selecting a niche

B2B Messaging – sequences – Part II

differentiation, messaging, Positioning, Product Management, segmentation

In my last post on this topic,  I had written why its important to follow a multi sequence strategy in B2B messaging because of the inertia that people have because of the organizational structures they work in.

I had also spoken about how to put a wedge of dissonance and work on that.

In the technology area which I specialize in,  the other reasons for inertia are because people don’t know if the technology is just a passing fad or is it going to stay. So people want to see evidence that the technology you are talking about is getting adopted.

In addition to the above the next item is related to things on the “infrastructure ”  a term popularized by Regis Mckenna in his book relationship marketing.  This is quite an old book, so some of the technologies listed would seem obsolete,  but if you are involved in technology marketing then the concepts listed are very worthwhile.

The “infrastructure ” would relate to things like do we have the skills and capabilities, will we be able to adapt it in our environment. 

None of these things will change in a few messages that you send. You will need to keep driving the wedge deeper and deeper,  you will need to share success stories to help reduce the fear and figure out ways to be in front of them when either something goes wrong or there’s a new boss who arrives and wants change to take place.

However because you are relentless in reaching out,  you also become a fixture in their mind. I remember a customer who gave us a managed services order after more than a year of follow-up,  telling me that she had got so used to seeing my letters on her table every month that she had to call me when they thought of outsourcing.

That’s when you take your opportunity and strike and do a fabulous job. As I mentioned in my last post also, it could take you sometimes more than a year to make things happen.

Needless to say,  you can’t do this if you’re broad based in the beginning,  because the economics and bandwidth both will be an issue.  If you have identified a niche and then you do this, then its feasible otherwise its not viable.

Till next time.

Carpe Diem!!!

In marketing Less is More – quite often

differentiation, Marketing, messaging, Positioning, Product Management, Sales, segmentation

If you have been observing the posts I have been writing,  in the last few weeks, you would have noticed one common traits.

I have been asking you to continuously reduce and sharpen your focus.

In the marketing focus I spoke about identifying a single niche which is small enough  for the big players but large enough for you to focus. So we eliminated all the remaining markets/segments and isolated a minimum viable market to start. Once you become successful in one, then you can move to the next segment and so on.

In the B2B messaging that I have been speaking about in the last few days , again, I have insisted on you sending a message which cannot be made shorter for conveying the information or problem. Once you can start the conversation with the recipient, you then have enough time for discussing about the various services that you offer. But there are so many distractions and complexities in our lifes, that if your message will look even slightly complex people will ignore you.

Its very tempting to try and grab as much as possible in the market, to write as much as possible in your message, but that is the sure shot way to not get anywhere in marketing .

Like the master piece sculpture in the picture, if the artist had not chiseled away the unwanted stone, you would notice this sculpture. Similarly for your market remove all the things which reduce your focus.

In marketing , most of the times , Less is actually More.

Till next time.

Carpe Diem!!!

Customer segmentation by usage – consumer example

differentiation, Marketing, mindset, Positioning, Product Management, Sales, segmentation

Yesterday we spoke about a specific usage scenario can create a niche for doing DR for ERP users in states where hurricanes are common.

Lets look at how on the consumer side you could use the same concept.

There are a lot of dry cleaners in every city. If you were to segment by just the demographics you may not be able to come up with a uniquely different niche.

But suppose, your demographic data threw up a lot of families with kids and you were to target parents of kids who play sports.

You create your operation in such a way that you can turn around a dry clean in less than 6 hours.

When my son was school going, there were so many times I wished if we had a dry cleaner who could get the blazer cleaned within a few hours.

Now if you can message to these parents about how you can get their sports stains completely removed within 6 hours, then you could remove one of the major hassles.

For doing this service you could be charging a premium. Once you have made the customer you could still offer the normal dry cleaning as well for all types of clothes but you will create the perception of being a specialist.

Where this strategy could fail is if there aren’t enough school going kids in the neighborhood or if someone is already giving 6 hour dry cleaning for all clothes at all times.

Marketing at the end of the day is also knowing about what your direct competitors are doing as well as what are the other methods for the customer to achieve the same outcome.

As I write these things, I also sometimes get a better understanding of how to solve a problem I am facing. As Joe Polish says – and I am paraphrasing it – the best way to learn anything, is when you are able to teach someone about it.

Till next time.

Carpe Diem!!!

Growing your business in the niche – Part VI – identifying your constraints

differentiation, Marketing, Positioning, Product Management, Sales

In part V we spoke about identifying different channels to reach your prospects.

To grow any business you need to identify the one key constraint which could hold you back.

In professional services its your time, in manufactured products its the time of the slowest machine, products which are dependent on natural capacity like farm produce or eggs are dependent on the the capacity of the farm or number of hens respectively.

If you can plan your business based on the constraint – highly recommend reading the Theory of Constraints by Eli Goldiratt and his second book The Goal – then you can take better decisions.

So if you are in professional services, and you can only work 8 hours a day, you need to figure out which is the niche which can help maximize the return on your time. If you’re a property / real estate agent then you need to focus on the segment where you can get a higher value for your listing as in designer homes versus condos.

Or you build partnerships so that your constraint can be a leverage to someone else.

Till next time.

Carpe Diem!!!