Every business must offer solutions

No matter what business you are in, providing well thought out solutions will enhance your value proposition.

Why do you shop at your supermarket, bank where you do, buy a certain make of vehicle, or remain loyal to your dentist and doctor? Is it because they all offer solutions to needs and provide exceptional advice?   

Now think about this in terms of your business. What solutions do you provide to your customers? And more importantly, what do you know about your existing customers, the customers you have lost, and the ones you would like to have?

Consider “Mr. and Mrs. P” who spend thousands of dollars every year advertising in local newspapers and wonder why their business continues to decline. When asked, they admit they haven’t looked at the newspapers’ circulation and demographic reports. They just keep paying for advertising because the newspapers keep reducing the cost of the ads. Then, they sit back and wait for the phone to ring.

Mr. and Mrs. P produce wonderful products in their efficient but under-utilized manufacturing and distribution facility. However, they haven’t done the important analysis that would allow them to better understand what their target customer wants in terms of a solution from a supplier.

Every purchase and sale takes place to satisfy a need and perhaps a want. Consider your marketing strategy. Is it focused on providing solutions? How do you know? Does your website emphasize your customer service backed by a well-trained team that listens, understands, delivers and implements exceptionally well?

Getting back to Mr. and Mrs. P, when asked if they have performed any market research or surveyed past customers, they reply that they didn’t have the time or budget to do this. But, they continue to find the money for the ads.   

Now, let’s think about your business. If you were a potential customer in need of a solution, would your company come up on your radar? And if it does, what would be the next steps that might lead you to doing business together?

Look at where your sales and marketing dollars are spent. Do you know the return on the investment? Constantly review the results and be ready to test alternatives. Make changes when necessary. And, most importantly, be in control of all aspects of the sales process. Satisfied customers are valuable.

Keep the conversation going

When was the last time you made a change to your sales and marketing strategy?  Post a comment below.

Disclaimer

The views and opinions expressed in this article are those of the author and do not necessarily reflect that of CPA Canada.

 

About the Author

Stan Swartz, CPA, CMA, CFP, CMC

Stan is president of Infomoney Solutions. Previously, Stan was in public practice, industry and government. Stan now works with business owners and individuals to increase their financial literacy and become enlightened in financial management. Stan’s motto is “knowledge + solutions = more.” You can reach Stan through email at stan@infomoney.ca, LinkedIn or Infomoney.ca on Facebook.