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The Basics of our Business3:01 with Pasan Premaratne
In this video we talk about defining our value proposition so we don’t drown ourselves in the crowd. We also look at our customer segments and what information we need from these sections for our business plans.
Let's start with my value proposition. 0:00 I don't want to just list that I run a web design business. 0:03 That's the easiest way to drown myself in the crowd. 0:06 What am I good at and what am I going to focus on? 0:10 In all the work I've done, I've enjoyed working with small to mid size businesses. 0:13 Their needs were simple and I usually dealt with one point person or 0:18 two, not entire committees that stagnated the project, led to scope creep and 0:22 missed deadlines. 0:27 I'm also really good at using WordPress, whether it's writing custom themes or 0:29 building plugins. 0:33 So, the core of my value proposition is that 0:35 I run a web design business that works with small to 0:37 mid size clients to deliver their solutions using WordPress as a platform. 0:41 Now, I also do other things, like logo design and 0:46 some occasional SEO work, but those are add-on services if the client desires. 0:49 Including all these little things I do in my value proposition can make 0:54 it confusing. 0:57 We want it to be specific, so we hone in on our strategy. 0:59 Now I have a value [SOUND] proposition [SOUND] but 1:03 if a customer ends up finding me, 1:05 my value proposition doesn't effectively tell them why they should pick me. 1:07 [SOUND] I need to frame this value proposition around the problem I'm 1:11 solving or the needs and wants that I'm satisfying. 1:15 I'm going to focus the value proposition to say that I build websites for 1:18 clients who don't have any sort of online presence. 1:22 This means that I might have to engage in activities like marketing or 1:26 helping establish a social media presence for them as well. 1:30 But my value proposition directly speaks to a small business owner who wants to 1:33 market himself online, but 1:38 doesn't know where to start since he's never had a website before. 1:40 As much as I can, I need to think in terms of what the customer is looking for. 1:44 But in order for 1:49 me to do that, I need to figure out what my typical customer is like. 1:49 This brings me to the next section, my customer segments. 1:53 I'm targeting somewhat of a niche market. 1:58 Small to mid size businesses can be considered a mass market since there's so 2:01 many of them, 2:05 but I really want to focus on companies that have no online presence whatsoever. 2:06 Since these customers don't have any online presence, 2:12 we can say that our customers aren't really tech savvy. 2:15 This means that they're going to be looking in some of 2:18 the more traditional places for help. 2:20 I can dig deeper and define my customers in more detail to understand their 2:22 preferences, habits and how I can target them better. 2:27 But I'm not gonna undertake that task in this video. 2:30 I'm just going to use what I've learned to build on my strategy. 2:34 Now, if you don't know what your typical customer [SOUND] looks like, 2:38 then go out and meet them. 2:41 Find a potential customer and talk to them about their needs and 2:43 wants, what their workflow is like and the places that they look for help. 2:46 It should be easy to find a client. 2:51 If it isn't, then you probably need to change your focus. 2:53 Having that steady stream of clients is pretty important for a freelance business. 2:57
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