Your Unique Value Proposition (UVP) is a short, but clear message to inform your customers about the uniqueness of your product, and why they are better choosing your product over others. Your UVP is not a slogan but a marketing strategy in selling your brand.

TARGET CUSTOMERS: Know your customers, your unique value proposition is speaking to your potential customers, therefore you must know who they are, their buying preferences, their goal, their challenges, fears, and how you help them solve these things. Not everyone is you customer, you should have an idea of who your ideal customer is, the age range, economic status, their preferences, these will help in crafting a statement that resonates with them.

TRACK YOUR CUSTOMER NEEDS: Customer needs changes frequently, and the way customer A interacts with your product surely differ with the way customer B interacts with your product. You have to keep track of all major ways your product is consumed. This way you can communicate the importance of your product to other potential customers. By keeping track of your customer needs you will get notified quickly of changing customer needs and apply the necessary pivot where necessary to remain relevant.

YOUR OFFERING: Know your products, its benefits, its uniqueness, and peculiarities. Craft your offering into a one or two sentence statement and know it by heart, your team must also know this statement. The statement must be direct and clear, and be on your advertisement, and wherever your potential customers can see it.

PROOF OF CONCEPT: After knowing what you offer by heart, you must be able to proof how it works, who it has worked for, and the potential benefits your customer gains from utilizing your product. If you do not have a previous customer that can serve as a relevant example, use examples from a similar industry but a different geography that such product has produced the desired result.

AVOID UNNECESSARY ADDITIONS: After getting to know the customer needs, make the important need your main selling point, this is what you advertise to the customer segment you are targeting. That is, each customer segment gets the tailored advertisement, avoid noise, when your research is perfect your customers will relate better to your product. KEEP ADVERTISING: Let me end the newsletter with the title of a movie: “Never Back Down”. You don’t stop advertising. Why? You may ask so as to keep your sales funnel full, there are over 7 billion people worldwide, there is surely someone who hasn’t heard about your product; therefore, you keep advertising.

The modern-day business world is run by data, the data is used to power business decisions. Business decisions are backed by facts, numbers, and trends. Numbers and data are generated by almost everything, it is therefore left to the business decision-maker to examine and analyze the data to determine the most important ones in strategy development.

Sadly, most businesses do not use the data generated, research by Inc.com found that businesses don’t use 73% of their generated data, also the companies who utilize data only make use of less than half of the company’s generated data in making decisions.

The benefits of utilizing data effectively cannot be overemphasized, a company would be able to:

1) Know the exact needs of its customers,

2) Determining important customers,

3) Make savings from doing aimless advertising,

4) The important resources that affect the business process and end-product success,

5) Predict the future of the business environment.

·         Knowing customer needs: Understanding that data is more than just numbers, data is both qualitative and quantitative. Therefore, in terms of customer service, the best data available is the feedback by customers. The best way for feedback that’s effective is routine feedback, constant collection gives a track of what your customers feel every time they interact with your service. Feedback questions vary with a range of numbers, but a simple yet encompassing question to an overview of customer service is: “How likely are you to refer us to a friend?” This is a simple measure of how satisfied a customer is. Whenever a customer rating falls below the business average, you immediately reach out on how you can better serve the customer.

·         Segmenting customers: Your customer list is a combination of different segments. It consists of the casual one-timers, the loyal everyday shopper, and VIPs. Curating this list will need more information about your customers, but once this list is set up, analyzing makes segmentation of your customer base is easier. Therefore, you can reach out to each segment using specific messages, e.g., those who prefer discount coupons and the segments that prefer bespoke services.

·         Make savings on advertising: Advertising is an important business expense, however, employing data helps reduce unproductive advertising. Analyzing data such as customer profiles will help to streamline marketing efforts to the best channels that will yield maximum customers. Businesses employing many channels of advertising will benefit greatly, as data will enable them to perform targeted advertising campaigns at a lower cost.

·         Prioritize business process: Data and its analysis can help in optimizing business processes, analyzing previous business data will help in determining important and necessary processes in the supply chain, and less important and unnecessary processes. To this end, businesses can run effectively, by simplifying encumbering processes and cutting unnecessary costs.

·         Predict the future of business: A business that excels in data and is customer-centric, will be able to timely and adequately forecast business trends. Such businesses rely on previous data gathered and analyze this data to decipher trends and patterns. With advances in artificial intelligence, business forecasting has been transformed. Ideal data sets are chosen, queried, and analyzed, the forecast is verified and relayed to decision-makers so the business can stay ahead of competitors.

Business executives must examine bigger trends in the market, such as changes in the pricing of resources, shipping, or manufacturing. Data helps in the decision to:

Do nothing and absorb the higher costs, because it has enough of a profit margin to still be successful, while many of its competitors will need to raise prices. Or decide to increase the price while transferring the costs to the consumer, because of data on their loyal customers or the uniqueness of their products.

Another important data in business is the customer experience data, which is a non-financial business performance indicator i.e., data that cannot be expressed in monetary terms, which are related to customer relationships and their workings, product or service quality, and so on.

Examples of companies utilizing data effectively are Google and Facebook. These two companies heavily rely on the consumer data they generate to improve their products, services, and ultimately user experience, evidence of this is increasing irresistible usage these two companies have garnered over the years, thus making them the best Ads platforms through which other businesses advertise their product and services. Back home in Nigeria, a company utilizing data generated is MTN Nigeria, this company has grown to be the telecom with the largest subscriber base in Nigeria. MTN constantly introduces plans and programs that resonate with its consumers, thereby increasing its customer base. All this points to the company utilizing its customer experience data.The importance of data cannot be overemphasized, therefore the faster your company gets its data strategy right the better. Here at EZAdvisory, we have the tools and skilled personnel to help you make sense of the data your business generates and we help you build the right strategy towards your desired growth aim. Check out our audit offering here.

Until you have mastered the art of selling, every time you go out to introduce and sell your product to people, it is always a battle.

[Name], since you have a product or service you sell, meeting people to introduce your business to is a must. Only a sales funnel that is full, can generate continuous sales.

Today, I want to give you tips to help in approaching potential customers.

·         Before Approach

Research: After getting your list of potential customers, the next step is to research your prospects, know what they do and how your product can be of value to them. The best places where you can conduct detailed research are: LinkedIn, the company’s website, competitor research, blogs and other avenues where an advisory service like ours, comes in.

Grooming: An inexperienced salesperson may ask, does looks matter? For salespersons, grooming is an indispensable tool in your sales approach. Grooming gives a professional look on your person. Be hygienic, dress neatly and dress according to the codes of the organisation you are going. Wear a smile and be confident.

Rehearse: A silver bullet to speech mistakes and errors is rehearsal, rehearsing increases your confidence. You will be so familiar with your notes that whatever the nerves you get you could not forget the words.

·         Approach

Interaction:  During interaction, you introduce yourself to the prospect, simply introduce your product. While leading the prospect to talk.

Conversation: Here, you listen to the prospect about his/her needs while picking the pain point and thinking about how your product will help the prospect.  Pain points is the opportunity for you to be able to reach and convince the customer of the necessity of your product.

Explanation: This is where you respond to the client’s concerns and sell your products, especially how your product will solve the customers problem. Here you speak/demonstrate about the value points of your products, the uniqueness of your product to competitors’ own, if any. Here, you also brag about the length of time you’ve been in business, and drop names of your customers that are renowned.

Closing: After this you try to close the customer based on your view on the level of the client. Some clients will require you schedule another appointment for a visit before you close them.

There are different types of closing techniques, these are:

Trial close: you ask questions such as, “What do you think about the product?”

Soft close: you ask questions such as, “What would you like to do?”, “Do you want to continue with this?”

Hard close: you ask questions such as, “Are you ready to move forward?”

·         After Approach

Keep the Relationship going as people only buy from friends, if they think you have their interest at heart, they will purchase from you. This will also make retargeting easy, because whenever they need/ know who needs your product they will be sure to buy from /introduce you.

Want an expert review of your business, and take your business to the next level? Call +2347012140254. Mail: advisory@equilibrumzone.org

Still following our series on data and its importance for all business ventures. We are looking at the process and methods of getting data for business improvement.

The process of collecting data involves some form of preparation before going into data collection proper. Firstly, you need to determine what type of data you need to collect, what type of customer details are important, who do you need this data from, and how much information do you need. Secondly, you need to set up a plan for getting the information you need. What is the timeframe of the data collection? Some data needs to be collected continuously, such as daily sales count. While some only need to be collected once, e.g., customer details. 

Each data collection method depends on the type of data, timeframe of the collection, and other criteria you’ve set. Here are the five (5) most common data collection methods:

Surveys

Surveys are one of the great ways to directly ask customers for information. Surveys are usually open-ended or close-ended. Close-ended surveys are surveys where the answers are predefined and respondents choose one of the listed answers. Open-ended surveys, on the other hand, give the respondents the freedom to answer the survey questions in their own words. Surveys are conducted online, via emails, over the phone, or in person. The easiest and best method in this digital age however is online on your website or a third-party website, where the link to the survey is shared via various means.

• Online Tracking

Your website, or mobile application if your business possesses it, is a powerful data amassing tool. At least 40 data values are collected from visitors to your website, data such as; Ip addresses, the inbound page, time spent on your site, browsing activity, among others. Your WebHost will most likely collect this information or you may add cookies to track user behaviour. Analyzing the tons of data collected by your website through website analytics software will help interpret prospect and customer behaviour.

• Collection of Subscription and Registration Data

This method involves offering customers something in return for providing their information. This involves customers filling a form of basic information for those who want to sign up for something or your email list, rewards, coupons, or other benefits. Data such as name, gender, email, birth year, are common information usually collected. Better still, respondents can be asked to create an account with your website, so they can be recognized and tracked across the different devices they use to access your website. The collection of data has to be balanced between asking for too much data, which puts the user off and, asking for too little data for your analytics purposes.

• Social Media Monitoring

Social media is one of the best ways to get prospects and customer data. Looking through your follower’s list and discovering similarities between your followers is a way to see who your audience is, and what the target audience should be. Monitoring your brand name mentions gives you the ability to quickly react to customers’ needs and deliver value, quickly resolve customers’ negative feedback and, also improve your overall content and communications strategy. Social media monitoring gives you the use of analytics to gain insights into your business standing.

• Online Marketing Analytics

Marketing campaigns are a valuable avenue to get data, whether the marketing is done on the search listing, webpages, email, or other offline marketing campaigns. The source of the advertising will provide, the number of people reached, who clicked the adverts, devices used, and where they were sent. Offline marketing can be tracked by asking customers where they got information about your brand.

Bonus

• In-store Traffic Monitoring

If you own a physical store, data can be obtained from the visits to your store. A count of daily visits can easily show the busiest hours in the business day, and the type of product drawing customers to your store. The number of goods sold in the stores is also a good pointer to the relationship between you and your customers, and popular products.

Making sense of the data you have got, will help to understand to a great extent your audience and how you can better reach them, identify areas through which you can improve your business, and insights for future expansion. Knowing your best-selling products and ways to pivot your brand for better acceptance. 

At EZAdvisory, we not only help you optimize data collection for your business but also help you make sense of the data to provide a clear vision of your business growth. Visit our website: advisory.equilibriumzone.org