Being a property manager, leader or a business owner might seem overwhelming at times.
There is so much competing information, content and choices to be made.
It can be hard to know where to start and what to prioritise to get the best outcomes, stay relevant and keep our clients happy.
There are five key areas we need to consider in the pursuit of relevance:
1. Defining and delivering on our value proposition.
2. Building trust.
3. Improving client experience.
4. Improving employee experience.
5. Implementing structures for success and scale.
This issue focuses on getting our value proposition right.
What’s a value proposition, you ask?
Other than a buzz word, it’s quite an important aspect of business planning and delivery to ensure ongoing relevance and success.
The definition of value proposition is: an innovation, service or feature intended to make a company or product attractive to customers.
(Spoiler: it’s probably not looking after your client’s property like it’s your own home.)
So how do you know what your value proposition is and where do you start?
Here are my top five tips to consider in developing yours:
1 KEEP IT SIMPLE, STUPID (KISS)
You don’t want to overcomplicate your offer. Why do you stand out from your competitors and what service(s) do you offer that may be of value to your clients?
Consider this your elevator pitch – if you can’t get through it in 30 seconds and have the person you’re talking to engaged and wanting to know more, keep working on it.
2 DO THINGS DIFFERENTLY
Every business has its risk appetite and market-driven forces, but why not get yourself noticed?
There are plenty of ways to communicate your value proposition and engage with your current and future clients, from community engagement and charity work to smart, witty advertising and offerings.
Be mindful of the industry though. While you might think a value proposition of three per cent fees is going to get you lots of business, short-sighted growth strategies have long-lasting business and industry impacts.
3 PERSONAL CLARITY
While the business needs a value proposition, you also need to have clarity on your own.
Professionalism might seem like a no brainer but have you checked back through your photo albums on Facebook lately or the memes you’ve been tagged in?
If your clients are engaging with you on social platforms, make sure any content, old or new, is representative of the person you are professionally and aligns with your value proposition.
4 WE USUALLY CAN’T DO IT ALL
Your value proposition might involve other businesses and service providers to help you elevate your offerings.
These could include insurance, depreciation, trades or even technology platforms.
Ensure your third party recommendations are top-notch as anyone you partner with is considered by the customer to be part of your service.
5 DON’T BE AFRAID TO FAIL, BUT IF YOU DO, BE QUICK TO REACT Whenever we truly strive to innovate and try new things, there is an element of risk.
If there isn’t, you’re probably not pushing hard enough.
It’s ok to stuff it up, and true innovation will make that inevitable at times. What’s vital is the way these mistakes are communicated.
For example, you might introduce new software and the data migration goes poorly. Clients are frustrated and your staff wear it.
What do you need to do to communicate quickly and efficiently, to ensure the problem can be sorted out, and your value proposition is upheld?
As the industry continues to evolve rapidly, so too should a business and its value proposition.
This is not a set and forget activity. It’s one we need to keep coming back to and refining to ensure our clients’ needs continue to be met and they continue to trust us.