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{"id":5778,"date":"2016-05-26T15:14:46","date_gmt":"2016-05-26T22:14:46","guid":{"rendered":"http:\/\/theqmpgroup.com\/?p=5778"},"modified":"2016-09-06T22:24:38","modified_gmt":"2016-09-07T05:24:38","slug":"creating-market-pull","status":"publish","type":"post","link":"https:\/\/theqmpgroup.com\/creating-market-pull\/","title":{"rendered":"Creating Market Pull"},"content":{"rendered":"


\n“Market Pull results in higher marketing and sales ROI than Market Push and makes everyone\u2019s life a lot easier. \u00a0Ask B2B business owners which they would prefer, and you\u2019re unlikely to find anyone that wouldn\u2019t prefer to have customers lined up at the door asking to buy their products than having to coax them\u00a0out of the brush to engage.”<\/span><\/em><\/center> <\/p>\n

Market Push<\/h2>\n

Market Push is exactly what it sounds like \u2013 aggressively pushing and promoting of your product to any and all that will listen. \u00a0After all, customers can\u2019t buy your products if they don\u2019t know they exist.\u00a0 So, marketing must become obsessed with \u201cgetting your name out there\u201d.<\/span><\/p>\n

Right?<\/span><\/p>\n

Well, not really. \u00a0That obsession makes Market Push programs expensive and many times ineffective.<\/span><\/p>\n

An all-out \u201cget-our-name-out-there\u201d initiative can lead a B2B marketing team to commit a lot of cash, time and energy to a scattered range of unfocused activities: a new branding program, a revamped website, new logo and newly-minted tag line, a blitzkrieg of trade shows, radio ads, an SEO initiative, a blast of pop-up on-line advertising or an aggressive social media program.<\/span><\/p>\n

\"\"<\/p>\n

Source:\u00a0Douglas Wray on Instagram<\/a>, via Daring Fireball<\/a><\/p>\n

I have seen firms spend in excess of 7 figures on Market Push programs with virtually no measurable results.<\/span><\/p>\n

It\u2019s a fall back, non-strategic shotgun approach.\u00a0 And, even if it works a bit, it typically generates a widely diverse range of customers. \u00a0The consequences are that the firm doesn\u2019t know where to focus next.\u00a0 They will likely be pulled in many directions by different special interests within this new, wide customer base.\u00a0 They cannot decide how to evolve their product offering road-map or what specific message to promote to whom. \u00a0Debate can get heated. \u00a0Spread too thin, they can become vulnerable to more focused competitive initiatives.<\/span><\/p>\n

There is a much better way.<\/span><\/p>\n

 <\/p>\n

Create Market Pull<\/h2>\n

Now, contrast Market Push with the phenomenon of Market Pull.<\/span><\/p>\n

After initially trying and failing with a Market Push program, a B2B client shifted to a focused Market Pull program and grew their customer base by three orders of magnitude in just under three years.\u00a0 The initial impact of the switch was seen in less than 120 days. \u00a0Another customer hit two orders of magnitude in six years.<\/span><\/p>\n

The question is this:\u00a0 How does one create market pull of these magnitudes? \u00a0The compound answer may seem counter-intuitive, at first look.<\/span><\/p>\n

It’s: Focus and Leverage<\/span><\/p>\n

 <\/p>\n

Market Focus: Tapping into the Natural Leverage\u00a0of the Market Ecosystem<\/h2>\n

Each target market is a community.\u00a0 Each community has a natural architecture. We call this target market architecture the Target Market Ecosystem or TME. \u00a0While all TME architectures are virtually the same in basic structure, (see below), each is unique in what\u2019s inside the nodes.<\/span><\/p>\n

\u00a0\"\"<\/p>\n

Creating market pull is about building a reputation for delivering outstanding value to Economic Decision Makers in a specific target market ecosystem, then fanning the flames of the communication of that value proposition between peers, referral sources and through the other network nodes.<\/span><\/p>\n

Within any TME, the ultimate goal is reaching Economic Decision Makers with your compelling value proposition.<\/span><\/p>\n

For economically impactful purchases in the B2B world, Economic Decision Makers commonly look to knowledgeable, experienced people they trust within the market ecosystem for advice and recommendations.\u00a0 Filling those advisor roles are peers, technical specialists, lawyers, accountants, consultants and Board Members.\u00a0 We classify this group of advisors as Key Referral Sources.<\/span><\/p>\n

Within that same TME community, there are also Opinion Leaders \u2013 those few knowledgeable folks who seem to always be at the front edge of new ideas.\u00a0 They might not hold a direct, open communication line to the Economic Decision Maker, nonetheless, they typically have significant indirect influence on them through\u00a0their Key Referral Sources.<\/span><\/p>\n

The most impactful Opinion Leaders are characterized by four traits.<\/span><\/p>\n

    \n
  1. They are Fanatic Believers in your value proposition<\/span><\/li>\n
  2. They are Well-Networked within the target market ecosystem<\/span><\/li>\n
  3. They have High Credibility with Key Referral Sources and Economic Decision Makers<\/span><\/li>\n
  4. They are Natural Sales People, anxious to communicate what they know and believe, to all willing to listen.<\/span><\/li>\n<\/ol>\n

    Also within this community infrastructure are a couple of non-people nodes – Venues and Vehicles.\u00a0 Venues are the real and virtual places where people in this ecosystem meet and dialogue: society meetings, trade shows, on-line groups, peer-groups, conferences, industry events and seminars.<\/span><\/p>\n

    Vehicles are the means through which people discover new information: webinars, blogs, podcasts, talks, videos, articles, industry journals and whitepapers.<\/span><\/p>\n

    The arrows in the ecosystem diagram, represent the directions of influence of each node.<\/span><\/p>\n

     <\/p>\n

    It\u2019s A Universal Dynamic<\/h2>\n

    The social influence dynamics of a target market ecosystem are at work for everything bought by anyone.\u00a0 Its ubiquitous existence was clearly demonstrated in social research compiled by Professor Everett M. Rogers in his book \u201cThe Diffusion of Innovations\u201d (Free Press, 1995).\u00a0 From community adoption of health practices in villages in the Andes, to the fan-out of new techniques for educating children in math in Pittsburg, to the adoption of high-tech products, the TME is the engine that drives adoption.<\/span><\/p>\n

     <\/p>\n

    It\u2019s Underlying Structure is Ubiquitous<\/h2>\n

    The market ecosystem architecture for Hospitals is the same structure as that for Fire Departments \u2013 and every other industry. \u00a0Yet, each individual TME is, for the most part, self-contained. Within it swirls the internal dynamics of market-specific issues, market-specific peer-to-peer communications, influencers, opinion leaders, venues, and industry journals spouting their own unique industry lexicon.<\/span><\/p>\n

    This insular characteristic means the Director of a Hospital, is not likely to hang out with, or seek the advice of, the Chief of the Boston Fire Department regarding how to select computer monitors for their delivery rooms. \u00a0She will most likely, ask a peer at another hospital or a hospital IT specialist first.<\/span><\/p>\n

     <\/p>\n

    Leverage: Kick-Starting Your Value Proposition Communication Multiplier (VPCM)<\/h2>\n

    Your VPCM is the fuel that powers growth in a TME.<\/span><\/p>\n

    Social science research shows that \u201cnode-based\u201d, intra-community communications is 13 times more effective than mass media in getting a value proposition message to go viral within a TME.<\/span><\/p>\n

    Having one of your happiest customers communicate the exceptional value delivered by your approach to solving their problem in a venue talk to 25 or more of her peers is an example of your Value Proposition Communication Multiplier<\/em> (VPCM) in action.<\/span><\/p>\n

    The VPCM is most powerful within an ecosystem and, occasionally can even jump from one ecosystem to another.\u00a0 It drives market pull and sells for you when you are not in the room.<\/span><\/p>\n

    Opinion Leaders are important communication and influence nodes. \u00a0One Opinion Leader can influence dozens, or even hundreds of Economic Buyers or Referral Sources in a specific TME.<\/span><\/p>\n

    Key Referral Sources are influence and communication nodes for your VPCM.<\/span><\/p>\n

    Venues and Vehicles are also VPCM communication and influence nodes.<\/span><\/p>\n

     <\/p>\n

    \u201cStrategically injecting an ecosystem-validated value proposition message at the right communication nodes is the key to creating market pull.\u201d<\/em><\/span><\/p><\/blockquote>\n

    What You Can Do Immediately<\/h2>\n

    Here are three actions to create market pull in your corner of B2B world.<\/span><\/p>\n

    1. Focus<\/em><\/span><\/p>\n

    Select a target market where your value proposition has been validated to deliver higher economic value to customers than any other segment. \u00a0Be sure the market has some economic momentum, lots of customers with a common problem your offering fixes and a well-established, easily identifiable TME.<\/span><\/p>\n

    2. Map that Market\u2019s Ecosystem<\/em><\/span><\/p>\n

    Identify the Economic Decision Makers by title, Key Referral Sources by the same, Opinion Leaders, Venues and Vehicles.<\/span><\/p>\n

    3. Target your value proposition story at communication nodes within the TME<\/em><\/span><\/p>\n

    Build your story and marketing plan around your proven, delivered value proposition in that specific sector.\u00a0 Then proceed to place that message through blogs, articles, talks, referrals and presentations at the Nodes of the TME to get the natural lift that each TME offers.<\/span><\/p>\n

    Don\u2019t get antsy. If you do it right, and your value proposition is real, then you should begin to see results in no more than 160 days.\u00a0 If you don\u2019t see results something is amiss \u2013 and whatever it is, it\u2019s not anything that could be fixed with an expensive Market Push Program.<\/span><\/p>\n

    *****<\/p>\n

    Jerry Vieira, CMC is the President & Founder of <\/a>The QMP Group, a management consulting firm specializing in market strategy, marketing & sales organizational transformations and marketing & sales training and coaching. \u00a0Jerry can reached at <\/a>Jerry@qmpassociates.com. \u00a0Read more about Jerry on LinkedIn<\/a> and follow him on Twitter at @JerryatQMP<\/a><\/em><\/span><\/p>\n

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    “Market Pull results in higher marketing and sales ROI than Market Push and makes everyone\u2019s life a lot easier. \u00a0Ask B2B business owners which they would prefer, and you\u2019re unlikely to find anyone that wouldn\u2019t prefer to have customers lined up at the door asking to buy their products than having to coax them\u00a0out of […]<\/p>\n","protected":false},"author":5,"featured_media":5779,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[100,11,12,105,21,9],"tags":[97,38,101,102,24,60],"yoast_head":"\nCreating Market Pull - The QMP Group, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/theqmpgroup.com\/creating-market-pull\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Creating Market Pull - 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A specialist in market strategy and leading marketing & sales organizational transformations, he is considered an insightful, creative, energizing force in accelerating business growth and transforming business organizations. Jerry frequently publishes articles and blogs and delivers talks and workshops on market strategy, sales, the adoption of innovation, motivation and establishing and maintaining a culture of performance excellence. He has held management and executive positions in engineering, manufacturing, marketing and sales in both Fortune 500 and pre-IPO firms. Jerry holds two Bachelors degrees, one in Electrical Engineering from Manhattan College and the other in Music, from Portland State University. He earned an M.B.A. from the University of Rhode Island. His hobbies are music, fishing and hiking. He can typically be found at any piano within reach. Jerry is available to address your organization or group on a wide range of strategy, marketing, sales and management topics for luncheons, keynotes and half or full-day facilitated workshops. His talks are insightful and his stories are colorful, memorable and entertaining. People remember the gems for many years.","url":"https:\/\/theqmpgroup.com\/author\/jerry\/"}]}},"_links":{"self":[{"href":"https:\/\/theqmpgroup.com\/wp-json\/wp\/v2\/posts\/5778"}],"collection":[{"href":"https:\/\/theqmpgroup.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theqmpgroup.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theqmpgroup.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/theqmpgroup.com\/wp-json\/wp\/v2\/comments?post=5778"}],"version-history":[{"count":19,"href":"https:\/\/theqmpgroup.com\/wp-json\/wp\/v2\/posts\/5778\/revisions"}],"predecessor-version":[{"id":6376,"href":"https:\/\/theqmpgroup.com\/wp-json\/wp\/v2\/posts\/5778\/revisions\/6376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theqmpgroup.com\/wp-json\/wp\/v2\/media\/5779"}],"wp:attachment":[{"href":"https:\/\/theqmpgroup.com\/wp-json\/wp\/v2\/media?parent=5778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theqmpgroup.com\/wp-json\/wp\/v2\/categories?post=5778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theqmpgroup.com\/wp-json\/wp\/v2\/tags?post=5778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}