The power of Silence for Focusing on your business

Focus, Marketing, peak Performance, Productivity, single target market, Uncategorized

For a lot of people who follow Buddhism , today is an auspicious occasion since it Lord Buddha’s birthday. One of the things linked to Buddhism and the overall philosophy of religions that originated in the Indian Sub-Continent is the practice of “Dhyan” and Yoga. While there are a lot of people who follow and practice Yoga across the world “Dhyan” is something that is missing in our lives. “Dhyan” involves sitting in pin drop silence and just focusing all your energy to think.

We all (me included) are so busy running after deadlines all day that we don’t give our brains the bandwidth to actually do what it can do best – which is THINK. When you get into the “Dhyan” stage you are able to connect a lot of the dots which otherwise seem impossible to connect.

I have many times earlier, mentioned a practice by Dean Jackson called the focus finder. Its a very practical way to do a brain dump and then get on to the activity of Thinking.

Today I was a little frustrated that I was not being able to figure out a solution for identifying a Single Target Market. I keep giving you folks a lot of inputs on why you should go about identifying the Single Target Market and the incredible benefits it can have in your marketing.

But today I had a mind block and I was not able to think through on what would be my STM. After lazing around mindlessly and watching un-necessary web series for about an hour, I decided to just sit down with my notebook and pencil and started jotting down thoughts as they came to me about my “bullseye ” (the STM)

While doing this my brain also kept throwing up additional items that I could include. But I had to make my STM as sharply defined as possible. So I kept listing down, all the people whom I would not be able to help.

Automatically I ended up putting a lot of AND statements to ensure that there were as little possibilities as possible for some additional markets creeping in.

Once this was done I went two steps further, I even identified the the markets, one variable away and two variables away. This would help me, in case, the STM I have defined is not viable economically and I have to expand it a little bit.

While I spent close to 2 hours dilly – dalling, I was able to achieve all this in a matter of about 45 minutes, when there was pin drop silence and I was only focusing on this activity. These 45 minutes were more precious because of the immense productivity I got.

If feasible I would suggest everyone to regularly do these focus exercises, they can increase productivity levels dramatically and because you take out everything from your brain and put it on paper, there’s no chance of missing things.

Till next then.

Carpe Diem!!!

How do you do pricing?

B2B, Marketing, pricing, Product Management, single target market

Pricing is one of those concepts, that whenever a sales guy will lose a deal, they will blame it on price – our price was too high. For customers, the easiest way to push you away, is to say that your price is too high. In both the situations, the easiest people to blame is the product/marketing folks – “they don’t understand the reality of the market place, they just sit in the office and tell us what to do without understanding what the customer wants”. Pricing is one of the key reasons – marketing and sales don’t see eye to eye.

Just to clarify – its not that I don’t lose cases on price.

My agenda from this post is to help you not waste time with a customer who does not have the ability to value what you offer in return for the price that you charge. Its both marketing and sales’ responsibility to showcase the value to the customer.

That was a loaded statement – so let me break it down – what is the customer’s perception of what you provide and what she should pay for it. The other is, how do you do your pricing.

As a product manager or marketing manager, when you build a pricing for something, you generally take into account the costs involved at your end. Then you add a margin and give that as the price to be charged. This is the easiest way – Cost+Markup

On the other hand, if you were to look at the value / result / outcome, that the customer will get , by using your product or service and then work backwards, you will be able to come to a better argument. If you don’t know the result that you can get for your customer and there are others who can provide almost similar value at a lower price, then the customer will go with your competition.

I have lost a lot of deals where initially the customer didn’t appreciate the value of the kind of trainings we give our people and how they impact the execution of the project and the reason for us being almost double of someone else. But then we had them come back to us, at a much bigger value when they failed to get the project executed and the cost of penalties and reputation, was even bigger for them. Obviously there were also a lot of them where they got the project executed with someone else at a lower price.

The agenda for showing value has to be ours – not the customer’s. You can verify with the customer, during your meetings, if they value what you sell. Don’t ask this question to operational people. I have made that mistake many times. They have no view of what is going on in the mind of the leadership team. Ask it to people in finance or leadership. Those people look at it from the return of investment perspective. If what they value is what you give, then you have an easy task.

On the other hand, if what you have can enhance the value of what they think, they want, then you have to show them, what else is possible and they agree then you can move forward. Generally if you have chosen your Single Target Market well, then this task becomes comparatively easy because most people in that niche will value similar things.

If what you are selling can get them 10 times of the price you are charging, then you have an argument. If you are charging a price of $1500/- and you can show them how the value (reduction in cost or increase in revenue) will be 10 time or worth $15000/- then you can have a good discussion. But if the return on the investment Is only equal or couple of times more than the investment, it is not worth.

Remember the inertia is so high in B2B setups, that they don’t want to go through the whole process of identifying something where the return is minimal.

But you can use this same inertia to your advantage. If the customer has experienced you before and you have delivered on your promise or commitments, then if you are slightly more expensive then the competitors, they will prefer to deal with you because they know you can deliver.

So coming back to the main topic – how can you then do pricing. You can do it better when your argument of value is clearly identified – whether with your case studies or testimonials etc., in case they have not worked with you before. When the customer knows that you CAN deliver , what you promise and she Values what you deliver, then the pricing argument reduces. Doing pricing on a cost plus basis is generally a losing proposition in a highly competitive environment.

Till next time then.

Carpe Diem!!!

Testing for your lead generation engine – 4

B2B, campaign, Marketing, media, medium, single target market

In the last post couple of days back, I had shared how I had created advertising for YouTube for the video production company that I aim advising. Today I worked on adding one more medium- Linkedin.

Since we are B2B focused in this business, Linkedin is a good medium to directly target the kind of businesses we want. The segregation and segmentation possibilities are also good. The challenge that I have observed with Linkedin is that unlike Google, YouTube, they charge a considerably high price even for putting the impressions in front of your audience.

On the other hand, since you have the ability to tightly control the market to whom your advertisement is shown, you can manage the costs involved.

I would also like to put a caveat here. You should not look at the cost of a lead as the primary cost. This can be very misleading. You may get a lot of clicks at very low cost to come to your website. But if they didn’t stay on your page and give you their email id, then they are of no use. Getting this low cost traffic has no significance. On the other hand, getting more expensive traffic, which is closest to your single target market can help because they may resonate with your content and share their email id. This is what you are looking for. Once you have someone’s email id, you can nurture the leads over a period of time.

If you have the capability, you should go one step further and monitor from which source, which email id was obtained and then when you get an order you can track back to the medium which was used. This will actually showcase which is the most effective medium for you.

Till next time then

Carpe Diem!!!

Testing for your lead generation engine – 2

campaign, constraints, lead generation, Marketing, single target market, Testing

Yesterday I wrote about why testing is important for me, inspite of having worked on this for so many years. One is the theoretical part and I shared that yesterday. Next is the practical part and why I insist on testing.

I was advising someone, who does video production, for how their Google Adwords should look, the kind of phrases they should have etc. I had also advised them on the audience they need to cater to and the kind of headlines and lead magnet they need to look at.

After launching the advertisement, there were no clicks, no one was clicking on their ads and giving their emails. As usual, my first target to deduce was the market, so I got them to check for the market they were targeting, checked if they had the single target market defined clearly. Then added a couple of geographies, just in case the market we initially identified was too small, still no response.

Then we changed the keyword phrases of when the advertisement should show up. Still no response.

Till now I was giving them ideas from a distance and they were executing. I understand I can make errors, but not getting any response is extremely low for my ego. So today I actually sat down with them to understand when the advertisement gets shown, how does it look. That’s when I started seeing a horror movie.

The way the ads were getting shown because of the limits on the headlines and content lines, the whole advertisement was gibberish. It was not making sense. No wonder, no one was responding. The medium has its constraints and you have to live with it. But if you know the constraints, then you can always find ways to solve.

Luckily we were playing at a low scale to test for the lead generation and hence the impact was not very high. Testing at a small scale to figure out the “gotchas” is a God send. Even with the best of intentions and capabilities, its absolutely critical in marketing to test every element of your campaign.

Now we are getting a new set of ads getting launched. I will keep you posted on how the new things progress and the impact the changes had on the campaign.

Till next time then.

Carpe Diem!!!