For anyone who needs to crush a market with a new brand, product line expansion or new industry, you need marketing speed, the right audience and well-placed efforts to avoid wasting valuable time and resources. Here are (5) of the vital steps I think of as stopping on the way to an effective plan to establish your brand, stimulate change, and deliver measurable sales results while addressing the consciousness of a new buyer and a buying process by a committee. .
We will assume of course that the product and business have been tested with a well-established business plan to address market opportunities, competition, trends, risks, moderate conditions, buyer profile, pricing model, financial and infrastructure to produce and support product, process and customer.
Stop # 1 – Build insights from years of thought
We all think our product is great, but a survey of top marketing executives found that only 13% believed they could pass an ultimate differentiation test by removing names and logos from their commercial content, and handed them to a competitor to present to a customer, expecting the customer to find his way back to buy from him For its specific solution, result, or benefit.
Another challenge to profitable and large sales opportunities in the multi-stakeholder buying campaign today is 38% of the sales cycles that end with the buying group deciding not to decide. Research reveals the following about the modern buying cycle *:
- Average Buying Group – 11 diverse, cross-functional people
- Average purchase turnover – 4-5 months to research, gather information, evaluate, issue bids, demonstration, re-demonstration, and guidance
- Typical staff hours for each buying cycle – 85-90 hours or more
- Frequency of attempts to purchase solutions that end in a choice not to choose – 38%
This translates to the back of a napkin assuming a sales manager works on 60 sales opportunities a year:
- 15 opportunities / quarter x 38% = 20 opportunities / year x average of 10 hours = month / year.
The numbers are devastating if we lose 4 out of 10 times to the status quo, regardless of being a commodity and lose to a competitor. So how do we overcome these odds and gain back lost and unproductive time and resources?
- Teach our buyers something new that they would not discover for themselves
- Challenge the way they see their business
- Give them a compelling reason to take action and pressure change instead of regulating our product and their decision until cost or lowest risk or choose not to do anything
how? We shape our brand, message, goals, tools and strategy by mining for understanding. Understanding our customer’s business, industry, business environment and discerning value of our product to create the customer’s journey as we offer deep commercial insights, create change and differentiate ourselves from our competitors.
Stop # 2 – Discrimination when choosing goals
Not really, this kind of discrimination is okay. Just as it is difficult to strip the complexity into simple, it is not intuitive to throw a smaller net to catch more fish. Two litmus tests will put us beyond our goal of selectively investing resources and time selectively in opportunities with the highest likelihood of conversion.
The last two years have shaken organizations, industries and regions that thrive or survive. This means that a potential customer who was good in the past can not make decisions or spend today. It is imperative to explore and segment to avoid opportunities that go nowhere. Going back to post-COVID-19 data, companies seem to fall into three categories:
- 10% – in growth mode (ie consumer products, video conferencing, PPP, ventilation systems)
- 30% – Business as usual with some cost reduction steps
- 60% – in slow motion, having difficulty operating while carefully examining expenses
Do the research. Where does your potential customer base fall? Instead of potentially erasing the 60% and missing out on meeting your numbers, dig in to uncover the hidden gems that have healthy sectors for their business or are doing a good job of changing their strategies to grow with a new market or product.
Appreciate companies to find where you can create the greatest demand and create urgency with your insights about their business. Here are some questions to ask yourself:
- What is their status quo and the behaviors I want to change?
- What are the erroneous assumptions they have about their business?
- What do they not know but need about their business?
- What is the level of pain they suffer from staying the same versus adopting change? As a “few” better you will do their business to prove that a new way is their only viable way forward.
If you can not make a convincing claim for yourself, they are not good potential.
Stop No. 3 – Cultivation of a tribe
In a cultural change, buyers are now linking their decision to their perception of your brand and experience while interacting with your company and product. This new consciousness seeks an easier and more enjoyable journey, shared concern for values and goals, tribal access to associate with other users while interacting with your product and brand, and they look forward to mutual loyalty with overcoming rewards for their continued participation with your brand.
Stop No. 4 – Automation of contact points
Smaller and less resourceful teams require us to plan our outreach and ongoing support to our community with automated touch points in parallel with personal touch. Creating rhythms with campaigns, multi-purpose content and using a handful of innovative tools to support our communication with automation are essential to complete personal interactions with our network, social media engagements, speeches and conferences.
Stop # 5 – Rock out your social media
Within a few short years, our ability to create virtual connections in the absence of travel and personal events, convey amounts of information and create a seismic impact exploded with social media. One-dimensional blog posts untouched, re-posting of lackluster content produced by an uninformed marketing department, or reliance on “thought leadership” as the main strategy to stand out from the competition has no statistical impact on changing buying behavior. Instead, adding personal opportunities with face-to-face video content, articles and active engagement with your managers and sales leaders who teach new and compelling insights will drive credibility and drive change. These are essential for relevance, influence and dominance. You will miss the boat and fall behind.
For more strategies or help with your exit plan, please contact me LinkedIn Or at email@example.com.
* Study taken from analysis by CEB Advisory Group and 2012 CEB Commercial Insights Assessment