The product team did a great job of explaining the features of upcoming products. But they don’t necessarily understand all the potential benefits. And the benefits are what will help Marketing engage their target customer segment.
Make sure Marketing has all the benefits in mind before the first campaign launches. Start your go-to-market strategy with this exercise.
What’s the problem you can solve for your customers?
The old marketing adage still stands: Features tell, but benefits sell. Customers don’t care (much) about features. They’re more concerned with what the product or service can do for them.
To nail down the benefits and improve your marketing campaigns, start with the problem.
- What are the common problems faced by your market?
- How frequently do those problems occur?
- How painful are the problems for buyers?
- Are buyers willing to allocate budget to solve those problems?
Now that you’ve identified the problems, identify how the product solves them. These are the benefits. They are keystones in a successful product launch and subsequent marketing campaigns.
One thing that marketers often overlook, however, is the value of the benefit. The benefit should merit the cost of buying the solution. If the main benefit Marketing comes up with doesn’t equal or exceed the cost, STOP. They need to keep thinking.
It’s worth taking the time to nail down the key benefits of a new product. It’s hard enough for Marketing to prove ROI, and the marketing budget is tight. You can’t afford for those campaigns not to attract buyers.
Still stuck? Realign
Ideally Marketing was included in product road-map decisions early on. Ideally they were also educated on the features of the next new release. If this alignment didn’t happen – or didn’t happen well – it may help to realign.
The product strategy defines what Marketing talks to the marketplace about. Campaign execution can only take your organization so far. The product team must help identify the problems and solutions to insert into those campaigns. And Marketing must tell the product team how the market responds. Strategic alignment is key here.
Not sure if your product and marketing teams are strategically aligned? An SBI strategist can help. Register for a live How to Make Your Number in 2016 workshop. The strategist will come to your office and help you improve strategic alignment for 2016.