Growing your company requires a detailed understanding of what pains you alleviate within the market space. To understand how you can alleviate these pains, your organization has to truly understand and study its customer base and decrypt the language in a way to provide real solutions. Ultimately, customers must care to pay for your product/service and value the alleviation of the pain.
Problem vs Symptoms
On a recent visit to Jackson, Mississippi, I met a doctor in private practice during dinner. As the conversation progressed, one of the key problems that he was mentioning was how the market and his patients had changed in the past three decades. Patients now come to him telling him to prescribe X, Y or Z medication or procedure. In many cases, those products/services are inadequate for the patient, and as an ethical person he informs them of that and refuses to prescribe it. However, what the Doctor does is converse with them and asks them more probing questions, identifying the symptoms from the real problems to finds solutions that meet the patients’ needs and allow the doctor to practice good medicine. At first, the doctor was just saying “NO” but patients would leave and never come back. He had to change and understand that the market was no longer the same.
Value Marketing as a means to growth
Value Marketing is defined by HafeziCapital as a means by which organizations define, understand, procure, and develop solutions to address the customers underlying problems. In effect you define how your product provides real solutions to real market problems. A good example of Value Marketing is Google’s new advertisement for its full suite of products. In this case two old friends who were separated during the Indian partition have lost touch and are missing each other. The advertisement incorporates all of Google’s solutions to this very unique set of problems. Value Marketing defines how products/service can affect the way we live and improve our quality of living. As they got older, they remembered each other and the Granddaughter reunites them after more than 50 years. The video went viral because in focused on the human element and need for connectivity and not the individual services that Google offers. Value Marketing focuses on the customers needs rather than on the products features.
The core concept to growth for any organization is the ability of providing a solutions that customers are willing to pay for. To maintain growth you must provide a quality product for the price and be consistent in product delivery. However, in modern times listening to your customer and understating their problems are key. Having the ability to differentiate between the problem and symptom can truly help you differentiate from the rest. Effectively incorporating Value Marketing as a means to growth can better align your product with your clients needs and communicate your solutions in a manner that is far more effective than your current service line model. Value Marketing will allow customers to see how you can develop solutions that speak to them. Value Marketing as a Growth tactic can truly be an effective growth strategy.