Mature Products ... 3 Things You "CAN DO" About It

Mature Markets & Products ....

Has your market peaked?

Have your products reached the mature stage of their life cycle?

Is it getting harder and harder to differentiate yourself from your competition? 

Is it a challenge to hold price levels due to competing products dropping their prices?

Are competitors trying to take your people to get your customers?

I try to help business owners and corporate executives with the challenges of a maturing market ...... maturing products ........ often times I have to identify the problem in my consulting engagements or partnerships ........ but when it comes to maturing markets and products, business owners and corporate executives usually already "get it" when it comes to identifying their problems or it is not hard to get them to understand what the problem is ....... they are smart people .... the challenge I find is getting them to take action to deal with the problem.

I have no doubt you have heard these 2 comments before .....

1. When your horse is dead .... get off .......... 
2. When you keep doing things over and over and over & expect different results, it is defined as insanity! 

Why is it that I keep talking to so many smart people running companies who understand their problem of maturing market and products ...... but month after month.....quarter after quarter......year after year......they don't take the actions to do anything about it?

Please understand that I am not being critical when I say nothing is being done about it ..... I have been there........ trying to fix your business challenges is often like trying to repair an airplane while it is flying .... no time to land and fix it in the hangar .... got to find a way to make the repair at 30,000 feet.....

The real challenge is trying to figure out why it is sometimes easier to do nothing than to try and fix a problem that isn't going away and must be taken care of before it gets worse.

I truly believe we don't always take action on many of the things we face in all parts of our life .... whether it be the personal or the professional areas ..... because we often don't see the answer and thus don't get started ..... or we see the answer and don't know how to get from Point A to Point B ..... or we need results now and don't have the time or the needed focus to work on creating the solution.....as the saying goes .... easier said than done!

Maturing markets and products create problems for your business that don't go away ..... there is not a "wake up in the morning idea" that will solve your problem .... often times not having that idea/the answer to our problem NOW prevents us from getting started ....

In situations like these, I believe the solution is to commit to just get started ....an approach NOW ... a process ... a SMART PATH you can be confident will help you navigate as efficiently and successfully as possible from where you are to where you need to be .....

Commit To Taking These 3 Steps TODAY ..... it is the right path .... the SMART path .... these 3 things will give you the confidence to discover the right answer for your company!

Here goes .....

• Clarify Your Target Customers ..... If you haven't done this in awhile and committed it to writing, you don't have clarity. It doesn't matter how long you have been serving this customer....doesn't matter how well you think you know them .... if you haven't gone through the process of documenting who your target customer is, you don't have the clarity you need. ..... I have heard others call their target buyers a "muse" or "avatar" ...... identify the characteristics of your ideal muse or avatar .... create 3 profiles .... The "best" target ... the "middle of the road" target .... the "least likely to succeed" with target. Clarity on all this will be the foundation to stay focused as you take on the next 2 steps.

• Create a Product Funnel Model .... You may think you have this in place, but if you are in a mature market and your products/services have reached the mature stage of their life cycle, you need to start from scratch and recreate your product funnel. The key is to set up your products/services so each one leads to the next. First introduce your customers to products at an introductory level with a key focus on building trust and rapport, delivering value and helping them achieve results ...... Then have higher value products available as customers want more from you as your relationship deepens with them ....... Create a product funnel/suite that has the next product ready and keep moving your customer "up the product path" as you escalate the relationship ..... Again, the key is to recreate your product funnel suite by assessing your current products to improve competitive advantage and package the knowledge and expertise that has come from years of taking care of your customers into products/services that will help you build a new and more robust product funnel.

• Differentiate Your Marketing & Sales Approach .... now that you have clarity on who your target customers are and have created a new product funnel, look at new and better ways to connect with your prospects and customers. The way you sell directly to your prospects/customers and the approaches you can recreate with your channel partners can truly differentiate you from your competition and grow your sales at rates above industry average. There are many ways to be different and effective. One is integrating an online strategy into your selling efforts. I talk to so many people who think about this, but don't know how to do it. Trust me ... it is not that hard .... you just need some guidance on how to get from where you are to where you want to be.

If your horse is dead ....get off ...... stop doing the same things over and over and over, expecting different results. 

Take action today ... commit to a SMART Path to addressing your mature market and products .... it only takes 3 steps .... have the confidence to get started even though you don't have clarity on the answers you are looking for ...... This 3 step process will get you from where you are to where you want to be......

Let me know how I can help!!

 
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Stop Wondering How To Sell Online - THIS IS IT!

I received several questions lately and all are trying to get at the same basic question ...... "If I already have products or services, how can I sell them online and use the insights you have been sharing in your last few blog posts?"

If your objective is to remain focused on your current products and services and to implement a strategy to sell them online, I recommend you create online sales campaigns. These sales campaigns should include content products that you choose to leverage in one or both of the following ways:

1. Provide high value content packaged in a product at no cost you include as part of your campaign when reaching out to your prospect .... if the content product is something that addresses a real need for your prospect, it will go a long way in building trust and rapport with your prospect. Thus creating a higher level of probability the prospect will buy your product online .... removing the need to involve a sales person ....... or if you want to continue to make the sale through a sales person, it will increase the probability the prospect will take your call and/or a meeting with you to learn how they can get more value by buying your products/services.
2. Another alternative for your consideration is the same approach as number 1, but also bundle another content product with your core product for even more value if they buy from you. 

You may recall in a previous blog, I outlined a sample for what an online sales campaign might look like. The following is that outline:

The sales campaign model looks something like this:

• Target customer receives 3 well written/scripted emails .... each 2 or 3 days apart. With each email is a video that is high value content teaching something that can be used to address a real need at no cost to the target customer. The key here is that the sales person is delivering the value in the video without any focus on making a pitch to sell something to the target customer .... creating trust and rapport along the way. 
• The 4th email and video is where the pitch to sell something is made. In the video, your salesperson who has been positioned as a thought leader/expert and has delivered high value content .... now communicates .... if you liked what we have provided you in the 3 part video series, let me tell how you can get more by buying our products and services. 

Each of the emails sent out as part of the online campaign are scripted/written to add value through the video product series that is provided at no cost. The content is created and packaged using a framework that clearly shows how to move from point A to Point B ..... thus learning your topic as quickly as possible in the right sequencial steps. Which is what everyone wants to accomplish when they are learning something. They might not put it in these words, but they are saying .... get me from where I am (Point A) to where I want to be (Point B) as fast as possible.  

I talk to so many people who want to transition to online sales and don't know how to approach it. The approach is to create an online sales campaign that includes a "stand-alone" content product you have created for your target prospect/customer. This content product provides such high value to address your prospects needs .... they want to learn how they can buy from you to get more. The more is your core products/services.

Stop looking for "how to" use online sales to increase your revenues .... This Is The Approach .... GET STARTED TODAY! Let me know how I can help!

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Growing Sales - New Approach for Creating Trust & Rapport with Prospects & Customers

Are you finding it harder to connect with your target prospects and customers?

Is technology making it easier in some ways to connect, but harder in others when it comes to trying to build trust and rapport?

Do you find yourself trying to get to the sale faster these days ..... before you have built the right foundation of connection between you and the buyer .... when you reach someone are you concerned because you don't know how often email and voice mail and text messages will stand in your way the next time you reach out?

Online sales communication strategies and systems are ready to effectively integrate with the more traditional phone and face to face sales methods to more effectively build trust and rapport with targets.

I have been spending a great deal of time over the last 6 months learning the best practices for building a business around Thought Leaders and Experts. People who have a high degree of skill in or knowledge of a certain topic. Someone who takes a specific topic/focus for what they have learned ... have become an expert in ... package it in a way that a target audience will find it useful and of high value .... and willing to "pay for it."

It has been an interesting journey from positioning to developing integrated suite of information products to the latest online sales campaigns and the technology infrastructure required to deliver messages and products. As is always the case with technology, things have changed so fast in the last couple of years, what is available now to support this kind of business online is so simple to set up and the costs are nominal to get started. I wish these alternatives existed 4 years ago when I was working on my own online "pilot" in partnership with an NBA Team. I would have spent less time and money on technology development & management and more time focusing on proving the concept and strategy.

As I have been taking my own years of business building experience and adding the "Expert" niche best practices to it, I have gotten into many conversations with people. Exploring opportunities with those who fit the Thought Leader/Expert role and how I can help them build a business around their area of expertise.

All this has also gotten me considering how the new best practices for online product marketing and sales will ultimately be more effectively integrated with the more traditional phone or face to face selling methods. When looking at the online marketing industry through the "rearview mirror," the perception is not always a good one ...... it is all about sell .. sell .. sell...do and say whatever you have to say to sell something to someone online.

Looking through the "windshield," There is a big shift taking place. Rather than sell .. sell .. sell....it is about "giving to receive." Online sales campaign best practices are more about building trust and rapport with a target audience without even discussing the product sale until multiple interactions with the target customer has delivered real value at no cost ..... regardless of whether or not they buy anything. This approach is building relationships online through trust and rapport that typically was not happening in how the online strategies were once implemented.

Now that the online sales strategy & implementation capabilities have come so far with new cost effective solution alternatives that are easy to get started and manage, I believe more and more businesses should be creating integrated suites of information products for their target audiences. Some of these businesses may choose to provide these new products bundled with their core offerings ..... some will see these new products as an opportunity for new high margin revenue streams. Whichever way these companies decide to go, I envision the approach to selling in these companies will be changing and will be using these online approaches to support the more traditional methods of building trust and rapport in the sale process to manage customer relationships and close more sales.

Are you trying to better differentiate who you are in your market?

Are you competing in a mature market & finding it harder and harder to differentiate other than price reductions that keep squeezing your margins?

Get started today and create a real tangible way to differentiate. Create high value informational products or programs that complement your core offerings. These products can truly address needs and pain points your prospects and customers are searching to address.  Start today building this into your product strategy and integrate online sales campaigns with your current phone and face to face approaches to close more sales.

Let me know how I can help!!!


 
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Plan for 2013 - 4 Questions to Ask Yourself

As you consider your plans for 2013, ask yourself these 4 questions.

1. What frustrates you the most about your business?
2. What are you trying to accomplish this year?
3. What do you think you'd need to double your business this year?
4. What strategies have you tried to improve your business that worked and didn't work?

Share your thoughts with your Advisor or Business Coach for discussion on how she/he can help you.

I would love to hear some of your comments in the comment section below this blog. I will personally take the time to respond.

 

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Product Path to The Future - Do You Have Clarity?

Is your company's growth rate at or below your industry's growth rate?

Is your annual growth rate greater then your industry's growth rate?

How much time do you spend focusing on your products and services?

Are your product/service initiatives focused on increasing your productivity?

Are your product/service initiatives focused on maintaining your current revenue levels or getting you incremental revenue growth?

Are your product/service initiatives focused on outcomes that will grow market share and reach annual growth rates exceeding your industry's growth rate?

Most companies will find 90% of their product/service initiatives are focused on streamlining and improving their margins or maintaining revenue and at best attaining incremental revenue gains. This is especially true as industry and product life cycles reach the maturing stage of development.

The key is to fight the urge to do what everyone else is doing and shift some focus and $$ to product/service initiatives that will help build your market share. When this is done successfully, your rate of growth will exceed that of your industry's growth rate.

Consider where your competitors are focused. How does that compare to where you are focused? Ask yourself the following product/service questions about your competitors and your own company.

1. Is the focus on adding additional features to existing products?
2. Is the focus on finding new ways to bundle/package and price our current products?
3. Are there creative approaches to bundling products/services that are outside our types of products that would motivate prospects to buy our products/services if they were bundled together?
4. Are products/services being offered to address needs of specific customer segments?

As industry and company products/services mature, you will find there is a strong focus on adding additional features to existing products or finding new ways to bundle and price current products/services. 

Shift some of your focus to strategies and initiatives that will find products/services outside your product category that your prospects and customers have a high need for and bundle them with your products. 

Also spend time identifying specific customer segments for your products/services. Get clarity on their unmet needs and how you can offer personalized solutions that specifically meet the segment's needs.

Continually finding ways to differentiate your company's products/services is critical at all times. Even more so when your industry and company products/services have reached the mature phase of the product/service life cycle.

Ensure you have the right product/service strategy systems in place. Your products & services ARE your company. Product planning and development is something that needs to be done on a consistent ongoing basis. Without this, your strategy will default to reacting to your competitors. Get clarity on your product path to the future. Put your competitors in the position of reacting to what you are doing.

 
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Selecting a Business Advisor

As you consider the right person to create a business advisory relationship with, ask yourself which of the following is important to you.

1. Is willing to challenge me and any member of my team when necessary?
2. Has special expertise important to the company?
3. Is available outside meetings for advice and support?
4. Has expertise on global business issues?
5. Understands Firm's key technologies and processes?
6. Brings external contacts that are potentially valuable to the firm?
7. Has detailed knowledge of the Firm's industry?
8. Is accomplished at representing the Firm to stakeholders?

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Asking for Advice & Input - Maximizing The Results

To maximize the value you get when seeking advice from your business advisor and/or any member of your team, give consideration to these questions. Being prepared to discuss your answers to these questions will provide the background for you to get the insights you are seeking to move your agendas forward.

1. What are the 3 most important strategic objectives you would like to achieve for the planning horizon you are focusing on?
2. What are the 3 biggest road blocks .... internally and/or externally .... that are preventing you from meeting all of your objectives?
3. What tools, skills and concepts would you like to explore, so we can cope with the road blocks .... while trying to  achieve your strategic objectives?

 
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Get The Most Out of Your Advisor

Regardless of whether or not you are leading & managing the entire business or a specific area of the company, find the "right person" to "roll up their sleeves" on select activities/projects to increase your bandwidth and/or work in an advisory capacity with you. 

Someone who has built a company and successfully transitioned it through the many life cycle phases of a product and building a business ...... someone who will work with you to create a personalized approach you can count on to fit your style and needs .....  Helping you manage the right mix of working "on" your business vs just working "in" it. 

Too much time working "in" the business will increase the odds that the light at the end of the tunnel you travel through from one phase of business building to the next will be a train coming right at you rather than a successful journey to the next stage. 

The right advisor for you is a confidant & collaborator who understands the context of the things you face. Helping you anticipate and address the issues as well as the emotional & psychological challenges that lie ahead. The right advisor will not only help you with some of the ongoing strategic decisions you will face, but will be "up to speed on your world" enough to "roll up the sleeves" and increase your bandwidth. Playing a role when you or one of your team don't have the time to move a project forward. 

This “been there ally” will help you anticipate the obstacles & requirements for success ahead. Supporting your need to stay rooted in the present while guiding you through the operational challenges for getting to the next level. Always focused on your development & accomplishments.

Once you find the right person, consider the process you will use to optimize your time and effort to keep your advisor "up to speed" .... so he or she always has an understanding of the background on anything you need advice and support with.  The following is a framework I have found to be a good starting place to adjust and personalize in a way that is best for you:

Monthly Review - meet once a month and discuss things that you are .... or will be facing. Consider a framework like the following:

Industry

1. What changes are taking place in your industry that will have a positive or negative impact on your area of responsibility?
2. What impact will the changes have on your company if you take no action?

Markets

1. Are the markets generating 80% of your business growing or shrinking?

Customers

1. What are prospects/customers expectations of your company and staff ... by customer segment? 
2. How do these expectations compare to and/or perform in comparison to competitors today?
3. How is the customer/prospects buying process changing .... especially as you consider different customer segments?
4. What early warning signals are you aware of that could negatively impact your key customer relationships?
5. Is the average size of your "orders" growing or shrinking?

Competitors

1. Who are they?
2. How are they different than your company?
3. Are they growing? Are they failing?
4. Who are you worried about?
5. Who are their key customers?
6. Who are their key employees?
7. What/how much influence are they having on your customer segments, revenue streams, margins and why? 
8. What obstacles are they creating for you in getting and keeping customers?
9. What actions should you be taking, by whom and when?

Technology

1. What technology application can give you a competitive advantage?
2. What technology application in the hands of a competitor will harm you?

Costs

1. What cost line items are rising faster than you are comfortable with?

People

1. What are the symptoms/clues of people being turned off?
2. Who are best in your company and why should they stay 3 more years?
3. Who are average and have the potential to perform better? 
4. Who are the weakest links and why should they leave?

Basic Recurring Problems (BRCs)

1. What problems keep happening and nothing is being done about it? 
2. What are the root causes for these problems?
3. What corrective action should be taken by whom and when?

Resource Allocation

1. Are resources being focused on the right customers/prospects?
2. Are resources being focused on the right products/services?
3. Are resources being focused on the right activities?

Other Questions to Consider

1. What major opportunities do you see ahead?
2. What is your single biggest problem?
3. What is the major threat you see for your businesses and/or your area of responsibility?
4. If you could change one thing, what would you change?
5. Where is your biggest revenue producing opportunity?
6. Where is your biggest cost reduction opportunity?
7. What are you spending most of your time on over the next 3 months?
8. What things are you now doing that you would like to stop doing or would like to turn over to someone else?
9. What one thing is bugging you right now?

Keep Your Advisor Connected on Regular Basis

Look for ways to ensure your advisor has the right "database of intelligence" when it is needed to support your needs.

1. Send him e-mails/attachments providing background he can read on a regular basis.
2. Have him attend select meetings to gain understanding of select topics and staff.
3. Phone, face meeting or email to keep up to speed on select topics so your advisor can be considering feedback for when the time is right.

Select Activities/Specific Role

As you look to personalize a framework to access and use your advisor, time can be set aside weekly or monthly to address your needs.  

Proactive Advice and Feedback

The right advisor will always be "mentally" engaged/focused on your challenges and opportunities and looking for ways to add value.

Last but not least, I recommend you create a monthly retainer relationship with the right advisor. When done effectively, this method is fair to both of you. It protects you against spending more than you want .... and enables the advisor to invest time and effort and to be mentally engaged on a regular basis using his knowledge and experience for you and your objectives .... without either one of you worried about a time clock.

 

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