Stump the Strategist is a fast-paced live event where our friends from Step Change get on stage and solve strategy and marketing challenges against the clock. The audience votes on whether the strategists were stumped.
Live Question: My unique app provides an online boat log instead of the traditional paper log. I only charge $10 per yacht per annum, but am struggling to gain traction. How do I reach the masses?
Answer Summary:
Consider the value you’re offering. If you’re playing in a distressed purchase market, where your clients to buy your product, you can afford to charge a little more. Be sure to frame your product in a way that highlights its lifetime value
Partnerships are a great way of expanding your reach. Try partnering with similar products in the market such as boat maintenance, insurance, and bundling your products
Set up channels with the people regulating your product to create awareness around your offering. These partners can educate potential clients on the benefits your product offers and recommend you as a preferred supplier
When creating your value proposition you should ask three key questions. Firstly, what are your product features? Secondly, what benefits do those features create? And finally, what are the implications for your client? These three questions will help you to determine the lifetime value of your offering
Creating a hidden cost calculator shows consumers the hidden, monetary value of choosing the alternative and getting it wrong. This helps to enforce the value you’re providing
If you’re charging your clients monthly be sure to use automated rollover – don’t keep reminding them of the money they’re spending. This just gives them a reason to unsubscribe
People believe people who are like them. Try using video testimonials of happy clients to appeal to potential clients and increase your credibility
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