When Ralph and I published our book Value Acceleration, we were asked for ideas on the steps to take to get Value Acceleration for your company. We came up with seven. We will post them here over the next several of weeks for your amusement. BTW, the book hit #1 Industrial Marketing book on amazon.com on May 1.
Step #4 is to understand your value differentiation. What can customers buy from your company they don’t believe they can buy from any other company? What is your competitive differentiation? These phrases and similar ones must be answered well for you to succeed. Platitudes, vague ideas, or “quality” won’t cut it. Hoping you have a differentiation is not a strategy. Without knowing what your value difference is, your sales team cannot succeed, and sales will suffer. Or prices will fall to a “commodity” level.
And in this economy value matters even more. That does not suggest the lowest price, but the most value. Apple’s iPod and iPhone are not the lowest price, just the best sellers because most people feel that is where the best value is. for more on our thinking about “value pricing” you can download a free white paper we wrote.