There are mainly 2 ways of creating a new product:
1) You start with your own ideas and create a product with features that you think customers will love.
2) you start by understanding what customers need and then work backwards to satisfy those needs through your new product benefits.
It has been proven that the best marketers in the world use the second approach:
“As we have tried to come up with a strategy and vision for Apple, it started with: What incredible benefits can we give to the customers?… not starting with: Let´s sit down with the engineers and figure out what awesome technology we have and then how we are going to market that. And I think that´s the right path to take.”
Steve Jobs, Cofounder, Apple
“Customers don´t care about your solution. They care about their problems.”
Dave McClure, CEO, 500 Startups
At Krealandia Marketing Lab we apply the Lean Product Process to define and build new marketing products for advertisers. The products are built from the “problem space” (needs and wants of advertisers) first and then matched with the “solution space” (our capabilities to solve and deliver those needs).
The process has 4 steps that include creativity, prioritization, customer feedback and execution. Let´s see what the steps are:
1- Targeting through segmentation
We set up the criteria that will allow us to segment the market and prospect the advertisers we know can help best. These are the 3 segments
- ⇒ Size: Business size in terms of marketing investment capacity.
- ⇒ Needs: We analyze their current marketing strategy.
- ⇒ Sector: Different sectors respond differently to certain marketing products.
We target by size using public revenue data
We identify needs by using software that allows us to quickly identify digital marketing areas that are not leveraged by the advertisers (lack of web site, videos, native, etc).
2- Identifying advertiser unserved needs
Here we identify advertiser specific needs, pain points, frustrations with their marketing.
We ask open-ended questions that helps advertiser see a new world of marketing opportunities.
Ideally, we want to identify marketing solutions they consider of high value but with a low satisfaction from the current offers that are available in the market. In other words, we identify solutions advertisers want/need but that are not delivered with high satisfaction in the market.
3- Defining the new marketing product value proposition that meets those needs.
Here we resist the temptation of doing too much. We need to prioritize and identify what solutions will work better on serving those needs. In other words, we need to FOCUS:
“People think focus means saying yes to the thing you have got to focus on. But that´s not what it means at all. It means saying NO to the hundred other good ideas that there are. You have to pick carefully. I am actually as proud of the things we haven´t done as the things I have done. Innovation is saying no to 1.000 things.”
Steve Jobs, Cofounder, Apple
We follow 3 building blocks:
- A. Must haves: The features that must be delivered for the marketing solution to be viable
- B. Performance benefits: Features where we can excel
- C. Delighters: Added features to differentiate from other similar offers in the market.
4- Execution: how do we deploy a NEW marketing solution in the market?
We are at the execution phase, the time to set and define the processes and systems to sell and deliver the new marketing solutions. In this phase we help media companies with the following aspects:
- ⇒ Sales messaging: We carefully define the right wording to easily present and explain the new solution, focusing on advertiser needs.
- ⇒ Educational presentations: Every time an advertiser buys a new marketing product it has to be an educational experience. We present the facts, the statistics, and the problems/challenges before presenting the solution, making sure the audience quickly sees the value of the new product.
- ⇒ Consultative customer service: Delivering a new marketing solution for an advertiser is a great opportunity to develop sales executives consulting skills.
- ⇒ Continuous advertiser feedback: As we start building new products based on advertiser´s feedback, this continues during the whole product life cycle. At certain times of the year, we conduct focus groups and surveys to assess customer satisfaction levels.
5- Conclusions: How can media companies can benefit from Lean Marketing Products?
The Lean process allows us to introduce “market-fit” products that advertisers love and media companies can sell easily.
We make sure the new products are integrated with your current traditional offerings and can be executed in your market in just 6 weeks.
At Krealandia Marketing Lab we believe that processes, systems and methodologies are what media companies need to build, sell and deliver “market-fit” products.