Do you remember airplane travel up until 9/11/01? You checked for your ticket, packed a carry on with little thought beyond “do I have everything?” and planned to arrive 30-45 minutes before boarding. After the 9/11 attacks, everything about air travel changed, and those changes are now long-time permanent fixtures.
We believe the same kind of broad and permanent changes will happen in the wake of the coronavirus pandemic. The next normal will develop. It is taking shape right now. Your company can contribute to the shape of the next normal or it can accept what others do. We urge you to take the lead in shaping the next normal
Your Next Normal Value Proposition
Start by reviewing your company’s value proposition. A meaningful value proposition must demonstrate how you’re responding to the needs and wants of your clientele. It’s not enough to brag about the benefits buyers enjoy or why your company is better than the competition.
How Have Customer Needs Changed?
Start by understanding the changing needs of your clients and customers in the three functional areas: strategy, financial and operations. What are the new needs and wants of your clients and customers? Remember, your clients and customers are also shaping their response to the next normal and your company has to demonstrate how you’ll help them. You cannot rely on the value proposition that worked until three months ago. If your company’s value proposition doesn’t speak to their fears and pain of creating the next normal, they won’t need you.
Tailor Your New Value Proposition to the Pain of the Next Normal
A value proposition consists of two parts: 1) your company’s “What” and 2) your client/customer’s desired value.
Look at your company’s “What.” If your “what” is defined by physical space and proximity of people, it has certainly changed. If your “What” typically was delivered in person, the “what” may be the same but the delivery has changed. If your “What” is still primarily intellectual capital, it may be the same, but your clients and customers needs for it have changed.
Before and After Covid-19 Value Propositions: Examples
A law firm and an accounting firm have done great work revising their value propositions for the next normal based on our advice. These examples can help your company do the same.
The law firm has 5 practice areas and had a one-line value proposition for each practice area. For instance, pre-covid-19, their value proposition for their compliance practice read: “Our team helps build sustainable businesses in challenging environments around the world.”
With the onset of Covid-19, we revised this value proposition to read: “Our team helps address the new regulations and requirements imposed by the world-wide coronavirus pandemic in order to reduce interruptions and to continue to build sustainable business globally.” These changes reflect the very deep fears and potential pain faced by their clients.
The CPA firm’s long-standing value proposition, which made perfect sense during the past decade of economic growth read: “We help businesses in the metro area grow smarter and stronger with expert accounting and advisory services.”
Since the explosion of the coronavirus pandemic, “growing stronger and smarter” doesn’t resonate with most businesses who are struggling to stay afloat or whose own clients and customers are struggling.
Their new value proposition reads: “We help businesses navigate the upheavals caused by the global pandemic and provide options for the near and long term.”
It’s Your Turn
Your company can make the necessary changes to your value propositions(s) in the same ways. Start by writing down your current value propositions. You can have a company wide one, as the CPA firm does, or value propositions for individual sectors of your company, as the law firm does.
Once you write them down, describe the client/customer needs and wants it addresses. The crucial question is “How have these needs and wants changed?” If you don’t know, give your clients and customers a call and ask them.
Rewrite your value proposition to reflect the new needs and wants, the fears and pains, of those you serve. If you also change your “What” incorporate those changes in the new value proposition.
We Invite Your Inquiry
We at Trivers Consulting Group continue to provide catalysts for growth to the private services companies we’ve been serving for twenty+ years. The catalysts we design are relevant to the current business climate, which today is all about the impacts of the coronavirus pandemic. We recommend redefining your businesses in 5 areas. You can read about them here.
One of the 5 is the value proposition. If you’re feeling any unease with the state of your company’s value proposition and want some help revising it, please give us a call. 703-801-0345.