Today in this post we will demonstrate how to inject buyer behavior into product strategy. As a guide to the discussion, download our 10th annual workbook, How to Make Your Number in 2017. Turn to the product strategy section and review the Buyer Behavior phase on pages 126 – 129 of the PDF.
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.
If you need more help injecting Buyer Behavior into your product strategy, download our 10th annual workbook, How to Make Your Number in 2017. Turn to pages 126 – 129 of the PDF to access questions to act. To request a workshop with SBI’s product strategy expert simply sign up for a MySBI account and check the box in your preferences to request a workshop.