Take Advantage of the Dog Days of Summer (& Beat Your Competitors in the Fall)

Today we have a guest blog from Elizabeth Andreini:

August is generally a quiet time for business; many people’s thoughts turn to vacation and it might seem that half the people you want to contact are either getting ready to go on vacation, or already on vacation (even if they haven’t yet left the office). Several companies I’ve talked with recently have been thinking about making changes in the markets they serve. My advice, which I share with you, is this can be an ideal time to reach out and have a different type of conversation with customers and prospects to gather information to make strategic decisions on markets and products.

Maybe your business feels less focused than you would like it to be because there are so many possibilities that you aren’t sure you are focusing enough? Or have you felt that your market traction may not be as strong as it should be and wonder about the size of the market? Are there are other markets you could be expanding into, but aren’t sure where to expand for maximum results?

No matter the question, this is the ideal time when everyone’s pace is a little slower to have some deeper, more meaningful conversations.  Take a few minutes and create a list of questions you would like to research. Ask customers and key prospects for a few minutes of time over the phone, or if they are nearby offer to meet for an (iced) coffee. Interview customers and recent prospects or others who are thought leaders, listen to them talk about their problems and needs as well as wants. Analyze market segments to pursue (including the one you are currently in) and validate that problems are urgent and pervasive to know that target segments will support both current and future business.

You might be surprised at the insights you gather and the connections you make during this research process. Taking this time during the summer doldrums and you will be ready to create a plan that will help you as you come into the more active fall and winter periods – and help prepare you for an even stronger and more profitable 2015!

Consider these questions when doing your research:

1. What are some of your biggest challenges?
2. What are the biggest advantages you gain when you use our products and services?
3.  What products or services do you wish we had that we don’t?
4. If we were considering offering “test product/service” what advice would you offer us on which markets to pursue?
5. What trends are you seeing that our company should be aware of?

ELIZABETH ANDREINI

As the President of Accelerate Marketing, LLC, Elizabeth Andreini, is the “secret

weapon” CEOs turn to at key growth points when they need to transform marketing and

product management to grow their customer base, increase revenue & scale their

business. In addition to providing experienced executive insight and guidance, Elizabeth

often works as an interim CMO or VP to provide the hands-on leadership needed to

rearchitect marketing and product management and improve execution from the inside.

Elizabeth Andreini, founder & president of Accelerate Marketing, LLC 

206-769-3420 or elizabeth@accelerate-marketing.com

www.accelerate-marketing.com

Twitter: @acceler8mkting

LinkedIn: www.linkedin.com/in/elizabethandreini

Why Listening to Your Customers Isn’t Always a Good Idea

Today we have a guest blog from Elizabeth Andreini:

Sounds counterintuitive, doesn’t it? You should always listen to your customers, right? Actually not always…

Many companies have a group of customers that are informally contacted for feedback when considering development of new products or to validate changes to their marketing approach. Other companies have customer advisory boards deliberately composed of a diverse set of customers to solicit feedback in a more structured manner and reconcile conflicting views and priorities. When developing add-on or complementary products and services, focusing solely on existing customers may be appropriate. But don’t make the mistake of confusing needs of your existing customers with the needs of the market. 

Customers have an inherently biased perspective of your company and its product offerings. Existing customers are accustomed to the current product’s capabilities and give feedback in the context of that experience. Feedback from existing customers tends to be more evolutionary than revolutionary, and focuses on incremental improvements based on their familiarity with the current offering in existing markets. Existing customers are much less effective at identifying new product offerings and new potential markets. If the voice of the customer overwhelms that of the market, you run the risk of being TOO tailored to one section of the market (your existing customers). Companies need to keep their eyes on the whole market or new offerings won’t sell as well as expected limiting revenue growth potential.

I once worked at a software company where our flagship customer was collaborating with us on the next version of our main software product. Just as we were about to move into a key phase of development, we shared detailed development plans with a very large prospect. That prospect had a different set of needs and priorities for the next product version. After further research, it turned out that the customer’s needs were not only different but incompatible with much of the market we were moving into. The company almost made a mistake that would have cost us a number of prospective customers and delayed us expanding our market share. It was a tough situation that could have been avoided by making sure that we better understood the voice of the market as well as the needs of our current customers upfront.

So, while listening to your customers is very important, don’t fall into the trap of assuming customers’ needs are similar to the needs of the whole market. A customer isn’t fully representative of the market. Invest time in an ongoing basis to really listen and understand the voice of the entire market. And remember, customers are not always right.

ELIZABETH ANDREINI 

As the President of Accelerate Marketing, LLC, Elizabeth Andreini, is the “secret weapon” CEOs turn to at key growth points when they need to transform marketing and product management and grow it to the next level critical for revenue and profitability. In addition to providing experienced executive insight and guidance, Elizabeth often comes in as an interim CMO or VP to provide the hands-on leadership needed to rearchitect marketing and product management and improve execution from the inside.

Elizabeth Andreini, founder & president of Accelerate Marketing, LLC 

Accelerate Marketing, LLC

206-769-3420 or elizabeth@accelerate-marketing.com

www.accelerate-marketing.com

Twitter: @acceler8mkting

LinkedIn: www.linkedin.com/in/elizabethandreini

Why Listening to Your Customers Isn't Always a Good Idea

Today we have a guest blog from Elizabeth Andreini:

Sounds counterintuitive, doesn’t it? You should always listen to your customers, right? Actually not always…

Many companies have a group of customers that are informally contacted for feedback when considering development of new products or to validate changes to their marketing approach. Other companies have customer advisory boards deliberately composed of a diverse set of customers to solicit feedback in a more structured manner and reconcile conflicting views and priorities. 

When developing add-on or complementary products and services, focusing solely on existing customers may be appropriate. But don’t make the mistake of confusing needs of your existing customers with the needs of the market. 

Customers have an inherently biased perspective of your company and its product offerings. Existing customers are accustomed to the current product’s capabilities and give feedback in the context of that experience. Feedback from existing customers tends to be more evolutionary than revolutionary, and focuses on incremental improvements based on their familiarity with the current offering in existing markets. Existing customers are much less effective at identifying new product offerings and new potential markets. If the voice of the customer overwhelms that of the market, you run the risk of being TOO tailored to one section of the market (your existing customers). Companies need to keep their eyes on the whole market or new offerings won’t sell as well as expected limiting revenue growth potential.

I once worked at a software company where our flagship customer was collaborating with us on the next version of our main software product. Just as we were about to move into a key phase of development, we shared detailed development plans with a very large prospect. That prospect had a different set of needs and priorities for the next product version. After further research, it turned out that the customer’s needs were not only different but incompatible with much of the market we were moving into. The company almost made a mistake that would have cost us a number of prospective customers and delayed us expanding our market share. It was a tough situation that could have been avoided by making sure that we better understood the voice of the market as well as the needs of our current customers upfront.

So, while listening to your customers is very important, don’t fall into the trap of assuming customers’ needs are similar to the needs of the whole market. A customer isn’t fully representative of the market. Invest time in an ongoing basis to really listen and understand the voice of the entire market. And remember, customers are not always right.

ELIZABETH ANDREINI

As the President of Accelerate Marketing, LLC, Elizabeth Andreini, is the “secret weapon” CEOs turn to at key growth points when they need to transform marketing and product management and grow it to the next level critical for revenue and profitability. In addition to providing experienced executive insight and guidance, Elizabeth often comes in as an interim CMO or VP to provide the hands-on leadership needed to rearchitect marketing and product management and improve execution from the inside.

Elizabeth Andreini, founder & president of Accelerate Marketing, LLC 

Accelerate Marketing, LLC

206-769-3420 or elizabeth@accelerate-marketing.com

www.accelerate-marketing.com

Twitter: @acceler8mkting

LinkedIn: www.linkedin.com/in/elizabethandreini