The first is inherited growth from products launched long ago, which now “carry” your business. The second is market growth… the tide that lifts all boats. You can only impact the third—earned growth—by doing a better job than every competitor in understanding and meeting the needs of a market. This means it’s easy to be lulled into thinking your underlying growth is greater than it is.
More in white paper, Catch the Innovation Wave (page 14).
The term “B2B” is useful, because business customers can be so different than end-consumers. But it’s a blunt and imprecise term, and we can do better. Check out the “B2B Index” developed by The AIM Institute. The higher your market’s B2B Index, the greater you can engage customers… in both early-stage and late stage marketing. (This is a free service.)
Calculate your B2B Index at www.b2bmarketview.com
Imagine a fellow on a date that talks about himself for an hour. His only questions are, “What’s your income? What’s your educational level?” Then he closes with, “Will you marry me?” Does this sound like an old-fashioned “qualify-and-then-close” sales call? As in a good date, you should be genuinely interested by your customer and their needs.
Learn more about B2B innovation at theaiminstitute.com
These may be the same… or not. If you make welding machines, your customers’ alternatives may be mechanical fasteners or epoxy adhesive. When you have a choice between supplier-centric or customer-centric thinking, always choose the latter. Exploring customers’ alternatives passes this customer-centricity test.
More in article, Benchmarking for B2B Product Innovation
Business Today publishes “Why Personas Drive success” by M. Muneer and Dan Adams. In this article, M. Muneer and Dan Adams discuss how creating personas or fictional representations of customers gives clarity to user needs as early as the product blueprinting stage. About Business Today: Founded in 1992, it has set one benchmark after another in business ... Read More
There are 4 types of leaders: Builders, Remodelers, Decorators, and Realtors. This matrix helps you understand which you are. Your business needs a builder. That’s because there are 3 three types of growth—inherited, market, and earned… and you only control one. (Hint… it’s not the first two.)
More in article, Are You a Builder or a Decorator?