If you’re a software company, committing to one-off features just to win a single deal has been a long-standing business practice. Making a habit of it, and worse yet, getting good at it, is the equivalent of throwing your company into a death spiral then perfecting your spin. Here’s why. Every time you commit development resources to a one-off project, you’re simultaneously mortgaging another piece of your future and further handicapping your ability to compete in your most lucrative markets. The Playbook:
- Narrow Your Target
Identify the type of customer (market segment, customer size, and top pain points) who can be most successful with your product as is and focus all your marketing and sales efforts on those customers.
- Be More Credible Than the Competition
Align your product, marketing and sales strategy with your most lucrative customer types, then learn how to talk the talk and walk the walk better than your competition. Your products don’t have to be better than the competition. You just need to convince prospective customers your more knowledgeable about their business than the competition and deliver on that promise by making them successful with your products.
- Get in, Get Out and Move on to the Next One
The more customers you can find who are a good fit for the product as it is, the faster you can close the sale, onboard them successfully, and move on to the next one. When you find one that’s not a good fit, run and run fast. There’s an easier customer or two just ahead.
When it’s all said and done, the software business is a volume game. Anything that inhibits your ability to acquire new customers at an increasing pace should be subjected to torturous scrutiny before the stamp of approval is given.
If you need to align product, marketing and sales teams to your most lucrative markets, contact Proficientz to discuss how our Portfolio Strategy Workshop can keep your organization from mortgaging its future and get back on the fast track to growth.