next. People check their phones. I’m squirming. What did I miss? Where did I go wrong? What’s wrong with me?

Relief. Heads slowly begin to nod a bit. Everyone wants to challenge my simple assessment, but they can’t. Eventually, someone comes right out and says it. “You got it. Your right."

What makes me so smart?

Oh, now you’re embarrassing me. I’m not that smart. I have been doing this a while though. Is there a book on all this? Not even. I’m scrambling just to get an article out of it. But what’s “it?”

It is my lesson, the one I told you was so valuable.

In B2B marketing, your value proposition can be about two things, the pain revolving around:

1. Time
2. Money

Time and money. Time’s really simple. Your value proposition can be about saving it. It can’t be about making it.

Money gets more intricate. Your money proposition can have two takes. One, you can propose to save your customer money. Two, you can propose to make them money.

This is business.

Sorry friend, I can’t allow you to get any fancier. We’re not selling underwear here.

B2B isn’t the same as mainstream consumer marketing. Over in the consumer realm, your value list is a little longer – sex appeal, love, fun, memories, power, prestige, tagless underwear for increased comfort… Jordan might be helpful with these strategies.

But you see what I mean? The list varies quite a bit.

Not so in B2B. You’ve got time and money. Comfort doesn’t fly unless you can relate it back to time or money.

So why all the torturous, long, frustrating value proposition meetings? Here’s why.

Businesses think their customers care about their products.

It’s true. This is what businesses think. But it’s actually false. Your customers don’t care about you, your company or your products. I swear.

I’m in the value proposition forming stage with a couple of clients right now. A run-down of the process I’ve gone through with one of them ought to help me make my point and serve to represent millions of similar, if not identical, scenarios.

The client has himself a bit of a commodity service. Don’t we all? But he sincerely believes his company has a stronger value proposition. He explains (I exaggerate here):

We have been in business since 1903. Every employee has an MBA. They never miss a deadline. The company has won several awards for its work. They’re recognized as a leading employer due to their unique corporate culture. They comply with rigid international standards and use the best of the best practices. The clients are ridiculously loyal due to the company’s super serious service orientation. And now for the real zinger…

They have a far superior infrastructure with a proprietary combination of software and hardware technologies no other company can claim to offer. You might say its state of the art. Ouch.

As dreadfully far away all of this is from a valid value proposition, you have to admit, if half of this stuff is true, this company would appear to have its act together. The boss can really bring it. He’s nearly as convincing as Michael Jordan.

But darn it, he doesn’t know what a value proposition is.

He’s confused it for an “About Us” page, a bad brochure, or ad, or commercial, or slide show, or on-hold message, or something boring that will never, ever move the relationship to the crucial next step—the decision process.

Do you think anyone would possibly take in this information and respond with, “Now that sounds valuable. When can you meet with the CEO?”

Not going to happen.

The client got all wrapped up in his company and fell victim to the dreadful trap where he spouts about their company, its products and features. Now why did he do that?

He was trying to differentiate his company. That sounds good. It’s not.

Want to differentiate your company in the way you do business? You should, or die trying. Want to differentiate your company in how you articulate your message? Definitely a smart line of thinking there.

So how do you differentiate your value proposition, your message, if they all revolve have to revolve around time and money?

There is only one way to differentiate your value proposition.

Talk about their time and money pains first.

Break your Value Proposition into 3 parts and the first part has to address your prospect and their Pain!

Now I’m listening. Please go on.

1. Use the words” you” and “yours” in this first few sentences and talk about their Pain as it has to do with money and/or time.
2. Then show them what the best solution (generically) would be to ease that pain.
3. Now you can tell them why your company is the best at delivering that solution. 

People don’t want to hear about you! They want to hear about them. Show them you understand their Pain and they will perk up and listen, because if you know their Pain then you must be able to solve it.

Look at your competitor’s landing pages. I guarantee they all start out talking about them, the year they were formed, they love customers, have all the best people and products etc.

It is like Charlie Brown’s teacher "wah, wah, wah"------nobody listens.

The lesson for the day. Lead with their Pain as it involves time and /or money and people will perk up and listen.

By Barry Feldman with additional insights from Rick Wallace

It's a Great Day at Monroe Muffler

"Good leaders take people where they want to go.
Great leaders take people where they necessarily don't want to go,
but ought to be"

 - Roselyn Carter

 

Have you ever called a business and the person answering the phone, well,  you knew they did not want to be there and that you were a bother?

Sure you have and I bet you can tell when and who it was too!

When is the last time you called your business? How is your phone being answered?

I have a client in Dallas who I have been working with for over two years now. Every time I called for our weekly meeting I got the same greeting from one of 3 people who always answered. You got the impression this was not what they wanted to be doing. They are great people who do their jobs well, but they just could not get themselves to answer the phone with a smile and warm greeting.

I would tell my client at least once a month and he would always say, "I know but they do great work, it is just they are not outgoing people." So one day I told him about Hank at Monroe Muffler. He always answers with the same greeting, "Hello it's a great day at Monroe Muffler, this is Hank how can I help you?"  

So my client liked the idea and met with his team and they decided to try it. Now that they have a script, they answer the phone the same way. Instead of getting, "Hello this is Hotsy", followed by silence until the person I asked for answers, you now get "Hello it's a great day at Hotsy, this is Gabby how can I help you?".

It is a huge change. One of my other clients in Austin took it a step further. Their greeting is "Hello it's a great day at Hotsy and yours is about to get better. This is XXXX, can I help you?".

How you answer the phone matters. It is part of your brand and it is the first thing your customers and prospects perceive about you and your company. Work out a script that shows your enthusiasm and start using it.

How Do I Find The Time To Improve?

"Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young. The greatest thing in life is to keep your mind young."

 --- Henry Ford, Industrialist

   

You should have seen this one coming!!

Coaching is often an ideal solution to the challenge of "How do I find the time and energy for my own professional (and personal) development when I am too busy to keep up as it is?

We usually hear two objections to coaching: "I don't have the money", or "I don't have the time for this." We can guarantee you that:

1. You'll make more money with coaching than you will without it, even after you pay your Coach; and

2. You'll have more time to work on the business with coaching than you'll have without it, even after you've invested your time each week with your Coach!

Tom O'Toole from Beechworth Bakery, in response to those who, observing the amount of training he invests in his staff asked "What happens if you train them and they leave?", countered with "Ever thought of what happens if you don't train them and they stay!?"

I'll pose you a similar question, "If you don't upgrade your own knowledge and your leadership skills suffer, what type of person is likely to stay working for you?"

Coaching offers you the chance to invest in your greatest asset - you! - in a flexible and manageable way. As one of my good friends is fond of saying, "You pay for education once; you pay for the lack of it over and over again."

Anything you focus on grows, the accountability of a coach just naturally causes you and your business to grow.

Check out coaching as a possible solution for the time, money and people challenges in your daily life!

All the best,

Rick Wallace