Raw 03 - November 2008 - (Page 77)

emma thompson RAW Emma Thompson 2.Make it easy to buy In order to make your offering accessible, you need to provide a range of channels and a series of value propositions depending upon the markets and segments served. Sticking with the insurance example, whilst traditionalists may see the value in using a broker because they are time poor and cash rich, the younger generation may be more interested in using comparison websites to get the best value for money and change providers frequently. To what extent have you identified the different segments you serve and the ways they purchase your product? Many companies review a purchase as a transaction and structure themselves accordingly. A well known mobile company has separate divisions for its mobile and broadband offering which makes it harder than it could be for the consumer to purchase from one provider. 3.Package your offering accordingly The type of product or service required for each segment will also be quite different. Focusing on travel insurance, a range of policies exist for the independent traveller, the holiday package, the older traveller and those travelling to receive medical care. Each customer segment has its own vision of what defines an insurance value proposition and , like the insurers, you should continue to hone your proposition to make sure it aligns with a given segment’s needs. How are you packaging up your product/service for each segment? The high end supermarkets such as Booths, M&S and Waitrose are adopting different strategies to combat the effects of food price rises at a time of reduced disposable income to retain their traditional consumer base. Booths and Waitrose have joined forces to reduce overhead costs so that prices can remain competitive for the consumer whilst M&S is offering a £10 dinner for two on selected products to take advantage of a potential shift away from eating out to eating in. What opportunities are there for you? You may decide to promote an innovative product for a specific niche to give you first-mover advantage because you have identified a new gap in the market because of a change in consumer behaviour. One good example of a change in behaviour is the sudden surge in custom being received by Timpson which now has an average waiting list of between six to eight weeks for shoe repairs. The throw away culture is being replaced by a more make do approach. By becoming aware of trends you can adjust your product or service portfolio accordingly. Continue to look after the client The sale is only the beginning for the consumer who wants to be reassured that they have made the right choice. This applies equally to B2B as B2C. Perhaps you can reduce the risk of the purchase by offering a guarantee. Of course, we hope that the service or product is provided without any problem but should something happen, the consumer wants to know that a solution will be provided quickly and with minimum effort on their part. This means processes, systems and a customer-focused approach continue to be important to ensure repeat purchase. You might wish to offer different levels of service for different segments depending upon their expectations and contract value. Most of all, A little bit about the author Emma started corporate life at KPMG where she worked in marketing before being headhunted by the Royal College of Surgeons. She subsequently joined The Royal College of Nursing where she researched the feasibility, scoped out the business plan and obtained support for the establishment of an Accident and Emergency faculty. Her next role was at the Environment Agency where she supported the board in their strategic decision-making before moving on to provide marketing and business planning support to 30 academics responsible for researching and advising on flood risk, climate change, land and air quality. She subsequently supported all functions within Water Management on communications activities including consultation best practice and helped the marketing function through a change programme. Now based in Oxford, Emma combines a role for the elite Sunday Times Fast Track league table programme with an advisory capacity for entrepreneurs, working with them on key issues impacting their business and helping them develop the right strategy to increase their client base. Recent projects have included working with a shop fitting company to re-position its offering, and writing promotional material for a software developer and a training and development company. For more information, please visit www. emmathompson.me.uk. “You can’t just sit there and wait for people to give you that golden dream; You’ve got to get out there and make it happen for yourself.” Diana Ross better business, better life millionimpossible.com 77 http://www.emmathompson.me.uk http://www.emmathompson.me.uk http://www.millionimpossible.com

Table of Contents Feed for the Digital Edition of Raw 03 - November 2008

Raw 03 - November 2008 Contents Bradley Chapman Rachael Elnaugh Linda Klassen-Brown Heidi Weir Mark Asquith Emma Thompson Chris Wright

Raw 03 - November 2008

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