The good news about B2B marketing is its ultimate practical nature. To misquote Chaucer, “Value will out.” In the majority of cases, business-to-business purchasing is driven by practical considerations including but not limited to:
-Clear and understandable value your offering brings to the buyer
-Timing, as B2B purchases are typically made only when needed (sometimes later!)
-Reputation, because business purchasing decision-makers are often risk averse
-The right price, because the bottom line matters and competition, both direct and indirect, can be fierce; but remember, the lowest price on the market may connote “cheap” so play your cards right
-Problem-solving and pain reduction, because business is nearly always tough and your offering should make it easier
The other good news about B2B marketing launches is that, if you do your homework, you can pretty nicely identify and target your prospective buyers.
-Decide if you have one or multiple vertical markets to reach (schools, hospitals and hotels or just one of these)?
-Determine who is likely to make and to influence the buying decision.
-Research the way these people, as a group or singly, like to get their information (websites, trade shows, social media, video, print or online media, word-of-mouth, search engines, inbound marketing)?
-Remember that delivering your message via multiple methods and media will generally give you stronger results than the Monomaniac Approach of one form of outreach forever.
Once you’ve done some homework and you have your B2B product or offering ready to go, leverage your knowledge and tell your story.
-If your offering is “news” (and a new product or service of value typically is news), treat it as such, with media outreach, video how-tos, social media, trade show exhibition, eblasts, advertising, and lots more.
-Follow up with ongoing “drip” marketing, telling stories, creating case studies, continuing to advertise, and offering advice of value.
-Remember that when you are sick and tired of deluging the market with the same old messages, your prospects may just be beginning to notice them.
-Do you have a high-value offering and key prospects? Consider conversion marketing, in which you reach out to these same people multiple times, in a range of different ways.
-Can you become the expert in the solution you are offering? We may be getting tired of hearing the term “thought leadership,” but it still matters. Offering counsel, expertise and value through presentations at trade shows or conferences, writing white papers, blogging, and publishing articles makes your expertise, and if properly done, your offering top-of-mind.
-Learn as you go. You may later realize that the benefit you ranked as third in importance when you launched turns out to be #1. Revise and leverage. You may find out that schools really want the product you thought was ideal for hospitals. You may discover that your best customers buy one or two right away, and that the biggest prospects take two years to get you a purchase order. Smart B2B marketers are ready and able to adapt to realities and changes in plans.
-Repeat. Keep improving your offering, your messaging, your targeting, and your sales. Once you have the hang of this, you’ll want to keep at it.
Showing posts with label product launch. Show all posts
Showing posts with label product launch. Show all posts
Monday, November 2, 2015
A Short Guide to Smart B2B Marketing Launches
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Tuesday, September 22, 2015
Before you launch: Imagine your product has failed. Conduct a pre-mortem.
Positive thinking is great. Blind spots... not so much.“What could possibly go wrong?” is certainly a question that merits asking during any product or project’s development. However, a managerial technique known as the pre-mortem takes the process a critical step farther.
The pre-mortem process in three easy steps:
“We haven’t launched this product yet. But let’s imagine that it’s a year after the scheduled launch – and the product has failed. Okay, everybody, what went wrong?”
To give your team the opportunity to answer this question as thoroughly, as thoughtfully, and in as many ways as it merits, you’ll want to follow a process that encourages prospective hindsight, a method of thinking as if something has already happened.
First of all, set aside two hours. Sure, you are busy developing the product. Make no mistake (yes, that’s a play on words) you are NOT too busy to perform a pre-mortem, which is far less painful and expensive than the potential post-mortem you will perform when and if the product fails. Start with a two-hour meeting. Select a facilitator.
Second, have everyone in the room begin by independently writing down all the possible reasons for the product’s failure. Have each participant read one reason from his or her list, and repeat the process until all potential reasons for failure have been vocalized. Meantime, the facilitator writes down every reason.
Third, discuss.
And, finally, post-meeting, plan and make changes to accommodate what you’ve learned through exercising prospective hindsight via the pre-mortem. This may require additional team meetings. Again, it’s time well spent.
The research on pre-mortem effectiveness:
Harvard Business Review reported that “Research conducted in 1989 by Deborah J. Mitchell, of the Wharton School; Jay Russo, of Cornell; and Nancy Pennington, of the University of Colorado, found that prospective hindsight — imagining that an event has already occurred—increases the ability to correctly identify reasons for future outcomes by 30%.” Using prospective hindsight allows team members to think out some of the lurking problems that haven’t been brought into the light of day in ordinary planning meetings. It slows the rush toward completion to allow more balanced perceptions to arise.
******
“Why did our product and its launch fail?”
Participants' sample answers
We failed to market aggressively and one of our competitors then seized the market advantage as if we hadn’t been first.
We didn’t ask the market if it was interested in this product – and no one was.
We didn’t make sure the technology worked seamlessly. Early fails damaged our image.
Production was too expensive, and we tried to charge more than the market would bear.
A recession killed demand for “extras” and our product wasn’t a must-have.
Consumers slammed it in reviews.
Our CEO cut the budget just as we launched and we didn’t get to trade shows.
We didn’t train the sales team to sell this complex offering, so they kept selling the old stuff instead.
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