Positioning your professional service firm:: offering the right value is key


If you are as smart as you think you are then you will understand that clients don’t just need more and better service, they demand it. The tools to provide it are widely available so, if you really care about them (and the income they provide you…in that order), then you will apply this simple logic your business!

Alternatively, don’t respond to your clients’ needs, carry on competing (without differentiating) on price and leave an existing competitor, or new entrant, to show you where you have gone wrong.

As choices go this shouldn’t be too difficult…but, apparently, it is. Duh!

It’s true that when value is increased you will gain a potential increase in fee-earning ability. However, it needs to be the appropriate value as not all your clients will be interested in what you have on offer. They will only be motivated to buy from you at a premium to the extent the value on offer gives them some return. So it’s important for you to offer value based on your clients requirements

Making your competition irrelevant | Value Innovation UK


“It is easier to understand that you face competition than obsolescence” Clay Shirky:

Are you suffering from oppressive competition in your markets?

Are you struggling to get your customers to care about anything other than price?

STOP following your competitor’s rules    START making the rules!

STOP spending time and resource outdoing your competition   START building new value

STOP losing business to new entrants   START taking new customers

via Making your competition irrelevant | Value Innovation UK.

Insurance & Professional services


Are we so vain or focussed upon short term results that we can’t see the big picture?
How much easier would it be to attract prospective clients, convert new business and retain existing customers if the product(s) from your direct competitors only offer a one dimensional solution whilst yours provide a host of features and services?
I DO understand that terms like Blue Ocean strategy, Disruptive innovation, etc. can sound like phrases from a superfluous business language but that doesn’t mean to say that the best course of action is to cover your ears…a particularly unwise move in a tough trading climate. Instead try listening and interpretting the feedback from your customers and start to look beyond short term results to new opportunities to create a sustainable strategy for the future of your business.
What is your “Unit of Business”? Should your business be “limited” by the current range of products and services with increased pressure for sales (less scope to deliver service) activity and/or reduce pricing to maintain market share (refer to “Dual Pricing” blog item)?
 
You know what you do, as do your customers. If they already value what you do for them at the moment and you provide them with the opportunity to contribute to what you can deliver to them (and others) in the future they are less likely to be tempted by the “pile ’em high sell ’em cheap merchants.” In tough times these sales-orientated organisations get even busier trying to win your customers with mere promises! Why? Because the feed off the financial pressures that are impacting businesses on a daily basis
If you care about your ‘customers’ and the survival of your business get proactive. It may not be “attack” but it is a better form of defence than waiting until it is too late when you find out that, like many businesses in the current climate, your customers have reviewed current supplier arrangements.
Many are, understandably, coy about having believed someone else’s sales pitch. Even when their first instinct is to remain loyal and/or question whether the salesman can deliver what they need. Too many solid, longstanding, relationships are damaged (often permanently) by a lack of clear strategy based upon what you already do sufficiently well to have secured your existing clients and position in your marketplace.
IF YOU ARE INTERESTED TO LEARN MORE ABOUT HOW I AM TRYING TO STRUCTURE SOLUTIONS TO THESE ISSUES, CREATE NEW PRODUCTSAND TO GIVE SERIOUS PROFESSIONALS THE ABILITY TO BEAT THE SALESMEN PLEASE FEEL FREE TO GET IN TOUCH: davidmillbrae@hotmail.com