Marketing Stamina

B2B, Marketing, Marketing Stamina, persistence

This is a phrase I first heard from Dean Graziosi. I have written about it earlier also . Its a very simple thought process. I have used it in terms of B2B marketing but I would guess it would apply in all kinds of marketing.

The logic is that every market takes time to adapt to a new offering that you bring to the market. It could be because of inertia in B2B setups because of the sheer number of people involved in making decisions as well as the complexity of processes.

If you don’t have the stamina to last through the cycle before the adoption of your offering “crosses the chasm”. This stamina is both in terms of finances and your own abilities to persist.

Today I got a different view of this . You would have read about my philosophy of riding the elephant to get access to markets. We had been riding one very large OEM for a certain set of tools. Between 2014 and 2016 we invested a lot before we got any business. But subsequent to that we got a lot of business which suddenly dried up by 2019 because the OEM decided to take a different direction (I have written about these in the challenges when riding the elephant)

Now however today I got a call from one of the reps of the OEM checking if we still have the team that was created. Generally we prefer to play the long game. So we had kept the team because we had some residue business that we were closing, while we were evaluating our options with other OEMs.

The OEM now wants to utilize the same team to go out in the market with the new products that they are launching.

If we didn’t have the marketing stamina (if we had not planned with a long term view) we would not have been able to today get a jump start.

Think long-term and plan accordingly.

Till next time then.

Carpe Diem!!

Mapping all the steps to acquiring a customer

B2B, Marketing, Sales

Depending on the how you have structured your sales and marketing, these could be two independent functions and chances are that they both work independent of each other, often blaming the other for the non-performance.

However a customer does not see this as two functions. She is a seeing every single touch point as the company and you make an impression – good or bad based on that.

However if you can think of the whole journey a customer takes from the first touch point to the way the sales order comes in , you can iron out a lot of glitches.

By mapping this journey, you will also be able to identify the gaps between, how you think a customer should come versus how your systems are working for the customer to actually come.

During one of our marketing launches we covered multiple steps as to how the campaigns will flow, what will be the sequence of mails that the team will send out, how will the follow-up happen, till we get the prospect to come for a presentation. since we did not map the whole process backwards, we failed when a prospect asked us to share some content before coming for a presentation and in another case asked us for a justification document after we had given a demo. Now in both these cases we had not anticipated that a customer could need these because they were looking at a new technology.

If you go to sites like Gartner, they have a very nice item for their conferences, “documents to justify to your management” which are all the reasons why attending any of the conferences would help the company. This way they are helping the manager who wants to attend, get documents easily, instead of expecting him to justify by himself, in which case he could fail to justify properly and therefore not get the approval to attend. Which would be a loss to Gartner. So they have thought through the possible steps which could stop the sale from happening and put the data in place to help.

In B2b sales , where multiple levels of approval and justifications are needed, mapping the complete journey can help iron out the creases in both your marketing and sales plans.

Till next time then.

Carpe Diem!!!

Theory of Constraints – and product management – Part 2

B2B, constraints, ideal customer, Marketing, Product Management

In yesterday’s post I spoke why I like the Theory of Constraints and how it can help in identifying the possible reasons, why the product or service is not taking off in the market as desired.

The key advantage is gained when you speak the logical steps and while speaking you realise that there’s a gap in the logic. As a example if you have a product or service in the B2B space. In B2B the process generally involves giving presentations, giving proposals, then negotiations etc.

Now lets take an example. If I need to have 18 proposals in the “market” in by 31st March, because only when you have proposals, can you get orders. While mathematically it is a simple equation that for 30 proposals you need to connect to 900 contacts ( I have used a multiplier of 50, which could vary from industry to industry) and then go through the process. Most people follow this method and then try to do carpet bombing with very little success.

On the other hand if we were to follow the logical process that is defined by the Theory of Constraints then the logic could look like this

If I have a clearly defined Ideal Customer profile

AND

If I have a set of 250 unique accounts confirming to my ICP to whom I can send an email

AND

If I have correct email ids of the relevant person in these 250 companies

AND

If I can send 50 emails to these companies everyday

AND

If 10 people respond back

AND

If I can show my presentation to 2 people every day or 10 people in a week

AND

If 3 people out of the 10 in a week like my solution to their problem

AND

If out of the 12 people in a month, 3 ask me for our proposal

THEN

In 6 months I will have 18 proposals in the market

Now if you will speak through the above sequence of logical statements, you will realise the flawed & undefined assumptions, in the argument. One item which is not included is the fact that the customer should have a budget, the statements don’t include the amount of followups that will be needed, what is the assumption behind 10 people responding back, etc. So just connecting to 900 contacts will not help you hit your target

Once you get that data then you can actually analyse whether your target is doable and what is the first thing that you need to hit at to open the “lock” in your constraint. You can also look at it in a different fashion to see for a given target, what all you will need to put in place to achieve it

Try this method and let me know your feedback.

Till next time then.

Carpe Diem!!!

Creating Novelty – fighting boredom

B2B, Marketing, messaging, Product Management

I wrote multiple posts on how boredom gets the brain distracted. When your prospect is distracted, whatever message you’re trying to convey, will get passed over for the next item which takes the prospect’s attention.

The way to fight boredom is to make your message and sometimes your medium interesting. How do you do that?

One way to do that is to create novelty, another could be intrigue /mystery. There could be a lot more. At the end of the day marketing is applied psychology, so human behavior can be checked and incorporated into your marketing.

Novelty can come in various forms – one of the most common ways to attract attention would be to use the word NEW in front of your product and then list out your product attributes which are new and novel.

In the case of mobile phones, they talk of the camera lens or processor generation to showcase novelty. In case of televisions its about the display.

All the above products are commodity products, so people will not pay attention to the messaging / advertising if they don’t see any novelty. In case of consumer products being advertised on television, this is a very big challenge for the product manager, because people change the channel with the remote, the moment they find anything boring.

For the B2B product management or marketing person, especially in the services space, the challenge is a lot tougher in terms of creating novelty. You need to be able to come out with something related to your process or your technology and project it as something unique.

Operating in this space I have had many different experiences with trying to attract attention. Depending on the hierarchy of the B2B people you are trying to attract, the industry that you are targeting everything will make difference to the “novelty ” you are trying to bring out. But that’s what makes product management in the technology space interesting.

Till next time then.

Carpe Diem!!!