Asking questions in the market – 4

Marketing, messaging, Positioning, Questions, route to market

Over the last few posts I have been talking about how better questions can make a difference in the success that you achieve in the market. While my focus is on the B2B market, the general principle will apply to any market.

Today the questions I am talking about would help in making your messaging and route to market better. It will then help you identify the constraints you can face, the models you have to apply etc. Again I would highly recommend Dean Jackson’s Morecheeselesswhiskers.com podcast and his & Joe Polish podcast ilovemarketing.com

1. Is the product or service that you are wanting to sell going to be used as a first time buy. If someone has never used a motorized vehicle then a 100CC mobike is a first time buy for them. Trying to sell them a 650CC motorcycle will not work.

2. Will the product be an upgrade or replacement. If you know the customer is already a user of your Air Conditioner for the last 5 years then they could be ready for a replacement or upgrade. In IT is called a refresh cycle which each company decides.

3. Will the product or service be for emergency use. If a tornado strikes and there’s a damaged roof or water in the basement then you need to get it out NOW. Then there’s no time for evaluation of multiple options.

4. Will the product be an accessory to a key product. Smart phone covers are an every day example. So you need to be able to reach those buyers who use the phone for which you have the covers.

5. Will the product/ service be for the repair of an item. Duck tape is a very good example of this or a tyre repair shop.

6. Is what you are selling aspirational in nature. Then you have to target the people who already use something and may now have the money to aspire for something bigger or because their families or job responsibilities have changed. Aspirational is a little different from upgrade in the sense that upgrades are generally considered incremental in nature.

There could be some specific scenarios which apply to your business and have not been listed here.

Once you can map where all your product or service plays, you can design the market route, the messaging etc.

Generally I keep my posts short so you can read them while waiting in the line to get coffee. This one has become slightly longer. I hope its useful.

Let me know your views.

Till next time then.

Carpe Diem!!!

“Where” to meet your B2B buyer -2

B2B, Marketing, persistence, Positioning, Sales, segmentation, single target market

In my last post I wrote about how “intent” data could help you find the buyer or you could set up Marketing Joint Ventures with people who either sell before or after your product or service is needed.

Inspite of this however you need to figure out “when” they will buy, what will be the trigger to buy so that you can meet the buyer at that moment in case you have not been able to identify them in advance.

One of the key triggers in a B2B buying process is when there’s a change at the Executive level. Depending on what you’re selling, the Executive level could vary, sometimes a V.P level, sometimes a CXO level.

Whenever someone new comes in they always have an agenda to achieve in the next 1 year. If what you have to offer is part of the 1 year priorities then you can essentially get a reason to be in touch.

Keeping a track of new joiners at the executive level can help you identify the “where” to meet your targets.

Till next time then.

Carpe Diem!!!

Finding out “where” to meet your B2B buyer

B2B, ideal customer, Marketing, Marketing Ecosystem, messaging, single target market

In the consumer space its generally possible to identify which places your audience visits physically and on the web. It is possible if they visit discount stores or if they visit the high end malls.

With B2B buyers the biggest challenge is in identifying the role different people play during different phases of evaluation of a solution.

Since most people do the evaluation using the web even before connecting to a sales person from one of the companies on their shortlist, its a major challenge if you don’t make it to the shortlist.

One way to handle this is with companies who give you “intent” data. I have used some of these companies for their services. What is challenging is we don’t know the method of how these companies run their algorithm and with what data points. So I have personally not had too much success though a lot of people do think this kind of service helps.

Since B2B buying is not impulsive, its easier to identify the things a customer will do before they use your technology and after they use your technology.

If you can have some kind of a marketing partnership with the companies on both the before and after, you can automatically identify the set of people you need to reach much earlier in the buying cycle and be in front of them consistently and build your BRAND in their minds .

I would love to hear your comments if you have successfully used “intent ” data or if you have tried another successful method.

Till next time then.

Carpe Diem!!!

B2B Buying Processes in technology -II

B2B, differentiation, Marketing, Product Management, segmentation

While I keep talking consistently about segmenting the market and identifying niches, I also talk about identifying niches by use case rather by demographics and psychographics.

Typically in B2B buying especially when you are selling (I am using this term in a very broad way) to mid to large size companies there’s an hierarchy of positions within departments. In typical sales situations you want to identify a decision maker and then message to them. Unlike an individual or family buying a low value item where decisions are taken on the spot, in case of decisions which require substantial investment in technology buying, there are always multiple layers

In B2B buying there’s a someone who can say yes and a lot of people who can say no. However in most cases the decision maker herself does not evaluate the options. She typically would ask someone or some people in her team or make a cross functional team to evaluate the options and bring them to her and then she takes a decision.

Now this is where it gets tricky for the Product Management person. The decision maker does not evaluate options. The people who evaluate the options in today’s day and age are hidden because they do more than 60-70% of the sorting using the internet and reach out to specific companies whom they have shortlisted. So even if you have the most elaborate technical product, if you didn’t come in front of this team and this team does not evaluate you then you don’t stand a chance.

So how does the Product Management person identify the persona to whom the messaging has to be targeted. That’s what makes the B2B buying process complex for the marketing folks.

When you choose a very small segment of the market to target , the advantage is that you can do iterations in your messaging, you can actually interview prospects who didn’t buy from you and other things to identify what is resonating with your market and incorporate the learnings very fast.

This is not an easy task at all. Once you are able to “crack the code” as Dean Jackson puts it, you can scale in that market very fast.

Even now I have to learn so much in each new product we launch. Its never easy to say that because I launched a security product last year successfully I will be successful for a new AI product I am launching this year. While the frameworks can be in place and evolving, the learning is always new. But that’s what makes it interesting.

Till next time then.

Carpe Diem!!!