After uncovering all of the business transgressions, our strategy headed toward building a framework for success. Any flourishing company has two important cornerstones: a core value and a commitment to growth. Companies you might admire–like Apple, Walmart, Amazon, just to name a few–possess both of these attributes. As we progressed through this dealership rescue, it became painfully clear that neither of these principles had been in place. Now it was time!
We built a strategy for success by focusing on in these three areas:
Value Proposition
Business Opportunities
Internal Growth and Changes
And, while assessing all of these, we were always keeping in mind a bonus question: are we in the car business, the technology business, or the experience business?
First Things First: Value Proposition
The value proposition is an unbelievably worthwhile tool to help set the business GPS. However, it can be overwhelming for many who try and fail to clearly articulate the business that they are in.
We make it simple by answer five key questions:
Who is our target customer?
Is our moment to connect with those customers through opportunity or need?
What makes us different and a better choice than competitors?
What products do we sell and what experience do we provide?
What benefit do we provide for the customer that others may not?
In the case of this dealership rescue, we answered these questions and determined the new company principles we wanted our value proposition to communicate: transparency, collaboration, and speed. While the car sold might be the physical product, the company culture, target audience, and experience offered is what sets dealers apart from their competitors! And as automotive retail transforms, we wanted to highlight that our dealership was a trustworthy partner to a customer.
In our next article, I’ll discuss items two and three on our list: business opportunities and internal growth and changes.
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