Drayton Bird is a renowned direct marketing teacher, speaker and author. Find out more about him on his profile.
To heighten an experience you can create expectations and/or you can condition the experience.
It adds to the “sizzle and the steak”.
I have recently been spending a lot of time thinking about product launches. My employer, SellerDeck, is a few weeks away from rolling out a major update to one of its ecommerce software products. While we have the advantage of an existing user base, many of the fundamentals for launching are the same whether it is an existing product or something completely new.
1. Understand the Unique Value Proposition
If your product is sat on the launch pad I would hope by this stage you know what it is that makes your offering different from the rest. The importance of your Unique Value Proposition (UVP) cannot be understated; it’s the lifeblood of any product launch. Review, discuss and research until you are totally convinced you have got it right; you only get one launch window.
2. Talk to prospective customers
Get out there and talk to the very people you want to sell your product to. Discuss your plans for the product, both now and in the future. Get their feedback; it could be you missed something.
3. How are you going to sell and market?
Choosing where to market your product can be difficult. Make informed decisions based on research. It might even be a good idea to run several small pilot schemes to see where you get the most success. However prepare to be ruthless if you’re not seeing the results. It’s easier to make decisions before you have spent the entire budget on something that’s not working.
4. Make yourself heard
Find out who the influential people are in your space and hustle, annoy and pester them. That is until you get a chance to demonstrate why your product is the best. Nothing is better than a personal recommendation regardless of the product or service. Go to events, chat to people and network, network, network!
5. Bring the whole team on the journey
A successful product launch requires commitment and understanding throughout your organisation.
When President Kennedy visited NASA in 1961 he came across a cleaner, and asked him what his job was. The cleaner replied “My Job is to put a man on the moon, Sir”. Now that probably is the greatest launch of all time.
If a business leader asks his sales manager, “Where should I invest to grow the business another 20 per cent next year?” the likely response is, “Give me 20 per cent more headcount.” If the head of marketing is presented with the same question, a familiar response would be, “Give me 20 per cent more budget for my campaigns.”
But these aren’t necessarily the right solutions for achieving growth. This is where a new strategy comes into play: Revenue Performance Management (RPM). Decisions about how to grow the business should be made by looking at the entire sales funnel — from unknown prospects, right through to closed sale.
Successful companies do not launch new products, open new offices or make new acquisitions without rigorous testing. Yet, historically, sales and marketing have not been subject to the same scientific rigour as other areas of the business. The fastest-growing companies, however, have a “secret.” They have created a “science of growth” by running a high-performance sales and marketing engine that uses data to drive decision-making.
Having a birds-eye view of the point at which a prospect becomes a lead all the way through to the point where the lead becomes a client allows businesses to better understand their previously least understood cost centre – marketing and sales. RPM helps companies manage interactions with buyers all the way through the purchase process to achieve more predictable, rapid, and profitable revenue growth. In other words, it offers “one view of the truth” so that the management team knows exactly where to invest in order to be successful.
For a company to engage in a successful RPM strategy, it must create seamless connections between all of the tools used to engage with prospects — from social media “listening platforms” to CRM — and create common dashboards that give real-time insights into the performance of the sales funnel.
This information must be actionable. Decision-makers must be armed with live data to know what levers to pull to dramatically change revenue performance — whether that decision is to add new sales reps, increase marketing spend or another investment entirely. The solution will vary from company to company. But what doesn’t change is the science of success: Revenue Performance Management.
Stuart Wheldon is the Senior Director of Customer Success & Strategy at marketing automation specialist, Eloqua.
The online retail world has blown up in the last five years. Businesses of all sizes are selling direct from their website – allowing products to be purchased from customers all around the world.
For many people, clicking a button just isn’t the same as the experience that comes with going shopping in a store.
Finlay Clark talks about “fulfilment” (or lack thereof) in relation to online shopping. Coming up to Christmas – do you feel additional pressure selling products online? How do you ensure customer satisfaction is always achieved especially at this time of the year?
You may have heard or read that a cash machine in the East end of London is to offer those making hole in the wall cash withdrawals the opportunity to select between the English language and Cockney English. This regional dialect cash machine has caused quite the stir in PR terms-the company who license the machine and service etc will stand to not only raise their own company profile, but see an increased use of the machine through the sheer novelty of being able to take out a 'Lady Godiva' from the 'Sausage & Mash' machine. But what more could it offer for small firms?
The added benefit of increased use of the cash machine could also be converted into serious revenue generation for companies who advertise on the back of the ATM receipts and advice slips which are issued. A simple idea which can be adopted by many small firms be they offering products or services. If it isn’t an affordable option for a solitary business, it could be useful for a small number of businesses to join together in a coordinated campaign within a town.
More recently, ATM tie-in campaigns have seen special offers appearing on advice slips close to payday - the thinking being that it is the time of the month when you are more likely to monitor finances at cash points and therefore there is an increased potential for exposure to customers who are examining their balances and printed mini-statements.
Do you think the three month trial of the London cash machine will prove a success or is it purely a gimmick that sustains slow news day column inches, pub chatter and the like? I think it highlights perfectly the local level creative ideas that can be adopted by small businesses. Advertising campaigns where your business name appears on the back of another local shop’s receipts or car park ‘Pay & Display’ tickets is a great way of bringing your message to the attention of potential customers.