- by Rory Ramsden
I’m developing a product marketing strategy for some new software so I thought you’d like to have the template I have used.
This product launch is designed to sell to a highly targeted group of potential customers to maximize the return on investment quickly. I’m using a a laser to target the 20% of customers in the market with 80% of the money who will ‘get’ the value of the product almost intuitively.
I’m aiming at the bulls-eye where I will find the hungriest crowd. These are the people who have the most urgent need. They are also the people who have the least amount of time to learn new skills and therefore want to be served a steak sandwich with a cold beer on the side!
I mean, of course, that this is the audience who are most likely to want to buy the ‘done-for-you’ service. The one with all the bells and whistles that will solve their immediate distressing problem the quickest and with the least amount of effort on their part.
- Tip: Most managers are time starved and too distracted by day-to-day challenges to stop what they are doing and learn something new. They just want the frustration that is bugging them to be taken away fast and effectively. Your product has to the Paracetamol that instantly relieves their headache.
By Tightly focusing on the core market which is in fact a niche within a niche, I’m striking at the weakest point in the competition’s armory. This is the point where the bigger brands are unable or unwilling to compete. This sub-niche is too small, too specialized and too demanding for them.
Their more generic products are not focused enough and yet this is the niche where people have the most money to spend.
Example: The Ford Motor Company is a volume car maker. They could never build a car that will compete successfully with a Porsche or a Mercedes. However good their products, Ford is just not perceived as a prestige brand. Porsche is. They build niche cars that appeal to high-end buyers with plenty of money. As an entrepreneur you should strive to do the same and maximize your ROI in doing so.
Here are 4 questions about your competition you need to answer
- How have they positioned themselves in the market ?
- Who are their customers?
- What problems are they trying to solve ?
- And more importantly, what problems are they failing to solve with their existing product range?
Then analyze your chosen niche until you find a sub-niche
- Which is not being well serviced by your competition
- Which has a desperate unsolved problem
- Which has money to spend
- Which will immediately ‘get’ the value of your offer
The point is that your customers should have unique and very specific needs that you alone can address with a tailor-made solution. These are the customers who will view the risk/rewards ratio stacked in their favor. The benefits therefore far out weigh the risk of failure.
So here’s how we will customize the basic software product so that prospective customers will receive a value way beyond the perceived cost
- We will install the software on their servers
Benefit – Their business will be instantly transformed
- We will customize it to suit their needs
Benefit – Custom add-on widgets/plug-ins done for them
- We will set up of 3rd party service accounts
Benefit – Long term communication with fans assured
- We will integrate 3rd party APIs
Benefit – Social Media integration will leverage their content to the maximum
- We will train their staff
Benefit – 33% of existing staff will leverage the power of the software to achieve double the output
- We will provide Online customer support
Benefit – Remote assistance will ensure on-going efficiency
- And, of course, we will provide a ‘Done-For-You’ Service
Benefit – No need to learn a whole new skill set or employ new staff
Before you launch a product, be sure to work out in detail how you can add value to your offer and develop additional services – upsells – so you can achieve maximum success. And be crystal clear about how you can be quickly seen as the expert in a high value niche-within-a-niche to maximize your ROI.
If you have a product that’s already in the market:
a) Think about how you can quickly add value to it without boosting your costs and then analyze your market to find the highest value customers who can pay for your highest level of service. Remember that 80% of your revenue comes from 20% of your customers. Your aim must be to boost the number of customers who fall into that 20%
b) Think about how to develop new products or services that you can sell to that same 20% of your most important customers as well as expand your foothold in the market. This comes back to competition analysis and getting out from behind your desk and talking to your customers. Ask them what their major unsolved problems are then listen…
Are you struggling to optimize your product marketing strategy?
Not sure, where to start when it comes to competition analysis ?
Need help with focusing on a niche within a niche?
Answer these simple questions or call the LaunchPro Life Line on 00.33.63.75.00.988 We are both busy people so please be ready to answer some searching questions. As for us, we know we don’t have all the answers but we certainly know where to find them.
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