“Not every customer receives the same level of value from your product or service. It makes sense that those who receive the greatest value are more likely to buy it, pay more for it, be happier with it, tell others like themselves about it and return when they need more. So, if you're launching a new product, why not start there?” I love this photo. It precisely captures the reaction of many clients struggling with stalled sales when they first hear the suggestion that a narrower market focus might be the best way to overcome their problem. Their faces, and sometime their mouths, say, “Are you nuts!? We don’t have enough business now, and you want us to
In our previous blog post, “3 Guiding Principles for the Application of Lean in Marketing & Sales”, we offered a trio of overriding Lean commandments. In this post, we point to specific Marketing & Sales targets for Lean that will simultaneously increase customer received value and marketing and sales ROI.
“All economic value accruing to your firm has as its source, the customer’s perception that they will receive greater economic, emotional, political or physical value from your product or service, than it costs them economically, emotionally, politically or physically to acquire and use.” jerry Vieira, CMC
Depending on your market circumstances, Lean has the ability to reduce your marketing and sales expenses, while increasing sales and market share and enabling increases in selling prices and margins. Lean is not too good to be true. The benefits are real and borne out by strategic research and real life success stories.
I am always amazed at the cost and relative uselessness, for small to mid-size B2B firms, of formally published market research reports. Certainly, strategic business decisions must not be made in an informational vacuum, but expecting meaningful, actionable information to come from a general market research report, read by dozens, if not hundreds, of competitors, is delusional. So, where should small to midsize B2B firms look for accurate, current, meaningful and actionable data to support their strategic breakthroughs? Few small-to-midsize B2B businesses avail themselves of the hidden army of market researchers already at their disposal. That army comprises any and all of their employees that have regular interaction with customers or, their customers’ markets. That team includes the sales and marketing team, product designers, quality people, customer service, their suppliers and their procurement people. This army is already there and on your payroll. Take the simple steps to mobilize it.
What your company and its products and services mean to their target markets, i.e. the customer experience surrounding your value proposition, must have already been delivered and validated in the marketplace before a brand can be meaningfully established. Customers must experience what they perceive as an unparalleled product or service experience first - and only then will the synaptic connection be made to the brand name and logo.
Over the 20+ years of working with sales teams in a wide diversity of industries, we have compiled Six Common Sales Myths, a series of posts published on our QMP Insights Blog. Open this post and selectively read those that intrigue you.
At its purest intent, and to be most effective, a marketing and sales audit should not be to uncover incompetence, to fix blame or to penalize, but rather to discover opportunities to make both marketing and sales more effective. If the motivation of an audit is solely to find a scapegoat or divert blame, the problem is not in the firm’s marketing and sales function, but rather in its culture.
.. It is an appeal to businessmen to adopt an asset and investment optimization discipline and thus create a powerful force for growth, in both good and bad economic times. By asset optimization I mean a process for assuring that every dollar of cash, every employee and every hour of time is aligned and consistently targeted at the best possible opportunity for growth – and if it isn’t, to re-target it. A process for executing that optimization exercise follows and is offered for you to consider.
Where does one begin the search to find new markets? The good news is: new high-potential market opportunities are typically discovered closer-in than you would imagine. Some await discovery hidden in the clutter of your current customer list. Others find you, not the other way around. In either case, your task is to recognize and quickly assess their viability.