Most financial business reviews are like standing around the output die, exhorting the extruder to do better. But nobody’s checking the feed hopper. It looks like an intelligent meeting, discussing gross margins, price increases and growth rates. But these were predetermined years earlier, largely by your new products, what you put into the feed hopper.
More in 2-minute video at 10. Extend your time horizon
Lean Startup is a powerful approach for quickly testing assumptions and minimum viable products. But B2B customers can articulate their needs in amazing detail—if you know how to ask. If you start with your ideas, instead of diverging to all customer outcomes, you may be converging prematurely and limiting your possibilities.
More in white paper, www.leanstartupforb2b.com (page 2)
Most B2B suppliers work too hard during interviews: Would you like this?… How about this?… Would this help? Better to probe a customer problem or desire to full comprehension, and then simply ask “What else?” This allows them to lead you to whatever they think is important. This is a customer-led interview. You should try it.
More 2-minute video at 26. Build your interviewing skills
Great value propositions begin and end with customer outcomes. It’s like collecting specimens, sliding them under your microscope, and continuing to turn up the magnification. The careful researcher doesn’t have to agonize over the right value proposition. It comes into increasing focus, waving its arms and screaming to be addressed.
More in white paper, www.b2btimingiseverything.com (page 9)
You can ask for pricing decisions using a survey, e.g. Van Westendorp. But it’s hard to get a straight answer in concentrated B2B markets: They know they’ll be negotiating prices later. Better to understand the customer’s world so well you can create a value calculator… to model their pricing decision-making. You’ll have longer-lasting insights vs. a one-time survey.
The cathedral-builder has counted the cost in years and is willing to pay it to create something of enduring value. He recruits and apprentices the finest stone masons and wood carvers he can find. Because these craftsmen know the passion of the builder, they are secure in their employment, and they work with pride. Do you have such builders?
More in 2-minute video at 3. Be a business builder
If you were gathering customer insights about belts, would you rather interview someone using a belt to convey iron ore… or to hold up their pants? B2B customers can usually provide more insight than end-consumers due to greater knowledge, interest, objectivity and foresight. But these advantages are no advantage unless you use a B2B-optimized approach.
More in 2-minute video at 14. Understand your B2B advantages
Unlike many B2C benefits, e.g. amusement, comfort, and self-esteem, B2B customer benefits are usually measurable, economic and—wait for it now—predictable. This predictability means B2B suppliers who study customer outcomes, like a science, will be handsomely rewarded. B2B customers will eagerly help you… if you know how to ask them.
More in white paper, www.guessingatcustomerneeds.com
Of course, employees will be laughing; they’ve heard this one before. When satisfying the expectations of Wall Street analysts conflicts with building the firm’s long-term competitive strength, guess which usually wins? Any employee who’s been through travel restrictions, investment delays, hiring freezes, etc. knows the answer.
More in 2-minute video at 5. Shareholder wealth is a poor goal
Many companies think they have learned about customer needs when they visit customers to validate their hypothesis or potential solution. They have not. They have learned about market reaction. To a single idea. Their idea. On top of this, it’s likely this customer reaction was distorted by confirmation bias.
More in white paper, www.b2btimingiseverything.com (page 15)
Some executives expect employees to deliver innovation-driven growth without investing in company-wide tools and skills. Either nothing changes, or employees run off changing things in random (Brownian motion) directions. Be intentional about what new behavior is needed, and take unwavering steps to drive it. Tip: Research shows that one of the strongest growth drivers is learning strong B2B voice-of-customer skills.
More in research report, www.b2bvocskills.com
Initially, you are aware of the first three, but completely unaware of the fourth—surprises. When you begin your project, list the first three, and try to convert A’s and Q’s into F’s. Then uncover the surprises through customer interviews, tours and observation. Seek to understand the first three, and discover the last one.
More in white paper, Innovating in Unfamiliar Markets (page 12)
Some leaders are Interior Decorators, trying to make the place look good every quarter… but not building anything. Others are Realtors. Their hearts are in buying and selling… reaping reward when the work of others’ hands changes hands. Others are Landlords, who apply themselves at work, but their hearts are elsewhere. Be a Builder if this is within you.
More in 2-minute video at 3. Be a business builder
You shift resources “up” by investing manpower earlier in understanding market needs. This lets you be more successful later in developing solutions. You shift resources “out” when employees spend less time talking to each other… and more time directly engaging customers, through interviews and tours. Develop new skills for this, and create a new company culture.
More in white paper, www.catchtheinnovationwave.com (page 6)