Today in this post we will demonstrate how to inject buyer behavior into product strategy. It’s difficult to grow revenue faster than your industry’s growth rate and faster than your competitors. The Revenue Growth Diagnostic interactive tool will help you determine if you are likely or unlikely to make your number.
Our expert contributor today is Greg Shepard, the Chief Strategy Officer for Pepperjam, formerly eBay Enterprise Marketing Solutions. Pepperjam is a global digital marketing and performance technology firm. Greg is responsible for evaluating trends, client feedback and internal requests to foresee opportunities for new product development. Watch as we discuss how to inject buyer behavior into product strategy.
Ultimately the product strategy comes down to either saving or growing revenue for the buyer. Prospects buy based on your ability to grow their revenue or save them money, period. That coupled with the elimination of buyer frustrations. Greg describes an agile process to “Fail fast, iterate, and fail fast again” by getting product ideas in front of buyers quickly. Accomplish a product-market fit by understanding and anticipating customer needs.
Watch as Greg outlines separating buyer problems from opportunities. Problems are easy to solve with solid feedback. These may include out of control costs, inconvenience, and frustrations. Opportunities are oftentimes more insightful and come from a lot of experience and understanding and visualizing what’s going to happen in the future. Opportunities are usually the inch-wide, mile-deep vision that is not easily seen. That’s why it’s an opportunity, because everybody else misses it.
Interlock with marketing & sales on your competitive positioning. Even though we think we are the best at what we do, our customers and prospects have alternatives. You just simply can’t neglect competitive positioning. Greg describes developing competitive messaging to establish a strong, competitive position. Inject buyer behavior upstream, not just into the sales channel, into the marketing channel, but also the product strategy, keep that in mind. It’s a noisy world out there, so pay attention to competitive positioning.
Why this topic? Revenue growth will disappoint if your products do not address an urgent problem of a specific buyer that he or she is willing to pay to fix. And your product must do this better than the alternatives. Sometimes product leaders build products that produce customer benefits that don’t address the buyer’s evaluation criteria. This results in poor win rates, wasted resources and poor revenue performance.
Buyer behavior is changing constantly. And these insights must be considered when it comes to new product development. It’s your best chance to ensure you are developing products that your buyers are willing to invest time, energy, and money to solve. Watch as Greg describes how he uses buyer behavior data to successfully develop his product strategy.
Have expectations gone up and left you wondering if you can make your number? Here is an interactive tool that will help you understand if you have a chance at success. Take the Revenue Growth Diagnostic test and rate yourself against SBI’s sales and marketing strategy to find out if:
- Your revenue goal is realistic
- You will earn your bonus
- You will keep your job