Excellent news! You’ve found the key to your customer’s “job to be done” with your product our service. You’ve focused on only the prospects who have proven they want to invest time, money, and effort in doing the job. So, what could possibly go wrong?
Although we’d all like to believe that our service, gizmo, or gadget is the only choice our customer will ever need or want, the truth is, there are very few cases where that’s true. More often, we have to compete with something, or someone. This is the tricky bit. When it comes to describing why that service, gizmo, or gadget is better, our mindset can be a real barrier. This goes double if wat we’re selling is our own talents and capabilities. Where is the line between confidence, and over-confidence? How do you know the difference between “my way of doing this is better”, or “my product/shop/invention is better”, and “I’m better”? Reconciling the tension between innovator and impostor is often what will make or break the sale.
How can you make sure that tension doesn’t “snap” the sale? First, write down the story you’re planning to tell (whether that’s your pitch to a new boss, or to a new client). What are the advantages you’re describing? Are they real? Are you confident you’re telling the truth? If not, where isn’t it working? Fix the facts, not the adjectives. If the facts are true, but your discomfort has to do with feeling boastful, or bragging, ask yourself whether it would sound true, if your biggest supporter was saying it. If it would, then you’ve got some work to do, because the problem is you.
When you feel like an impostor or a liar when you tell your story, this feeling is transmitted to the person watching or listening, even if you don’t realize that. It’s fine to be humble. It’s not fine to be modest. New business people often confuse the two, especially if they don’t have much selling experience. Humble means unassuming – not taking too much for granted. Modest can mean that, too, but it also means shy, or uncertain. And who would be confident buying something that even the salesperson isn’t not certain of? No one.
So, the next time you’re preparing to make a sale, give yourself time in advance to practice. Write the story so you’re sure it’s true. Check your facts. Read it in the voice of your biggest supporter. Use the adjectives they would use. Then say it out loud until you’re confident, and make sure your own fear of the spotlight isn’t standing in the way of your success.
We've said many times, that the best way to market is to find a customer, create a solution to a problem or a need for them, and sell it to them. We stand by that. While you're busy creating that solution or figuring out how to fill the need (the job to be done, to paraphrase Clay Christensen), someone else may show them the next best option. Also, if you want other people to sell your product or service for you, by describing it to their networks, you need to know what it is that you sell. So which comes first? Customer, or product?
The first truth is this: knowing your customer is absolutely critical. The second truth is this: you need money to have a viable, ongoing business. And the third: sooner or later, to get money, you're going to have to sell something - whether that something is a product or a service. Revenue is how you pay the bills, pay yourself, fund the work, even if you're a social enterprise or not-for-profit. Remember: not-for-profit doesn't mean, "doesn't bring in money".
So how do you figure out what it is that you sell? If it's a widget, a chicken, or an egg, you've got the beginning of a description. If it's more complicated, you need to be able to distill your product (or service) description down to something even your grandma or your five-year-old nephew could explain. Why? Simple: because the more people who know how to describe what you sell and why it's great, the more unofficial salespeople you can have out there in the world, for free, generating leads for you. So go ahead. Break all those rules we've told you about customer focus, and take some time to figure out the easiest way to describe what it is you sell. You'll be glad you did.
Learning about the technical specs of a scientific innovation. Exploring country data from the CIA. Studying environmental protection regulations. Investigating commitments to climate-change agreements in multiple countries. Researching trade data on purchasing patterns in five different verticals. Interviewing key stakeholders in the three most promising industrial sectors.
What do these things have in common? They were all part of an “unknown unknowns” exploration we did for a client of ours. If you’re in an established business, with multiple competitors, chances are, there’s data out there to help you make key market decisions. If you sell soup, soap, or shampoo, there are often standard reports than can be purchased quickly, and many case studies to help guide your thinking. But if you’ve invented a new scientific/industrial/biotech/pharma type thing, that theoretically has multiple applications, in several verticals, how do you make an argument that it’s possible to commercialize? When we set out to do a market landscape for a product that’s almost ready to market, there isn’t usually a simple answer ready and waiting. Instead, we do a deep dive with you about your product. Then we use our expertise at multi-modal research to decide the best way to narrow down your options, as cost-effectively as possible. Finally, we find experts on the ground who have similar or related expertise, to help us get the answers you need to make critical decisions about your business. That’s what we did with the exploration at the start of this story.
The good news? At the end of it all, our client got an innovation grant that helped him and his team to scale their operations, and a few years later, they’re running a thriving business with operations in multiple countries and for several industrial verticals. We’re proud to have played a small part in that. All because we like to help our customers see everything, and make better decisions.
Shouldn't you skip right to your own custom survey? We're always happy at PANOPTIKA to help you with custom research, but there's really more to it than that. Even if you're working in an industry like health, technology, or science (where we do some of our best work), where sometimes there isn't much data, there's always some. If you're a new analyst in one of these industries, or you're just getting into research for the first time (sometimes, until you start to scale, it’s easier and more informative just to ask the questions yourself), start with free or nearly free. Those public data sets get a lot of use – they’re the workhorses of the quadrant we call “the light”. The answers there are available to anyone – and that doesn't mean they don’t provide you with any value or advantage.
Public data sets or their slightly more expensive cousins, syndicated data, (which is not public, but is available to purchase by anyone who can pay), are a great foundation. They let you get the “lay of the land”. In “The Light”, you’re setting yourself up for deeper questions, making sure you don’t waste time and money on custom projects, if the information is already out there. Doing a good audit of the data you already have in house is where you can start to use data in ways that others can’t. Think sales data, observational research where you see how customers use your products (or the competition’s), and interviewing everyone in your organization who interacts with your customer or prospect. Where an outside consultant can help, is by assisting you in shaping the questions that you’ll use as you move to what we call “The Shades” - positioning or perception research is a good example. It can help you see where customers put everyone – not only you and your product or service, but your competition. And it can help you get ready to develop insights that are only known to you and your team. Not sure where to start with something like that? We’re always happy to jump on a discovery call. You tell us your questions, and we’ll work with you to lay out a plan to get the answers you need.
Do you have a big idea for a new business? Big ideas are fabulous, and they can provide you with a big payoff. On the other hand, they are often also riskier, more time consuming, and require a larger investment. So what can you do?
One way to manage a big business idea, is to dream big, but to think small. Consider your idea (a new restaurant, perhaps?) and think about whether there are mini or even micro versions of that idea. Using our restaurant example, you might think about a much smaller bistro space, and figure out whether you can make a decent margin using that business model. Or for an even smaller investment, a small catering operation with a rented kitchen might get you on your way, or even a #foodtruck or #foodcart. If you can start with one of those tinier businesses and have a plan to scale, you can reduce your risk at the outset, and build as you go.
Do you have any other big ideas you'd like to shrink down to a more manageable size (or have you used this approach successfully)? We'd love to hear your story.
"I'm buried in data. How can I make sense of it all?"
"When should I do research?"
"What's the right way to answer these questions?"
Does any of this sound familiar? Over and over, we hear product managers, marketers, even CEOs, asking these questions. Over the past 17-plus years, we've helped hundreds of them get clarity by working backward from their end goal. This is the question we ask, to get started:
"What decision do you want to make?" or "What action can't you take now, that you'll be able to take if you have more clarity?"
Most often, if you can answer one (or both) of these, you'll be in a much better position to map out the research you need. When you've answered them, you'll know:
You'll be able to decide whether you can sort this out yourself, or if you need help. You'll know if the answer needs to be quantified, with numbers (such as for a forecast), or if it needs a qualitative approach (getting your engineering team to see customers' frustration as they try to use feature X). And you'll waste less money, time, and effort getting something that's useful, practical, helpful, and actionable.
Whatever your questions, we're happy to work with you until you see everything you need.
Do you have a global business, or are you considering expanding or exporting? You might know that we've been travelling this past week - to the UK and Germany. One of our favourite things to do when we're in a new market or a foreign country, is to explore an ordinary activity, and ask, "what's different here"?
Above is the condiments collection at a Sainsbury's cafeteria. The breakfasts were similar, with a few different menu items (even here in Canada the big breakfast doesn't differ that much from the Full English Breakfast). But this collection of condiments was very different than what we might receive with the average cheap and cheerful breakfast here at home. Some of the things that reminded us that every market develops in response to customers, not the other way around, included:
Condiments collections are adapted to local tastes, even in quite similar jurisdictions. Payment options varied from country to country. "Contactless" - the equivalent of our debit "tap" - was popular in the UK, but didn't always work with foreign cards like ours. In Germany, debit isn't an option in most places unless you have a local account. And although many products on the shelves were easily identifiable, even under new brand names, once in awhile there were packages and presentations that completely confounded us.
So what's all this got to do with you and your customers? Just a friendly reminder, that it's about what *they* want, not about what you want to give them. Do yourself a favour, and make sure you consider the small subtleties that put the local in your global offerings. You'll be glad you did.
Does this sound familiar? For me, I’m always surprised when I hear this, although I hear it over and over again. The easiest business to start is one that solves a problem, one that people will pay to have solved. Whether that’s creating delicious homemade cakes that make the person celebrating feel extra-special, to measuring air quality and helping clients to put systems in place to improve it so they can breathe better, or even providing custom home renovation services for someone with ideas but who’s all thumbs – businesses that solve problems or challenges are simply easier to sell. That’s because you don’t need to invest as much time educating the customer as to why they would want to solve that problem in the first place. They’re already actively looking for a solution!
Of course, the next step is a bit trickier: you also need to have the wherewithal to solve the problem. If you’re not a baker, or an environmental scientist, or handy with tools and building materials, none of our examples are going to be a fit for you. So what CAN you do? This is an area where mind-mapping can come in handy. The mind-map is a great tool for capturing a lot of free-flowing, uncensored ideas. Set a timer for 15 minutes – no more. This is more work than it sounds, and by then you’ll need a break from thinking. Get yourself a large piece of paper, or a white board, or a large expanse of wall and a stack of sticky notes. Start by writing down all the things you can do, that solve problems for people. Capture everything. Don’t try and narrow it down yet. What sorts of things do people ask you to do already, because you’re good at them, or you know how to do them in a unique way, or because those same people don’t know how to do them for themselves? Keep writing. If one “job” makes you think of another, great. Write that one down too. Just keep going until the timer tells you to stop. Although it might be tough to get started, I’m pretty certain you’ll be on a roll as you move toward the end of your 15 minutes. Ideas always bring more ideas.
Now, go get a drink of water, or a cup of tea, or take a little walk. Then come back to your mind-map. It’s time to start sorting. Which ones do you really like doing? Which are you uniquely qualified to do, more than most people? And here’s the million-dollar question: which will people pay you to do? Often the things you’re best at, or that are most enjoyable, don’t obviously intersect with what customers will pay for. It’s up to you to find that intersection between work that works for you, and work that’s lucrative enough to make a living. So while I never advocate working at work you dislike every day, if something feels like a real calling, AND you feel like you’re fairly compensated for doing it, you’ll be much more likely to stick with it when your business hits its inevitable valleys.
Do you have some ideas that look like they might actually be the start of a business? Great! Next time let’s talk about ways to see whether customers really will pay what you think they’ll pay – or in more technical language, defining and validating your value proposition.
Are you planning to grow your business this year? Or do you just want to make more money from the business you're in? Those are the first two questions to explore. If you haven't already, take time today to figure out what you want, and it will help you get off on the right foot for a strong 2018. Imagine if this time next year, were busier and more successful than ever!
These are the 14 Questions that will help you get there:
If you're not into DIY, or you'd like help putting your plan together to answer one or more of these, we'd love to help. Whether you need strategic research, a facilitated strategy session, coaching, or a workshop, we're looking forward to seeing you succeed.
Have you received advice that starts like this?
“All you need to do”
“You only have to”
Me, too. I also get requests all the time for advice on how to live the life I do – unapologetically mine, in line with my values and priorities. And many of the people who ask those questions, are looking for answers that start with one of those three phrases. What’s the problem with that? Only this: having a great career is no easier than having a bad career. Both are work. Hard work. The good news, is that the work is worth it, if you get to have a rewarding, rich life along the way. And it’s important to realize that every day won’t be sunshine and lollipops.
The truth is, no life is ever easy. We will all have struggles and setbacks. Every overnight success story has many, many steps and stumbles that led to that moment of achievement that everyone gets to see. In the world of the striver, there are always many people watching every wobble along the way…some cheering, some jeering, and some just wondering when they will just give up.
“I wish I could work for myself like you do,” they say. “Then I’d be in control of everything.”
If you’re embarking on a journey with the vision of never being accountable to anyone else, let me let you in on one of life’s big secrets. It’s very likely at some point, that your vision is going come to a screeching halt. (Unless you want to live in a cave, on a mountaintop. In that case, have at it.) You can be the pilot of your own destiny, that much is absolutely certain. However even the most powerful individuals in the world have responsibilities and commitments to others. Most of us want a richer, fuller life, that lets us be more, give more, share more, and enjoy more. We want to have time with our kids, or our partners, or to serve in our communities. We want to be secure in the knowledge that there will be food on the table. And we want to know that we’re able to contribute our best work, every day.
Living the life that you choose means you must make choices about where to invest your time, talent, and resources. That part isn’t a choice. It’s an obligation. To be everything you want, you can’t always do everything you want. Sometimes things won’t go your way. Families, partners, collaborators, and customers all want different things from me, and sometimes all at once. And they will from you, as well. The one thing I’ve learned (and you can, too), is that I must choose how to handle those requests. And I can live with that. Can you?
Megann Willson is one of the Partners at PANOPTIKA, where we help you see everything, so you can make better decisions.
Megann and Steve, Partners in PANOPTIKA, are working for our clients every day to help them See Everything. Here are some of the things we see.