Single Target Market – Once Again – Testing

B2B, Marketing, Marketing Stamina, messaging, Product Management, single target market

In my post yesterday I wrote about how deep these three words – Single Target Market -are, for a product or marketing manager when they are launching a new product or service.

Even if you have a checklist based on which you identify a Single Target Market, you still need to test if there’s actually a need for your product / service in that market. “You have identified a niche in the market, but is there a market in the niche” I don’t remember where I first read this quote but its absolutely critical.

Before that you will need to test if the message that you are conveying resonates with the market. You will need to test if the medium you are using, actually takes the message to the market which people notice.

So testing, as I emphasised in my posts multiple times earlier also, is absolutely critical for your success. You may do as much analysis sitting on your desk, its only when the “rubber hits the road” that you realise how good your actual planning isarke.

If you have thought through the Single Target Market really well, then you would have also hypothesised about the conversations going on in the mind of the prospects at different stages in the buying cycle. However whether what you have sent out as a message is resonating or needs to fine tuned can only be figured out as you start playing in the market.

Similarly you may decide to send out pamphlets, to the audience, but the audience prefers to see a message on the social media platforms, that also needs to figured out.

Last but not the least – there’s a lead time – for any market to convert. In the case of B2B the lead time is actually very long – sometimes even upto two years. Reason being most B2B buying happens after a lot of effort where multiple departments are involved. So there’s lots of inertia as well as processes that need to be closed before another vendor is brought in. In addition until and unless the incumbent vendor has really messed up, the companies you target will not like to consider someone new. If you have a new technology which the existing vendors don’t provide, they may still consider you, but the process is still very long.

For this you need to have a lot of marketing stamina to not only test but also for conversion of prospects.

So while the Single Target Market can make your market entry strategy very structured, you still need to prepare for doing testing and tweaking your message or your medium.

Till next time then.

Carpe Diem!!!

Boredom in marketing….cause for distraction

Distractions, Marketing, Marketing Stamina, messaging

One of the main causes when a person gets distracted is because of boredom. The other three being hedonic adaption, negativity bias and rumination. As per Nir Eyal in his book Indistractable, the way to avoid boredom is to get curious. Even very mundane tasks as per him can be made interesting if we are curious about something. Curiosity can kill boredom and can stop you from getting distracted

Marketing is applied psychology. What is valid for the individual in his daily routine is also valid for the person who gets your marketing message.

If your message is boring, the prospect will get distracted from your message and move to something else. So you need to make the prospect get curious about your offerings. That’s the only way she will be interested in interacting with you further.

When do people become curious. In my opinion when the message has something directly to do with THEM. Which means the message should look like it’s ONLY TO them and ABOUT them. If the message anywhere screams marketing, it will automatically get banished.

So the messaging has to look one – on – one (to them) and should target the conversation that could be going on in the mind of a prospect (about them). It cannot be a sermon. It has to be specific because people now have a very short attention span.

Which brings us to the most difficult part. Understanding the conversation in the mind of the prospect, building multiple communication pieces which invoke curiosity in her mind.

And you then need to have staying power to ensure, because people respond when they want to respond. If you don’t have the marketing stamina to last long enough then you won’t be able to win.

Till next time then….we will continue on this

Carpe Diem!!!

What do you want to achieve – from the partnership

B2B, ideal customer, Marketing, Marketing Stamina, Partners, single target market, Symbiotic relationship

I wrote 3 posts on riding the elephant – and how the relationship with an elephant can help you get through any forest (market).

What was not clear from those 3 posts was one fact – which elephant should you choose…..this is as critical as identifying the single target market that I keep talking about.

The elephant that you choose to partner with, should be focussed on the market in which you want to operate. If the elephant has a different area of interest compared to you then taking this elephant is going to take you into the wrong forest.

To be able to choose the right elephant therefore you need to ask the fundamental question – what is it that we want to achieve with this partnership. Once this question is clearly answered then it become easier to identify you partners that you want to work with.

This question gets answered even better when you have identified the single target market that you want to address, because then you will know if the partners that you are looking for has product or services for those customers that you want to work with.

If you want to target B2B customers in the enterprise space as an example then your partner needs to be someone who already has customers in the enterprise space, and who does not have a product or service which directly competes with yours. If the partner already has something that is similar to yours then they will never move your product.

Keeping the above example in mind, you then need to figure out how you will work with the various sales people of your partner and why should they take you to the customer.

While partnering is a very valid concept, there are a lot of human issues which need to be addressed. The bigger the target partner you are trying to work with , the more sales, pre-sales and marketing people involved, the larger is the challenge of engaging them and larger is the stamina you should have to wait for success.

Till next time then.

Carpe Diem!!!

Riding the elephant – using the power of relationships – 2

Marketing, Marketing Stamina, Product Management, Symbiotic relationship, Trust

While I wrote yesterday on one of my favourite ways for a small unknown company to grow big, by working with an international giant, trying to make inroads into the country, this process is not without its pitfalls.

First – Its a long process where you have to first find the right company, then the right product for you in this company and then right people who are willing to interact with you and take you forward. You have to make investments without any commitment from the principal company that they will help you get business. Even if they make any commitments, it has no value if they themselves are not able to get business. I have invested some times, almost a year and a half before we actually started getting cases where the sales people started taking us and putting us in front of the customer. But once the deal flow started it was a huge amount of business. You need to have stamina to last that long period.

Next you have to build trust with the sales folks, the technical folks etc. Not everyone will be happy to assist you. Not everyone will want to help you. In a lot of cases they may also see you as competition. In addition sometimes the sales people may want to get the deal at you expense, because they have their target to meet.

So as a rule of thumb look when you are looking at these companies, you need to consider what is their partner program. Are they focussed on building a partner ecosystem. If they are a partner focused company then they will have global policies on handling partner related issues and the chances of you getting short changed are reduced.

Third – the product or service of this company should actually sell in your market. To add to it the customer should be willing to take your add-on product or service with the main product. I have had many instances where the company we thought had a great product did not move in the Indian market at all.

Last but not the least you have to remember that they ( the elephant that you are wanting to align with ) are in it for their interests, not yours. So they will take decisions keeping that in mind. Sometimes those decisions will go against your interests. Nothing personal. You will just need to hop off this elephant onto another one.

Irrespective, the relationships you build with people based on the philosophy of giving first then expecting will help you a long way. Like if you feed the elephant before climbing its back, the elephant also takes care to ensure you have a safe ride.

Till next time then.

Carpe Diem!!!