Mac Wrigley

Archive for the ‘Social Media’ Category

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Do You Have a Unique Value Proposition?

In Sales, Social Media on January 26, 2012 at 7:00 am

Most of us spend our whole lives trying to fit in. In middle school, we cling to any type of social camouflage that will help us blend in and not be singled out. It’s Survival 101 during those awkward years. Somewhere along the line we outgrow this phase and seem to find our footing. However, this social pressure to blend in can hamper our efforts in business. If you’ve ever been asked the question “Why should I buy from you versus your competition?” you know all too well how important it is to be able to differentiate yourself from your competition.

There are some very literal ways we can stand out. For example, I’m tall, bald, and pasty. I stand out in almost any crowd, whether I want to or not. If you’re a business owner, chances are I’m taller, balder, and pastier than your banker. It’s become my calling card. It makes me unique and memorable.

For some, it can be difficult to stand out in a crowd. But more importantly, it can be difficult to stand out in your field. Many of us do not have a decent answer to the above question. We fall back to clichés such as “My customer service is better than theirs” or “My services cost less”. The former isn’t really a differentiator. Customer service gets you a seat at the table. If your service is poor, you’re probably not in business any longer—particularly in this challenging economy. The latter is a trap many of us fall in to. We allow our products or services to become commoditized and allow price to be the only differentiator. Often, we make this an issue and essentially teach our prospects to only differentiate on price, regardless of value.

This lack of differentiation is very common in almost any profession. If you are tasked with sales and marketing, however, this issue is of monumental importance. The real issue at stake here lies in what is known as a “Unique Value Proposition” (UVP). Your UVP is a succinct statement that tells your prospect what you do and why it matters to them. It also tells them how you are different. It can be as simple and short as a single sentence, or it may be a few sentences. The important thing is that it is clear and understandable to your target audience (your prospect or referral source) and that it sets you apart from the crowd.

I recently met with a group of professionals and discussed the importance of having a UVP. Each of us went around the table and offered up our own UVP to the group and received feedback. Most of us really liked our UVP’s but found that some changes needed to be made. We found that the best UVP’s had a few things in common.

Here are some important things to consider in crafting your Unique Value Proposition:

  1. Be clear and concise. Be careful not to use your own industry specific language that your audience might not understand.
  2. Explain what you do and why it is important to your audience.
  3. Differentiate yourself. What do you do different from your competition? Why does this matter to your target audience?
  4. Consider your UVP from your prospect’s perspective. Do they really value what you are emphasizing? If they don’t, it isn’t really a differentiator and your UVP is just a UP without Value.

Remember, your UVP is all about your prospect. It should be meaningful to them because it’s an ongoing concern for them or it should make them aware of a problem they might not have considered. It is also important to routinely check and update your UVP as your market and competition change. You may also make adjustments to the value you provide your clients. Any such changes may change your UVP.

Here is my UVP:

As a Business Banker, I provide banking solutions for businesses and their owners.

Many bankers are really just loan officers. In other words, their main tool is a loan. My clients have told me the problem with this approach is when your only tool is a hammer, every problem looks like a nail. While a loan is a very useful tool, there are also many other tools available to help businesses achieve their goals. Not every business problem can or should be solved by a loan. A banker who focuses solely on making loans views all problems through that lens.

By contrast, I am a client focused banker. I put the client at the center of everything I do. My success comes from guiding my clients to the achievement of their goals. I use a consultative approach in helping business owners resolve both routine and complicated problems and finding workable solutions.

Just as I believe not all banks are the same, I believe not all bankers are equal. What additional value does your banker provide for your business?

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Getting Lapped by Social Media

In Social Media on July 6, 2010 at 4:14 am

Back in my junior high school days I fancied myself quite the budding track star. To be a real track and field athlete meant not only hours of preparation, but also having the latest state of the art equipment. The equipment was almost as important as the athlete’s own Linc Race ability in optimizing speed. It was for this precise reason that each of my teammates and I were issued such equipment by the school and participation mandated its use. After all, the school had a reputation to uphold. I was issued the requisite paper thin tank top and a pair of those ridiculously short shorts. Both were scientifically designed to enhance aerodynamics and minimize one’s social life. Looking back now twenty some odd years later I can confirm the latter.

My twelve year old physique was not conducive to sprinting. Nature had blessed me with very little upper body strength and legs much too long to get moving very quickly within the first one hundred meters. As I was not particularly quick or talented it was suggested that I try long distance. I had seen the long distance runners before and knew they ran slower than the sprinters so this seemed like a good idea to me. It never really crossed my mind that the reason that the long distance runners ran slower was they had to run four laps to complete their mile as opposed to running one fourth of the lap like the sprinters. It would appear that, in my formative years, my mind was as slow to develop as was my herculean physique.

I remember having a sense that I was not ever going to win a race. I was correct. Looking back now I often wonder why I kept competing and never became discouraged and found some other hobby more suitable to my muscle mass like collecting stamps or chess club. I wish I had an answer today that I could share but I honestly do not. Yet every single week I’d slide on my paper thin tank top and shorts so short your underwear would show and struggle through my one mile race only to come in last each and every week.

I remember clearly the day of the city track meet. This was where the best athletes in the city would come to compete. Or in my case, when there simply weren’t enough athletes running the mile I somehow ended up in the race. The great thing about it was that I had been beat before. In fact, I had taken last place every single race I had competed in. Somehow this race felt like maybe it would be different. I am still not sure where this strange sense of hope came from but it engulfed me and I just knew that if I did my best I might be able to take fourth or fifth place.

I still remember the piercing crack of the starter’s pistol as we all burst from the starting line which held us bound. I paced myself and was comfortable following in line behind the other runners. The crowd in the stands cheered us on, as usual, then became distracted—forgetting there was an actual event taking place since it often went on for as long as six minutes.

As the race drew to a close the crowd began to cheer. They saw the favorite as he rounded the corner and eyed the homestretch. They also saw someone they had never seen take first place before. It was there in a paper thin tank top and impossibly short shorts that I got my first and only taste of glory as I sprinted down that homestretch. We were neck and neck—each of us pushing our bodies and our spirits to their limits. The crowd cheered us on wildly. Then I somehow dug deep enough to find another gear and pulled ahead just in time. The crowd cheered for me and my success.

A few moments later the cheers began to fade and mumble in confusion. I, on the other hand, was not confused for I knew something that this sophisticated crowd of parents did not. As I completed my fourth and final lap I contemplated how great it felt to be cheered by those who thought I had won the race. I thought how glad I was that the kid that just won the race didn’t lap me. I also thought about running out one of the open gates in the stadium so I didn’t have to face that crowd again and then hear their sympathy cheers. But I was better than that. I finished my victory lap of shame and took my rightful place among the losers.

In business we all face difficult tasks. We compete on many levels and win some and lose some. One such race that seems to get more and more difficult is the race against technology. It can be overwhelming trying to keep up with the latest gadgets, software or social media platform. Social media has been embraced by some and shunned by others but one thing is for certain: it is powerful.

Many of us feel woefully unprepared and vulnerable in attempting to embrace social media—as if we too were armed only with a paper thin tank top and short shorts. I think there is a lesson that can be taken from my days as a sure fire Olympian. It is not necessary to win the race to get the applause. There is still some solemn pride to be taken in competing and putting yourself out there.

By this I do not mean to imply one can merely show up to the race and watch– for this accomplishes little. Doing so is the social media equivalent of having an account on a given platform but never doing anything with it. Seemingly everyone is on FaceBook but many never contribute or update their status. Most business people have a LinkedIn account yet many do not engage in conversation or utilize this tool. They simply see it is a necessary calling card. After all, you’re nobody if you’re not using social media. And that’s just it. You have to actually use social media for it to be effective.

You must engage. Simply having a presence is not enough. Whatever medium you employ: engage. Comment on posts, join conversations, meet new people, tweet and retweet, learn new things and share ideas. If you are unfamiliar with a given platform and wonder if it might be a good fit, give it a shot.

It has been said that effective networking is the key to business. Put yourself out there and try. Don’t assume social media is the answer. But don’t assume it’s not. You don’t have to be the best, but sometimes victory can come in just not getting lapped.

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