This element of value brings people together by making a connection.
What is It?
Bringing people together extends social networks and causes change through shared activity.
Sponsorship sometimes achieves this aim. Some companies sponsor sporting events, for example. They might equally sponsor arts or hobbies.
Whilst it undoubtedly has value and is a welcome contribution to culture, this feels slightly odd because the thing sponsored need have no connection with the business.
Furthermore, where sponsorship includes advertising the sponsor on sportswear or similar, the whole event sometimes feels tarnished. For example, some years ago tobacco firms frequently sponsored sports events.
In any event, sponsorship is something for larger more established businesses. How can connection help smaller businesses?
Value to the Customer
Offering activities where people meet, share an interest and learn from each other may be an advantage.
Business network events are one example. Whilst some networks are businesses in their own right, they offer opportunities for smaller businesses to enhance their reputation locally.
Alternatively, you can organise events to bring people with shared interests together. Workshops are popular and well-promoted can be a good showcase for your business.
Similarly courses and webinars are opportunities to bring people together.
How to Get There
Mostly, sponsorship or otherwise, this is brand marketing. You can sink a lot of money into activities, with no sense of how valuable they are to your business.
Workshops work as direct marketing if you find customers through the workshop. They may use your services if the workshop builds their trust in you.
If you deliver workshops, review your marketing to check you highlight how your offers increase connection.
Your Offer
This is another functional element of value that rarely stands alone. Your market by definition shares common interests. Is it possible to bring them together?
Possibly not if your business is something people are not prepared to share. If you coach people who suffer from stress, they may not wish to share that interest!
Even if they are prepared to attend workshops, do they really attend to meet other stressed people? There may be ways you can show them value in such encounters but this requires careful planning.
This is the twenty-fourth of 31 posts about elements of value. Make sure you don’t miss any by signing up for the offer below. The posts in this sequence can be accessed below:
- Social impact: Self-transcendence
- Life Changing: Provide Hope, Self-Actualisation, Motivation, Heirloom, Affiliation and Belonging
- Emotional: Reduces Anxiety, Rewards Me, Nostalgia, Design / Aesthetics, Badge Value, Wellness, Therapeutic Value, Fun / Entertainment, Attractiveness, Provides Access
- Functional: Saves Time, Simplifies, Makes Money, Reduces Risk, Organises, Integrates, Connects
Next: Reduces Effort + 6 more