You’re business is running, you have a great offering and now you’re ready to go after opportunities. Now… where do you start and which market do you go after? Here are a few suggestions (DO’s and DON’Ts) as you move forward.
DO – Evaluate your Sales Funnel for Intelligence
Assuming you have a little sales traction, look at your sales history and where most of your customers or prospects have come from – what are the top industries and segments where you have buyers and how have you reached them? Now ask yourself, with this intelligence, if you have done all you can to gain market share by leveraging your customer base as references and by creating messages that demonstrate you understand the industry and their requirements. The key is to dominate a market segment, gain credibility there, and then go after adjacent or follow-on markets thereafter.
DO – Understand Buyer Types
Using some “Crossing the Chasm” principles, if you know your buyer type, it will tell you where you are before, in, or after the Chasm and what features to push at that point. For example, visionaries and early adopters of technology look for cool new technology and pragmatist buyers look for a more complete offering that is proven. This means within your larger market, you must also understand which buyers are interested in the adoption of your type of offering so your message to them is in alignment with their expectations.
by Pamela Rasey on Wednesday February 10, 2010
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DON’T – Just Follow the Money
I have seen companies choose their target markets based on top-down statistics from analyst reports and the Internet. Big opportunity numbers can look great on paper and you may even believe you can grab a significant piece of the pie however, it doesn’t always mean this is the best market to go after. Ask yourself the following questions: does this market want/need your product and is there a strong fit? It pays to do research and have interviews with potential prospects to really know their business, how they buy, what they buy and what is important to them. If you don’t know the answers to these questions before picking a market, the overall value of it may have hidden consequences.
DON’T – Lose Sight of your Focus
It’s hard to say “no” to prospects that have projects dangling in front of you. There’s the bulls eye concept that still holds true today. Your target market is in the middle. Stragglers will come along who take you away from the target asking you to do things that fall outside your core focus. I have seen companies take any project that comes their way and it can drive technical people crazy with new features being added that take your roadmap all over the place. If a project is a little outside your target but, still fits your roadmap – it may make sense to take it. But, if it de-focuses your resources and product people away from delivering solutions or a market you are close to capturing, think twice before saying “yes.”
I have seen companies choose their target markets based on top-down statistics from analyst reports and the Internet. Big opportunity numbers can look great on paper and you may even believe you can grab a significant piece of the pie however, it doesn’t always mean this is the best market to go after. Ask yourself the following questions: does this market want/need your product and is there a strong fit? It pays to do research and have interviews with potential prospects to really know their business, how they buy, what they buy and what is important to them. If you don’t know the answers to these questions before picking a market, the overall value of it may have hidden consequences.
DON’T – Lose Sight of your Focus
It’s hard to say “no” to prospects that have projects dangling in front of you. There’s the bulls eye concept that still holds true today. Your target market is in the middle. Stragglers will come along who take you away from the target asking you to do things that fall outside your core focus. I have seen companies take any project that comes their way and it can drive technical people crazy with new features being added that take your roadmap all over the place. If a project is a little outside your target but, still fits your roadmap – it may make sense to take it. But, if it de-focuses your resources and product people away from delivering solutions or a market you are close to capturing, think twice before saying “yes.”
by Pamela Rasey on Monday October 12, 2009
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Have you ever looked at an iPod and all the things around it that make it a complete product? Actually, don't, it's endless. That said, Apple's vision of the iPod and how it has developed is a great example of whole product marketing.
If you buy an iPod, it comes with ear buds and a cord to plug into your computer, download songs and recharge it - cool - you have the basics.
BUT...
- What if you want to listen to all of that great music in your house or in your car?
- What if you want a way to protect it when you drop it on the ground? (inevitable)
- What about all the songs you will buy and download into your iTunes store that you need to then manage and sync?
Many products have the basics to get you started. Whole product thinking starts with the base product and extends the thinking about all the ways the product could be used or what people may want to do with it. Whole product thinking expands revenue opportunities.Imagine a golf course without a clubhouse and food or a movie theater without popcorn and candy.
Do you look at your own products this way and do you have a growth strategy that takes this powerful thinking into consideration?
by Pamela Rasey on Sunday September 13, 2009
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At various past jobs, I would loved to have had millions of marketing dollars for intelligence services, analyst reports and more to make my job easier. I often didn't have that luxury so, I had to learn to get creative with my own searches and digging for information to validate and support marketing plans. I get asked questions today like "do you use Google to search" or do I use other mystery sources to find gold nuggets?
The short answer is, "YES, I use Google and I love it."Searching for information often comes down to the phrases you type into a search engine and how you think about the problem or data you're trying to collect. In other words, garbage in, garbage out (results). When trying to find competitive data, pricing information or some obscure thing related to the market, open your mind to how you search.
A Few Quick Tips:
- Don't get lazy - don't stop at page 1 of a Google search - I often find what I really want on page 5, 10 or 20.
- There are more and more semantic search engines that are industry focused - you may search for "semantic search (your industry)" to see if you can find one early on for more targeted research. An example of a biomedical engine like this is: www.novoseek.com.
- If you're trying to find industry experts or key personnel at companies, look at industry events and trade shows for contact names giving presentations. Often, after events, you can even find presentations posted - a great resource.
- Grab information from credible sources if you have access or can get a temporary pass like: Hoover's Online, The 451 Group, Analyst sites, industry information portals with articles, etc.
- If looking for pricing, type in the "company name, product name and the word pricing." If you can't find it, try a competitor in the same category with the same formula. If that doesn't work, try "company, product, price quote" or a version of this statement.
by Pamela Rasey on Thursday August 13, 2009
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Competition is a tough animal. In creating products and services, it is becoming more and more critical to be able to differentiate yourself from the pack. Have you succeeded? Remember, when customers have money to spend, they can look at your offering or at other companies that have similar offerings. You would be amazed at what you can discover by understanding your competition and their go-to-market strategies.
- Do you know who your direct and indirect competitors are?
- Do you really know how and why you are different?
- Does your branding and messaging demonstrate this in a simple, clean way?
- Why does industry pricing vary and why do customers buy from certain vendors?
by Pamela Rasey on Monday July 20, 2009
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There's one marketing tool I go to when working with clients that assists me in quickly understanding where products and services fit into the larger buying cycle ecosystem. I actually see the value chain as a window into a market. The idea of a value chain originates from business management theories and is first described by Michael Porter in his 1985 best seller titled, "Competitive Advantage: Creating Sustaining Superior Performance." The concept is that you have a chain of activities for products that they pass through and often gain value at each level. I traditionally look at external value chains vs. those that deal with internal operational functions, much like Porter's model.
The definition I like is:
A value chain is a string of companies or players working together to satisfy market demand for a particular product.
As an example, I build external value chains through researching markets to better understand who buys from whom, who builds the components that get put into a product that then gets distributed or sold by someone else that finally reaches the end user or customer. That's a mouthful but in essence, the chain extends from how the product originates to the buyer. Note: chains can take on different forms for different industries so, don't get caught up on thinking they must look a certain way.
When I evaluate value chains, I look for opportunities along the way. Partnership ideas can form and gaps can be recognized where there are few companies filling certain parts of the chain. It is also easier to see what a whole product looks like based on how others have added value or enhanced the offering along the way. And, finally, you see what you have to do from a push/pull sales and marketing standpoint after learning who holds the power in the chain.
Value chains evolve over time as technology advances so, be sure to update yours periodically to ensure you don't miss hot opportunities. And, if you don't know where to start in putting one together, give me a ring!
The definition I like is:
A value chain is a string of companies or players working together to satisfy market demand for a particular product.
As an example, I build external value chains through researching markets to better understand who buys from whom, who builds the components that get put into a product that then gets distributed or sold by someone else that finally reaches the end user or customer. That's a mouthful but in essence, the chain extends from how the product originates to the buyer. Note: chains can take on different forms for different industries so, don't get caught up on thinking they must look a certain way.
When I evaluate value chains, I look for opportunities along the way. Partnership ideas can form and gaps can be recognized where there are few companies filling certain parts of the chain. It is also easier to see what a whole product looks like based on how others have added value or enhanced the offering along the way. And, finally, you see what you have to do from a push/pull sales and marketing standpoint after learning who holds the power in the chain.
Value chains evolve over time as technology advances so, be sure to update yours periodically to ensure you don't miss hot opportunities. And, if you don't know where to start in putting one together, give me a ring!
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