I love this topic because it has so many different meanings to people yet it is the one thing, we have the power to create and take ownership of in our business and fall in love with it.
So, let’s start off with clarifying what an offer is and then I’ll get straight into the how and why an offering is so important.
What is an offering?
An offering is defined as a product or service that a company provides to customers to meet their needs. An offering encompasses more than the single product or service. It includes the extra value that a business adds to their products, such as convenience, quality, support, or systems.
So, in a nutshell your ‘offering’ is what you sell in return for money because in so doing you are helping your customer overcome a problem that they have.
How can you establish your offering?
Personally, this question is not asked enough, because in many businesses they launch a product or service to market with a product or service in mind that they have identified the market needs. But why I strongly suggest asking yourself this question once you know what it is you want to ‘sell’, because it will give you the opportunity to take a step back and identify and most importantly differentiate (that is the secret).
In a few my Marketing messages, I use the phrase: Marketing will set your business apart from your competitors, not your business. Why do I say this? Because everyone can sell a solution, but it is how you create and package your offering that can make your product or service very different to what the competition is doing and immediately gives you a competitive advantage.
So, let’s look at some of the key steps how to establish or further define your offering:
- Step 1: Identify what it is your target market is looking for
- Step 2: Understand what your competitors offering looks like
- Step 3: Identify some key benefits and package your product offering
- Step 4: Gather feedback and insights about your offering
- Step 5: Re-align and test your product offering in the market
- Step 6: Once you have established a ‘fit for market’ product or service you can now scale your offering or business
Why is your offering so important?
Your offering is important for a number of different reasons, but at the same time we want our offering to be easy to digest and take on in the mind of your ideal target market, because then you will generate interest and get their attention.
Below I have listed some further benefits of getting your offering right:
- Customers’ understand clearly what you offer
- They recognise the value you deliver
- They are willing to pay your price
- They will refer other customers to you
Some key points to remember in establishing value in your offer
- Make the value/price ratio seem bigger than it is. Go the extra mile, give them a gift, and extra service. Make them feel that they’re appreciated
- Make your services or products easy to buy or get. Offering different ways to pay for it, delivery, etc.
- Create a real Unique Value Proposition. This holds especially true if you’re dealing with B2B. Communicate with your customer why they should buy your product over the competition
- Work on your brand. Your company’s name itself should be synonymous with value. Develop a unique method to treat your customers, handle complaints with care, etc.
- Always be on top of your game. At the end of the day, your customers are people so give them what they came to you to get.
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