Working backwards from the customer result- Part 4

Assumptions, Customers, differentiation, Marketing, single target market

Till now we have looked at the Future Reality tree, then we have highlighted the unsaid assumptions so we don’t miss a ‘snake in the grass’ which can mess up our plans. Then we identified the various use cases for a simple regular item like engine oil for cars.

Now let’s move forward with the example of the engine oil for cars. We identified OEMs (brand owners like Ford, Mitsubishi etc.), service stations and gas stations.

Lets take first – Gas stations. There could be gas stions which are right in the heart of the city and there could be those which are on the Inter State highways. Both sell to retailers who come to fill gas and may ask for a top-up. But the ones on the highway will fill a larger amount of gas because they may be traveling long distance. Can you think of how you can package your engine oil sales with the higher intake of gas….

On the other hand the person who is taking gas in the city may not get his engine oil filled because he can send his car for service during the week end. So the gas stations in the city may see a lower number of people asking for engine oil versus the ones who are traveling long distance and want to have a hassle free ride.

For the product management person, it is now important to figure out the kind of packaging she will do for these 2 different kinds of gas stations , the kind of pricing options, the kind of promotions…..there are so many ways to get creative to figure out how you can work through different markets within in a niche also.

But if you think of only engine oil as the niche then it becomes difficult to think of differentiated strategies. The moment you think from the end result – a person wanting a hassle free long distance ride you can start getting creative.

One person whom you should listen is Dean Jackson on his podcast morecheeselesswhiskers.com and another podcast that he does with Joe Polish ilovemarketing.com. Just listening to them will get your creative juices flowing.

Till next time then

Carpe Diem!!!

Habits – Path Dependence – 2

competition, differentiation, differentiation, ideal customer, Marketing, segmentation, single target market

In my earlier post I wrote about why Path Dependence can be a big barrier to success. The reason this is important when we look at Marketing and Product Marketing is that the market and the competitors are always changing. The customers change, the way they like to interact with suppliers changes, their priorities change. The way your competition reacts to these changes with their offerings and how you react all need to keep up with these changes

So the solutions which helped you become successful previously may not make you successful now. It happens to me all the time. Whenever I keep trying to use the same old data points, the same old methods and things don’t work I have to start going down to basics.

Habits are good , as I have said multiple times before, because they help cut out the energy requirements from our life , but the same habits become a baggage when you have to change to meet new scenarios. Habits work on path dependence.

While the basics of targeting a single target market, differentiation , segmentation, all remain as is, what changes is the way you address a customer. There was a time when you reached out on the phone to people. Then people. got Caller id phones and if they didn’t recognise your number you got diverted to voice mail. Then came email. But if you were still stuck on phone as primary method of prospecting and didn’t adapt to email prospecting you would be long gone.

So while habits are good, energy & time efficient, sometimes when things are not working out you need to look at another path to see if it can take you to your destination.

If you look at India’s history as an analogy, one of the reasons that they were able to conquer our country and rule it for almost 150 years was because they came with guns, while the Indian kings at that time, still had their armies using swords and spears.

In marketing if you don’t carry the ability to go back to basics to figure out what is causing your team to fail, then you won’t last long. Sometimes you have to change the teams just for this reason, because if they are not willing to change, you have just two options – either die a slow death or change the team and live to fight another day.

Till next time then, don’t let path dependence stop. you from exploring new solutions.

Carpe Diem!!!

Personal differentiation

B2B, differentiation, Marketing, Positioning, relationships

This post was actually starting with nothing to write about. Suddenly a thought flashed across my mind.

I keep talking about continually marketing to your prospects and customers in the B2B space. It can be with your own products or with your partners’. But be in touch always.

But you need not always be making offers to your prospects or giving them more information.

Sometimes just a hand written thank you makes a more personal statement. In B2B selling, in most cases still, you need to have a relationship in place before you can sell anything.

As Mark McCormack used to say – all things being equal people buy from friends . If you have not read his book What they don’t teach at Harvard Business School and its sequel….they are gems. So much wisdom in such small reads

Which brings me to another thing which I have found useful to give, is a non-standard gift. Copies of paintings, books etc.

Sometimes your product has differentiation which is very unique. In most cases in technology marketing its rare. You create your personal differentiation in front of the customer by doing these small things

Some organizations do have a amount on the value of gifts that are considered inappropriate. You need to be cognizant to that. But within that you can be creative and give gifts which have a high recall value….sometimes much much higher than what your marketing webinar would give.

In B2B especially and otherwise also relationships matter. So keep working on that.

Till next time then.

Carpe Diem!!!

Selecting a Niche Part IV

differentiation, Marketing, Positioning, Product Management

Joe Polish has this wonderful example of a kaleidoscope and telescope. If you look into a telescope you can zoom into a specific object and identify this out it.

On the other hand if you look through a kaleidoscope, you see a lot of beautiful patterns but you can’t find one specific thing to focus on. As you keep rotating the kaleidoscope the patterns keep changing and keep mesmerizing you, diverting your attention from good pattern to the next.

When you niche, you not only find what you need to focus on, but you also find what you don’t need to focus on.

As marketers we are always seeing opportunities like the patternsin a kaleidoscope. A marketer is fundamentally positive by nature and therefore see opportunities all the time. This however is the downside for us, it tends to distract us.

By creating a niche and sticking to it, you put the blinders on for everything else. Then your messaging to your audience improves, you are able to identify all the different nuances for the audience and therefore slowly start owning the space in the mind of the customer.

Once you can own the space that’s when the game starts and you make profits.

Till next time.

Carpe Diem!!!