Hey There Goldilocks, Is Your UVP Too Much, Too Little, or Just Right?

Does your UVP cover everything from ABC to XYZ? If so, you're likely struggling to make ends meet.

Ok, now you're wondering just what the heck we’re talking about, aren’t you? Oh, nothing too important, just your Unique Value Proposition. Or, you know, the answer to why prospects should want to work with you!

Now that we have your undivided attention, let’s quickly define some terms so we can get to the meat of the matter. Sound like a plan?

What is Your Unique Value Proposition?

What is UVP?

“Also known as a unique selling proposition (USP), your UVP is a clear statement that describes the benefit of your offer, how you solve your customer's needs and what distinguishes you from the competition. Your unique value proposition should appear prominently on your landing page and in every marketing campaign.” (Unbounce.com)

Or, even more simply:

“A unique value proposition (UVP) is the core benefit or solution that differentiates your product or service from the competition and positions it as the best possible option on the market.” (CoSchedule.com)

So what do these definitions have to do with our opening question about “everything from ABC to XYZ”?

There is a tendency among entrepreneurs and small business owners to try to be all things to all people. After all, the thinking goes, whether you're trying to build or grow a business, you need more clients and, the best way to get more clients is to broaden your menu of services, isn’t it?

BUT, and here’s where that kind of thinking tales you – there’s no real value proposition to excite prospective clients there!

You see, your UVP should answer the question, “Are the unique features of this [product/service] worth the price?”

If it instead boasts the fact that you can do everything anyone could ever conceive of wanting from you (which is impossible, BTW), it offers no real value relative to the cost for the client. And, when all is said and done, clients buy VALUE, not your all-in-one fantasy menu.

Think a graphic will help? Here’s one borrowed, with thanks, from the folks at Omniconvert.com:

How’s that for adding clarity?

Where to Go From Here to Develop Your UVP

The website Dummies.com offers some excellent guidance for the next steps when developing your unique value proposition:

“Famed business author Neil Rackham believes a value proposition consists of four main parts: capability, impact, proof, and cost. You could have a strong selling proposition, but a weak value proposition.”

This model, the Value Proposition Builder, creates six stages for value proposition analysis:

• For what market is the value proposition being created?

• What does the market value the most – the value experience or the customer experience?

• What products are being offered?

• What benefits will the customer derive from the product?

• What alternative options exist?

• What evidence substantiates your value proposition?

“The unique selling proposition combined with the unique value proposition shows how marketable [your services] can be. It isn’t enough to be unique; you must be unique in a way that creates the perception of good value to the customer.” (emphasis added)

From this list, it’s easy to see that the most important feature of your UVP should be placing the emphasis on benefits and value. Or, to put it a simply as anyone can, make sure your UVP answers the client’s #1 question, “What’s in it for me?”

In these confusing times, Ted remains available for business consulting support to interior designers and furnishing store owners. With more than 25 years' experience in the luxury furnishings industry, he is able to answer questions about everything from general marketing to specific tips for developing your UVP as the guide for your marketing strategy… Get in touch with TD Fall today.

Social Distancing Makes Marketing with Video More Important Than Ever

We've written a few times now about the importance of marketing with video. However, as social distancing continues to impact all of our lives on so many levels, the importance of video marketing for your design business has grown significantly. (And, perhaps, exponentially.)

As we mentioned in a previous post, it's already true that remote conferencing and video chat apps make "social distancing" the norm for many of us. Video conferencing has now become true for many interior designers who more commonly work with clients face-to-face. This newly enforced need to work remotely has likely led you to reimagine how you can build relationships with prospects (and current clients) when you are unable to appeal to them in person. (Or, perhaps more accurately, not allowed to do so.)

Even as many of us wonder if the craziness will ever end, you should take steps to preserve your business for the future..

The Value of Video Marketing as a Social Distancing Tool

The good news from all of this is: People who've never before attended an online meeting are becoming familiar with using video conferencing apps. They're also becoming ever more comfortable grabbing information that matters to them from platforms like YouTube, Vimeo, and other video sites. (Of course, they're also getting plenty of sketchy dis-information; but hey, we'll just leave that subject for another time and place!)

As a way to limit the spread of contagious diseases, keeping social distancing involves the simple tactic of keeping extra space between yourself and others in typical situations where you might interact. Grocery shopping, working in an office, and going to school have all become a bit scary, as has sitting in a prospect's home, and sharing your design ideas.

This begs the question then of how all of this could enhance the value of video marketing. Well, as the fear of personal interaction has grown, so has the importance of video for promoting your marketing message!

According to online video production sites like Animoto and Biteable.com, video drives traffic to your website. This increases the odds of visitors being comfortable interacting with you remotely.

Online marketing has always been about one thing – making connections. Yet, people are feeling isolated right now, which is why viewing online videos has jumped exponentially in the past few months. Knowing this, a sharp interior designer can put this valuable information to use in their interest – as well as in the interest of their clients and prospects.

Which Types of Video Work Best During Social Distancing

According to NBCNews.com, "YouTube says its data show more than 500 percent increases in views on March 15, compared to the daily average for rest of the year, for personal activity videos with the terms "at home" or #withme. Videos on meditation (55 percent), cooking (100 percent), and working out (200 percent) also increased in mid-March compared to the same time last year, the platform said." (emphasis added)

While we're recommending you use video conferencing to meet with clients and prospects, it's also important to mention how valuable it can be to share videos on social media and your website.

Why? Because videos get attention and increase interest in you and your business! According to Biteable.com, there are 11 types of videos that are getting the most attention right now:

1. Interview/Q&A

2. Behind-the-Scenes

3. Feature/Product Video

4. Live Videos/Live Streams

5. Promos and Deals

6. Giveaways and Contests

7. User-Generated Content

8. Announcements/Reveals

9. Events

10. Breaking News/Trending

11. Tutorials/How-To Videos (these have always been a great idea!)

These subjects are hugely popular during lockdowns, as so many folks are looking for new types of entertainment or quality information. If you can use a variety of video presentations to present your services in a positive, informative fashion – and offer real value in them – you're far more likely to see substantial results!

How to Make it Happen!

The most effective videos have some common characteristics:

• Entertain, inspire, or educate: Rule number one is to make your video valuable! Aim to either educate, entertain, or inspire.

• Be attention-grabbing: If your video's not engaging in the first few seconds, your fans are likely to keep right on scrolling. Add an eye-catching title card and aim to grab viewers' attention in the first 3 seconds.

• You may not need sound: Make sure your video works well without sound (most videos on social media are on mute until the user chooses to turn on the sound). If you want people to listen, encourage viewers to tap for sound in the video description or captions.

• Use captions: Lots of pages have success with completely wordless or text-only videos. But if the dialogue is a must, add captions so viewers can follow along.

• Keep it brief: Short videos tend to perform best on social media. We're talking 2-3 minutes tops on Facebook and Twitter. Instagram only allows videos of up to one minute, though the old upper limit of 15 seconds is still often a good length to aim for.

• Try interesting angles: Bird' s-eye or drone videos, 360° views, Go-Pro action shots…try making videos that offer viewers a seldom-seen view.

• Let 'em repeat: Videos on Instagram loop automatically, as do short videos on Facebook and Twitter. Take that into account when you're creating them — you might even want to try a seamless loop that viewers won't notice.

• Be creative: There are so many fun apps that make it easy to create professional, visually appealing videos, especially for Instagram, though you may want to post on other networks too.

If this doesn't answer all your questions about how and why the value of marketing with video has increased as a result of the pandemic and social distancing – or how you can use it to promote your interior design business, then Get in touch with TD Fall today.

Designer Sales Tips – How to Deal with Price Shopping Clients

While the internet has made life simpler and more entertaining for so many of us, it has also created challenges for entrepreneurs and business owners. Despite the increase in access to markets for anyone doing business online, the problem of price competition can be an issue for all of us. For this post about designer sales tips, we take guidance from the pros at BusinessOfHome.com.

Recently, they surveyed a group of designers for their advice on coping with clients who price shop for a “better deal” on the furnishings you may recommend for a design project. Of the eight opinions they shared, here are the best we found…

Put it in the Contract

“I had one client who took our tear sheets and tried sourcing the pieces online to try and save some money. We no longer work with him. My contract very clearly states that we handle all purchasing for anything going into the job we’ve been hired for. When it comes to sourcing, it’s very black and white for me. We’re buying from vendors who we have established relationships with and who we know will back us if there is an issue. Finding the same thing or close to it online doesn’t guarantee that when it arrives there won’t be problems – and, if there are, then what?” – Amy Morris, Amy Morris Interiors, Atlanta

Just Ignore It

“I find that when a client micromanages, they water down the project by being short-sighted, cutting both quality and the final aesthetic to save a few bucks or a little time (though, they rarely actually accomplish either). If they’re spending good money to design their home, why not spend a little more to make it spectacular? Why not enjoy the biggest perk of having a designer, which is letting someone else do all the work for you?” – Wesley Moon, Wesley Moon Inc., New York

Be Up Front and Open

“We have occasionally had clients try to find something at a lower price, and our policy is the same as it has always been: If we find it, we extend our discount and add our commission. Everything we do is completely open book, and we ask our clients to respond in kind.” – Lauren Buxbaum Gordon, Nate Berkus Associates, Chicago

Be Proactive

“I’ve only had this happen once, when I first started out. It was very upsetting, given the time and effort that goes into specifying a piece. At the time, the client insisted on purchasing the piece ‘from a friend with a discount.’ I let it slide because I wanted to stay on good terms with these clients. However, moving forward, I changed my contract, which no longer allows for clients to purchase pieces included in the budget on their own. I haven’t run into the problem since!” – Jessica Schuster, Jessica Schuster Design, New York

Here at TD Fall & Company, we value the relationships we build with our designers and furnishing suppliers. Because of this, we work hard to protect your interests and do all we can to avoid situations like those described above. Yet, stuff happens so, the best advice we can offer is reflected in many of the comments from these designers – be up front and proactive and – put it in your contract.

Looking for more interior design tips, design trends, marketing tips, new products, and furnishing ideas? Get in touch with TD Fall today.

Designing Your Design Business – Designing a Strategic Business Plan

It occurs to us that we may have erred in our first post in this series about designing your design business. In that post, we took for granted that our audience was already familiar with the idea of designing a strategic business plan that would increase their odds of success. Today, we hope to remedy that error.Regardless of niche, building a successful business requires planning, as well as implementation. Strategic business planning focuses on all areas of your business, with goals for both short- and long-term success. Without this type of planning, you will be forced into a seat-of-the-pants approach to running your business, adding stress, sapping energy and focus and, almost guaranteeing your dreams will not be realized.While it’s not our goal to offer a template for creating an actual business plan, something you might submit to your bank to acquire a business loan for example, we would like to share some ideas for strategic business planing. These are the broad strokes we have found invaluable for successful interior design and furnishing businesses, whether online or brick and mortar.Successful business owners focus on the big picture as well as the day-to-day minutia of running their business. They know the details are important, like paying bills and employees and handling paperwork but, they are also conscious of the larger issues; what the competition is doing, latest market trends, how their clients are being satisfied (or not), and more.Thinking about the Big Stuff and the Small Stuff all the time can be taxing yet, that is what a leader must do.

Designing Your Strategic Business Plan

Here are some things that can make this easier for you:

• Goal setting – for the moment and the future. Having a Big Goal for your business is great but you can’t focus on end-of-year stats while ignoring daily, weekly or monthly performance. In other words, if you hope to grow sales by 10% for the year, you will need to focus on increasing sales by a bit less than 1% per month. In other words, setting incremental goals will make achieving your larger goals much more likely.
• Vision and mission – including your dream and purpose. The vision you have for your business can be anything you dream of achieving, while your mission should be about how you plan to get there. It should also be client-focused and benefits-based; that is, how your business goals and philosophy will make a positive impact on the lives of your clients.
• Focus on relationships – with clients, suppliers, contractors, and subs. In both the short- and long-term, your greatest business asset is the relationships you build. Working with contractors and subs whom you know and trust (and who know and trust you), has value that is almost impossible to quantify. The same is true of existing clients, who are far more likely to work with you than a prospect (see this post for more on the value of current clients).
• Be realistic and practical – when setting goals. Goals are used to help a business grow and achieve its objectives. You can use them to promote teamwork and help describe what you want to accomplish. However, setting too many goals for the year (or too big a goal) can lead to problems. Too many goals can diffuse your focus and too big a goal may well be impossible to achieve. If you “keep it real” and use incremental steps to get there, you are far more likely to get where you want to be.
• Stay focused – on your vision, your mission, and your goals. When your business goals are tied to your vision and your mission, along with realistic steps to achieve them, it becomes much easier to stay focused on things that matter and ignore the rest. This reduces stress and helps you maintain the mental and emotional energy you need to run your design business effectively. That’s a big win/win for you as both an interior designer and business owner.

It’s very important to remember that your business plan should be used as you start your business (to obtain funding or direct operations, for example); while your strategic business plan is primarily used for implementing and managing the overall direction of your business.The difference is significant and critical to the long-term success of your design business.Looking for more tips on designing your design business, new home design trends, designer marketing tips, and product ideas? Get in touch with TD Fall today.

Boosting Interior Design Sales - Value-based Selling

“Price is what you pay; value is what you receive.”Home fashion has become a rapidly shifting target, with statements ranging from traditional to modern to contemporary; not just from client to client and from home to home, but even within the same home! Staying current with these shifting home fashion trends is a challenge that all of us must face but, with the right approach, can be dealt with effectively.However, marketing and selling your interior design services requires far more than knowledge of current trends in style, colors, textures, and/or finishes.When it comes to selling your products and services, resistance is rarely about the price paid and nearly always about the value received. At the very least, it’s about the perceived value of those products and services. At its core, value is about how well you can solve your client’s problem; what we today refer to as their “pain points”, which is where the above quote makes the most sense.What does your client value?Value-Based Selling is the process of understanding and reinforcing the reasons why your offer is valuable to the purchaser. It's about listening, rather than talking. By asking your potential what they want and need, you:

• Increase the prospect’s confidence in you and your understanding of the situation.
• Discover information that will help you emphasize how valuable your offer is, and how to frame your price appropriately.
• Discover how, why, and how much your offer will benefit the customer, and you’ll be able to connect more effectively, and ultimately land more sales.

Always sell based on the value your design solutions will provides, instead of the cost.For example, the choice of real wood over veneer; hand-crafted workmanship instead of mass produced selections; custom solutions rather than off-the-rack choices; these are all the types of detail that most interior design clients are searching for – yet, in spite of their desire for originality and elegance – you may still find clients who would like to “save a bit here and a bit there” despite your suggestions.To overcome such an inclination from a client, you must focus on the value of the solutions you present: the timeless statement that selected pieces will offer them; the longevity of service received from artisanal craftsmanship; the subtle, time-consuming decorative details included in hand-sewn thin welts, top-stitched seams, and pleating that provide them with the same type of detail and excellence they seek in the couture that appeals to them in their clothing choices, and that must inform their home design choices, as well.Have you learned to focus on value over price in your sales presentations to potential clients? How has this helped you to grow your interior design business?