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cushions. They aren’t going to solve some fundamental problem in anyone’s life, but if your web visitor likes them and they are displayed and presented properly, you’re likely to get a sale. That’s the beauty of the emotional purchase.
IDENTIFY YOUR BUYER The first thing you need to think about when addressing the add-to-basket KPI is whether you are selling a rational, problem-solving product or an emotional one.
THE MARKET SQUARE ANALOGY—WHAT VALUE DO YOU PROVIDE? In addition to determining what type of buyer you’re appealing to and what kind of product you’re selling, you’ll also need to think about your unique value proposition. When talking to our clients about value proposition, we always encourage them to think about their business as if it were a brick-and-mortar building in a market square. Why? Because in reality, your online competition is going to be similar to that of the competition you would experience in a market square.
Imagine your customer walks into a market square—let’s pretend your business is located all the way at the back end. In order to get to your store, the customer has to literally walk past other businesses selling the
exact same items you are. These businesses may have discounts and special offers like free delivery, a no-quibble return policy, a selection of merchandise that’s been discounted 30 or 40 per cent off, or buy-one-get-one-free offers. If your market stall was just sitting there at the back, doing nothing to entice customers to pass these other businesses and come to you, they aren’t going to come. You have to get out there and increase your value proposition in order to sell your product. You need to build tangible proof that your business is the best option for what the customer wants. Customers will walk past all the other businesses if they believe in your service and products.
There has to be a match between the look of your website and your value proposition in order for you to continue to scale your business. Your e-commerce site could be aesthetically perfect and easy to use and have all the bells and whistles, but your value proposition will always be the key to your success or failure.
On the other hand, a website can be plain and poorly put together, but if
the value
proposition is right and the product is something customers really want, this poor website will outperform an amazing-looking site
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every time. Now, certainly we can increase sales for the poorly put together site just by giving our client a sleek- looking website that really matches their excellent value proposition—then they will really take off.
What if you aren’t feeling one hundred percent confident about your value proposition? How do you increase it?
Glad you asked... that’s next. But before we get to that, let us tell you a little story about cloning.
Monhish Pabrai is one of my favourite investors; apart from having an amazing track record at investing, he rose to fame as one of the first people to buy a charity lunch with Warren Buffet for $650,000 USD. He said the lunch was worth every penny.
One of Monhish’s favourite concepts is cloning, and he tells a good story about two petrol station owners to illustrate why some businesses fail.
Two petrol stations set up across the road from each other. Owner A starts filling the gas manually and cleaning the cars’ windows. The owner B across the road sees this and says to his assistant, ‘There’s no point manually filling the gas and doing the windows as he can’t do this for every car—
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