Become the Safe Choice

It’s a common scenario: a colleague refers your company for a marquee account and this prospect has to decide between you and two of your competitors. Even though your pricing was comparable and your solution was a better fit for the prospect’s needs, they decided to hire your competitor. What could have helped you get an edge over the competition?

Prospects are more likely to spend money on products and services they feel are a safe choice: a company that has proven its ability to meet the needs of other firms within the prospect’s industry. Earning third-party validity is an effective way to become a safe choice.

Most likely, your prospects do research into your industry to find out which firms have the most documented success in creating solutions that solve a problem or create an opportunity related to what they are looking for. Below are five steps for showing establishing third party validation and showing prospects that you offer the solution for their business.

Step 1: Product Design

Create solutions instead of products. The first step is to identify, as specifically as you can, the target industry prospects you would like to have as your clients, and then to develop products, services, and offers designed uniquely for them. Here are three steps to help you make this happen:

a. Talk with and work with your early clients and partners within potential market segments to help you design a solution way above industry norms and solves problems for your target clients.

b. Ensure that if you are successful, the business model works at scale. Review common items like margins, number of clients in the marketplace, revenue per client, and the cost to attract and retain clients.

c. Finally, spend the time to create a specific plan to ensure that you have the resources and competency to deliver the solution.

Step 2: Get Involved with Industry Groups

Besides designing a whole solution that targets customers’ problems, it is critical to participate in the industry community and learn about its unique opportunities and challenges. Initially, make sure you help and partner with other organizations, and join or sponsor appropriate events.

Step 3: Showcase Your Clients and Industry Partners

Now that you have a great solution (not just a product) and are participating with others in targeting the same industry, leverage your client wins to develop success stories that promote your marquee clients and partners within your target markets.

To create these stories, speak with your clients and briefly write the challenges, solutions, and results that enabled your client to move their business forward. Make sure to include short quotes from the client that best demonstrate the unique difference that you provide and highlight your value for them. Make a goal to create a new success story each month and, relatively soon, you will have a library of documented successes.

Another way to showcase your qualifications is to compete for industry awards and recognitions. Just like in sports and entertainment, there are awards in business that, whether you like it or not, create value for your business.

Step 4: Become the Expert

Now that you have documented your expertise, you are now in the position to leverage it, to educate others, and to become a thought leader. This means identifying executives within your organization to speak and write about the direction of the industry. Make your company and these individuals a source of help for third-parties that cover the industry (such as analysts, reporters, and consultants). The more you can help educate these interested, industry third-parties about the future of the industry, the more you are seen as a leader, both in public and, sometimes more importantly, behind the scenes.

Step 5: Show Off

Don’t be shy about letting others know about your accomplishments. You can create an awards and testimonial page on your website. Display items such as award plaques and photos in the front of your office where you greet visitors. Be sure to include these accolades and success stories in your in-person and online presentations. Use social networks like LinkedIn, Facebook, and Twitter, as well as an email newsletter service, to get the word out.

SeamlessWeb is a New York company that has executed all five steps effectively. They targeted law firms, and now have 85 of the top 100 American law firms using their service. This information is clearly visible to anyone who visits their website. Wouldn’t you feel safe in going with SeamlessWeb if you were a marquee law firm (or any law firm for that matter)?