INDEED, ARE YOU A NICE-TO-HAVE?
You are doing everything you can to improve your business. But all your marketing efforts go to vain and the prospects who seem to think good about your solution never end up as customers. You want to achieve hyper-growth but aren’t able to identify what the problem is.
Are you wondering why your business isn't growing as fast as it should be? It may be because you’re a nice-to-have.
Why being nice-to-have is a big threat to your business?
Do the buyers need what you’re offering? Or, are you a nice-to-have?
If the buyer doesn’t need your product, then all your energy into marketing won’t reap any results. Just have a look at different executives in an organization. Marketers want a beautiful website, CEOs want happy employees and Sales VP wants high productivity in sales. But what they need is an altogether different matter.
Marketers need websites with great conversions, CEOs need people to work efficiently and cash flow increased, and Sales VP need good leads, training for the team and accurate tools. When they don’t need your solution, your nice-to-have product becomes something they think it’s cool but will never buy.
So, how can you motivate the buyers and let them purchase your solution?
- Identify the most painful problem for the buyer on which they are ready to spend both money and time.
- When you are solving a need for the buyer, think about the best way to describe it for your prospects.
- Think about how to differentiate the target customers who need your solution from those who want it.
- Explore the areas where you can make the most impact in terms of financial value.
- Think about the areas which will be your ideal case studies or references.
- Consider the concept of ‘selling money’ to your prospects - the act of proving to the customers that your solution will help them make more money, reduce risks and stay compliant.
Think about what the equivalent term of making money is, in the mind of your prospects. It can be more leads, social activity, close rates or any other element that the prospects relate with money.
If your solution is directly focussed on other aspects of the business, say employee fulfilment and engagement, think about how you can make your case to the prospects about making more money with better employee resources.
Reflect on how to make your product needed to the prospects instead of being seen as a nice-to-have.
Is your product at the intersection of target, pain and solution?
When you have failed at nailing a niche, you cannot solve your prospect’s pain points and therefore, will be seen as a nice-to-have. The signs will all be there if you haven’t nailed a niche.
Your online and offline marketing campaigns wouldn’t pan out well. Your outbound prospecting program will totally fail. Even when you are so excited about your own products, your prospects wouldn’t see you more than a nice-to-have. Such indications show that you haven’t nailed a niche and are, therefore, not ready for hyper-growth.
Nailing a niche isn’t just about picking an industry vertical. It’s more about finding the intersection of the pain and solution combined with choosing the right target market. Such a problem isn’t just seen in startups and small businesses. Even big companies suffer from nailing a niche.
When a company has a product list of more than 10 items, they sell too many things to too many targets instead of focusing. As they progress, it becomes a recurring problem. Everyone in the company – CMO, division, salespeople – need to repeatedly nail the target market and make it all about helping them and not just closing another deal. Else, you’ll end up confusing buyers rather than exciting them.
Now that you know why your business isn’t growing fast enough...
It’s time to do something about it. Nail a niche, create a streamlined process for predictable revenue and map your journey to become a hyper-growth company. With the FaceValue Application, you can create attractive promotions with automated processes which is a great asset to create predictable revenue. Fill in your business information and activate the 20 Points of Purchase now. Get ready for hyper-growth now! Discover here how.
Interesting read for more predictable revenue: Indeed, your current strength can be your future weakness.
This blog is excerpted from: ‘From Impossible to Inevitable: how hyper-growth companies create predictable revenue’ co-authored by Aaron Ross and Jason Lemkin.
Break your revenue records. The Silicon Valley’s 'Growth Bible' makes very clear how to get to hyper-growth and the work needed to actually get there.
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