Interested in Starting a Value Builder Challenge?
Many business owners in the $1-10M range are focused on their immediate needs. Hosting a Value Builder Challenge can be an effective way to capture business leaders' attention with the goal to to deliver quick value and develop prospects into long-term clients.
A Value Builder Challenge is a creative opportunity for a curated group of business leaders to interact and participate in a predetermined number of sessions to deliver Value Builder content that is designed to improve or eliminate specific pain points, while also improving overall company value. As one of our Certified Value Builder™ advisors, you have the unique opportunity to organize these creative and individual programs where you determine how business owners meet, and the overall objectives participants will work towards.
Things to consider:
- What is your objective for the challenge? For example, is the challenge meant to be a standalone service and revenue generator, or is the objective to sell additional services, such as a Value Builder Engagement, to participants following their completion of the challenge.
- What are the business leaders working towards? Some possibilities include: competing against each other to see the greatest improvement in their Value Builder Score and/or score on specific drivers; increasing revenue to a specific benchmark; achieving a greater NPS; or improving their Estimate of Value?
- Who is your target audience? Be clear, especially if you are working with strategic partners, about the demographics and psychographics of your target audience. Also, consider the size and annual revenue of participants as this can impact the ability and resources an owner has available to make competitive changes.
- Will you co-host the challenge with a strategic partner(s)? Challenges can be hosted by an individual advisor. They can also be a great way to leverage a strategic partnership, and their list of business owners, for your mutual benefit.
- What are your expectations of the strategic partner(s)? Clearly define the roles that everyone will play, the time commitment required from each partner and other considerations, such as a minimum number of business owners each partner commits to bring to the challenge.
- Will you leverage sponsors, and what costs will they cover? For example, coaching fees, collateral, prizes, or hosting costs. Sponsors may also support marketing and awareness-raising efforts.
- How much, if any, will you charge business owners to participate in the challenge? Consider that a nominal fee raises the perceived value of a service and generally results in a greater commitment from participants.
- What will your audience get out of the challenge? Many advisors offer a guarantee, for example, $25,000 in new revenue resulting from a 90-day challenge focused on growing the business with recurring revenue. Challenges may also include physical prizes.
- What will your agenda and timeline be? What content will you leverage during your sessions? Often in a shorter challenge, advisors choose to focus on one or two key drivers.
- What time commitment do you expect from your participants? A commitment from the participants is key, especially when offering a guarantee.
- What medium will you use for your challenge? Determine whether to include group coaching sessions only, or to incorporate additional one-on-one sessions, email support, or group discussions using tools like Slack or Facebook.
- What will your call to action be at the end of the challenge? Depending on your objective for the challenge, determine what next steps you want participants to take