10 remedies for the 1,000 pitfalls in Start ups & New Product Launches
10 remedies for the 1,000 pitfalls in Start ups & New Product Launches
Three other highly common major mistakes made by Sales & Marketing are:
* overestimating the size of the market, both units and dollars
* incorrectly identifying the true wants & needs of the prospects
* failure to properly & precisely position the product -- from the standpoint of the major prospects
Here are 10 remedies, which when properly used, will help you avoid the most-common, most-deadly mistakes made by Sales & Marketing when launching new products:
A. Find a real & recognized need and fill it: 1) Make sure it's a real & recognized need. 2) Make sure the market's as big as it seems. 3) Don't rely solely on secondary research -- it's often wrong.
B. Prepare a compelling & airtight business plan: 1) Become a "Black Belt" in Martial Arts Marketing (see previously published article). 2) Use all 8 steps for preparing your plan. 3) Use industry-accepted formats for your plan.
C. Identify and prioritize your top markets & prospects: 1) Find the heavy users who will benefit most from your product. 2) Different markets have different wants & needs. 3) Tailor your message to each of these markets.
D. Formulate a strong Positioning Statement: 1) Hit the major hot buttons of your major prospects. 2) Remember: Prospects buy benefits; features prove benefits. 3) The best positioning statements begin with "The only. . ." 4) They'll have no more than 20 words and trip off the tongue.
E. Use your positioning statement as the core of all your corporate communications: 1) Mission Statement & Elevator Pitch. 2) Advertising & Publicity. 3) Website & Promotional Materials.
F. Build brand awareness & product interest among your key prospects
G. Remember: Branding is not a commodity -- it's a way of life -- for life
H. Optimize your ability to reach & serve your top markets: 1) Manufacturers Reps and Distributors/Dealers can greatly multiply the efectiveness of your sales force. 2) Train & Motivate them regularly to get best results -- they have other lines to sell & you should view them as competition. 3) Train your salespeople to think & act like Stage Managers and not Stars of the Show.
I. Establish and maintain a strong Prospect Development program. 1) Don't stick Sales with the job, they've got enough to do.
J. Make "Prompt Response to Customer/Prospect Needs & Requests" Job #1 for all employees.
These 10 remedies will be discussed in more detail in subsequent articles.
10 remedies for the 1000 pitfalls in Start ups New Product Launches - To learn more about this author, visit Neil Mahoney's Website.
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New-product launches -- even for well-known, well-established companies -- are fraught with peril. From the Marketing standpoint the most serious mistakes are made when assessments of prospects' wants & needs are made while wearing rose-colored glasses because you're in love with your idea, and think everyone else will be.
Three other highly common major mistakes made by Sales & Marketing are:
* overestimating the size of the market, both units and dollars
* incorrectly identifying the true wants & needs of the prospects
* failure to properly & precisely position the product -- from the standpoint of the major prospects
Here are 10 remedies, which when properly used, will help you avoid the most-common, most-deadly mistakes made by Sales & Marketing when launching new products:
A. Find a real & recognized need and fill it: 1) Make sure it's a real & recognized need. 2) Make sure the market's as big as it seems. 3) Don't rely solely on secondary research -- it's often wrong.
B. Prepare a compelling & airtight business plan: 1) Become a "Black Belt" in Martial Arts Marketing (see previously published article). 2) Use all 8 steps for preparing your plan. 3) Use industry-accepted formats for your plan.
C. Identify and prioritize your top markets & prospects: 1) Find the heavy users who will benefit most from your product. 2) Different markets have different wants & needs. 3) Tailor your message to each of these markets.
D. Formulate a strong Positioning Statement: 1) Hit the major hot buttons of your major prospects. 2) Remember: Prospects buy benefits; features prove benefits. 3) The best positioning statements begin with "The only. . ." 4) They'll have no more than 20 words and trip off the tongue.
E. Use your positioning statement as the core of all your corporate communications: 1) Mission Statement & Elevator Pitch. 2) Advertising & Publicity. 3) Website & Promotional Materials.
F. Build brand awareness & product interest among your key prospects
G. Remember: Branding is not a commodity -- it's a way of life -- for life
H. Optimize your ability to reach & serve your top markets: 1) Manufacturers Reps and Distributors/Dealers can greatly multiply the efectiveness of your sales force. 2) Train & Motivate them regularly to get best results -- they have other lines to sell & you should view them as competition. 3) Train your salespeople to think & act like Stage Managers and not Stars of the Show.
I. Establish and maintain a strong Prospect Development program. 1) Don't stick Sales with the job, they've got enough to do.
J. Make "Prompt Response to Customer/Prospect Needs & Requests" Job #1 for all employees.
These 10 remedies will be discussed in more detail in subsequent articles.
10 remedies for the 1000 pitfalls in Start ups New Product Launches - To learn more about this author, visit Neil Mahoney's Website.
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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