Revolutionary Measures

3 ways to make people buy your stuff

The world is full of start-ups touting technological breakthroughs and innovations. But a substantial majority never make it to the big time, especially not as independent companies. This is particularly true in research-driven hotspots such as Cambridge.

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Why is this? A lot is down to a lack of understanding of the importance of marketing and sales, with tech-led founders believing that having the best technology is enough and will bring buyers flooding in. Therefore, they reason, there’s no need to focus on disciplines like marketing as the product is so good and so advanced that it will simply sell itself.

Clearly, nine times out of ten this is never going to work. As Tony Wilson discussed at this week’s Cambridge Marketing College Brainfood for Breakfast event, the uncomfortable truth is that “nobody is going to buy your stuff.” For a start people don’t like spending money, particularly in B2B, and are normally happy doing what they’ve always done – you don’t tend to get fired for sticking to the status quo.

Obviously there are ways that you can get people to buy your stuff, as Tony explained, but you’ve got to meet one (or more) of these three conditions:

1.Their business is better off after buying it
You can’t sell a product on its own. It has to solve a specific business problem and therefore deliver a quantifiable benefit. That could be speeding up a process (such as getting a product to market), or increasing efficiency. Essentially, to borrow a phrase from Clayton Christiansen, you need to help them with their “jobs to be done”.

2.Their customers’ lives are improved
Its an obvious fact, but businesses rely on customers for their survival. And in an era of rising customer expectations and ever-expanding choice, consumers are very happy to move elsewhere if a business isn’t providing what they are looking for. So your product has got to deliver benefits that help your customer’s customer in some way, shape or form.

3.They can differentiate from the competition
The other thing that keeps CEOs awake at nights is the competition. How can they differentiate their business while preserving margins? We’re increasingly in a winner takes all world, where premium brands can charge much more, leaving their competitors to scrap amongst themselves for higher volume, but lower margin business. Smartphones are a case in point – Apple, and to a lesser extent Samsung, can set high prices, confident that loyal consumers will see the value they deliver, while rivals are forced to discount. Each handset is broadly similar in terms of what it does – but it is differentiation and a focus on the customer’s needs that allows some brands to charge more. So, how does your product help companies to differentiate themselves from their competition?

It is clear that tech companies, particularly in B2B, need to focus on the needs of their customer, and their customer’s customer. But many don’t do this – or even understand how their product is being used or the value it is providing. The answer is simple, but does require marketers and sales teams to change how they operate. As Tony Wilson points out, you need to go out and talk to your customers, embed yourself in their world, understand their pain points and how you can solve them. That might mean revamping your product or bringing in additional functionality or partners to deliver this – but by providing a solution to a problem, you’ll increase sales, boost loyalty and preserve margins. The question is, are technology businesses ready to really listen?

Photo via Pexels.com

June 13, 2018 Posted by | Cambridge, Marketing, Startup | , , , , , , , , , , | 2 Comments

Publish and be damned

The old saying is that everyone has a book in them – it is just a question of sitting down, writing it, finding a publisher, marketing and then selling it. That used to be the hard part but technology is changing this, making the whole process easier. No wonder that UK publishers released 184,000 new and revised titles in 2013 – the equivalent of 20 books an hour, which means the country published more books per inhabitant than any other nation. In the US 1.4m print books were released in 2013 – over five times as many as 2003. That figure excludes anything self-published, pushing the total up even further.

English: The second generation Amazon Kindle, ...

 

So, what is driving this growth – and what does it mean for publishers? There are essentially four ways technology is making the writing and publishing process easier:

1          Writing and editing
The platforms for editing and proofing manuscripts are now predominantly online. This makes it easier for a single editor at a publishing house to work with multiple authors, and also allows the different parts of the process to be subcontracted to copyeditors, designers and proof readers.

2          Publishing the book
The rise of ereaders like Amazon’s Kindle mean that books don’t physically need to be printed. This speeds up the publishing process as it removes the sole manual, mechanical and time consuming part of it – getting ink onto paper. Technology is also changing physical printing, with short runs a lot more feasible due to digital printing.

3          Distribution channels
The rise of ecommerce has decimated high street book shops, and has concentrated power in the hands of online retailers. Whatever the consequences for the public, this makes the job of authors easier as they can promote their book and simply direct potential buyers to Amazon. If they route them through their own website they can even collect affiliate fees. No need to keep an enormous box of books in the spare room and then laboriously pack and post each one to fulfil an order.

4          Marketing
With this increased competition from more and more new titles, the job of an author is now more about marketing than ever before. As this piece in The Economist points out, authors have to be much savvier about the different ways of promoting their tome, from gruelling book tours to ensuring that it is stocked/sold in the right stores to make particular bestseller lists. A lot of this comes down to brand – if you have built up a following and people know who you are, it gives you a headstart in shifting copies. Hence the enormous number of ghost written celebrity biographies released every Christmas and the high sales of books ‘written’ by Katie Price.

Social media gives the perfect opportunity to develop that brand, before putting pen to paper. Promotion of Ann Hawkins and Ed Goodman’s excellent New Business: Next Steps, a guide to developing your fledgling business, was helped by the community and following the authors had previously built on social media. Cambridge Marketing College (CMC) is self-publishing academic books, based on its existing reputation, large numbers of alumni and the shrinking costs of digital printing. Due to its ongoing courses, CMC knows where there are gaps in the market for textbooks, and can therefore exploit them. The key points here are that the brand and following were created first, rather than trying to launch a book and create a buzz from scratch at the same time.

The changing market also begs the question – do we need publishers anymore? After all, the costs to publish a book, either physically or digitally, are much lower than ever before. This means that publishers need to up their game, adding value across the entire process and embracing digital techniques to help find and promote authors, crowdsource ideas and use technology to push down their costs. Otherwise smaller publishers without a defined niche risk being pushed aside by well-developed brands that can use technology to find gaps, develop the right content and market it professionally. The publishing market is changing rapidly – the only sure thing is that the number of new titles will continue to rise.

February 25, 2015 Posted by | Cambridge, Marketing, Social Media | , , , , , , , , , , | 1 Comment