I recently took part in a leadership strategy session where 10 CEOs and business owners operating in a similar market were asked to write down what their top three differentiators were that made their company stand out? Out of those 10 CEOs in the room, seven of them wrote down that their biggest asset as a differentiator was their people! Clearly, seven companies can’t all have the same one – in other words, there really was no clear differentiator but a subjective notion that they had the best people!
In its simplest terms, a value proposition is a positioning statement that explains what benefits you provide, for whom and how you do it uniquely well or better than everyone else.
As you go to market, you have to ensure that everybody understands exactly what differentiated value your company provides and consider the quality of your complete message in terms of the brand and the overall value proposition. Does everybody in your company or organization understand exactly what you do and why you do it? You’ve got to regularly ask yourself how clear is our value proposition? Does everybody know it? Does it even represent actual value? More importantly, do your own customers recognize, understand and agree with it? If your customers, your own staff and members of your own relationship ecosystem don’t understand what you do or what you’re trying to do, then ultimately, you are going to flat line, fail or go nowhere fast.
It’s very easy to get lulled into a false sense of security in thinking you’re in a better position than you actually are. Sales will start to slow down, average deal size will decrease, you will start to lose clients, and week by week, month by month and quarter by quarter, the rot will set in.
The good news is that you can keep ahead of the game!
CEOs should continually take time to re-evaluate company strategy and keep track of the ever-changing market forces. It’s vitally important to monitor the heart beat of your company and to take the time to leverage and develop members of your advisory ecosystem/network, whether it’s your bankers, advisers, CPAs, consultants… whoever is in there. Engage with the experts regularly and openly.
The ability to recognize that change is always constant, and being able to adapt to those changes is crucial and is what can set you apart from the competition. How do you cope with change? How does it affect what you do and what do you need to do to keep up with the changes? These are all questions that have to be regularly asked as part of your overall strategic planning. Always ask yourself – is my company, its products and services still relevant to my customers and will it be in 1, 2 or 3 years time?
Remember, companies don’t change; it’s the people within them who do. The ability to react proactively and positively with change is always going to provide a competitive advantage.
So, as a leader, how are you going to recognize, influence and manage that change within your company?
By Gareth Wade, OneAccord Principal