In the midst of constant chaos, it’s easy to lose market focus. Answer the following five questions to keep your product direction and marketing initiatives on the straight and narrow. Keep the answers short and to the point and make them highly visible everywhere in your organization.
- Which market segments are most conducive to meeting our revenue and profitability goals in the short and longer term?
Don’t answer the question for each product. Answer it for your entire portfolio. Your target customers just want to know how your company can help their company remove the biggest obstacles to profitable growth.
- What are the biggest “market challenges” we can help those organizations overcome?
Think like a CEO of your target customers and answer the question from that perspective. Competition, government regulations, investor pressures, shifting workforce demographics and other similar dynamics are all good candidates.
- What areas of the target-customer business (departments) are most impacted by the dynamics of their market and why?
Draw a high level org chart of your target customers and highlight the departments most impacted by the dynamics in each market. Then highlight the departments you can impact most (another portfolio answer). Your hot spots are the departments where there’s overlap.
- Which activities or processes in those departments that if changed, would help these organizations deal with the biggest challenges in their market?
Keep it simple. Take an order, process a payment, create compliance reports, etc.
- What is our real mission?
It’s a simple phrase reflecting something that’s highly valued by your target customers and supported by your core strengths. “To help our customers get more subscribers at a higher average subscription fee.”
Your mission is to help your target customers achieve their mission. Keep their goals highly visible and achieving your goals becomes a lot easier.
Your Next Steps
- Contact us to learn the only B2B framework based on these five questions. It’s Product Portfolio Management. Your team reaches their full potential when they practice it and your solutions deliver maximum value to the market.
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