Developing B2B customer insight skills for this growth requires a commitment your competitors may be unwilling to make. Good. You need them to remain shortsighted. As you gain insights, you may enjoy a bonus: Customers are impressed with suppliers that listen to them… and often offer near-term adjacent opportunities.
More in white paper, Catch the Innovation Wave (page 15).
Many B2B producers are stuck at the 2nd of the 4 innovation maturity levels: Solution Validation. When they ask customers to validate their cool new idea, they think they are understanding market needs. They are not. They are simply understanding market reaction… to one idea… their idea. You’ll get far better results by reaching the 3rd maturity level: Market Insight.
More in white paper, Guessing at Customer Needs (page 7).
We now chuckle at how sales people used to rely on ABC (Always Be Closing) and manufacturers relied on end-of-line inspectors (vs. statistical quality control). But those will pale compared to the way today’s B2B companies test markets: by launching fully-developed products at their customers. When they could have learned customer needs first with some simple interviews. Funny stuff.
More in article, Why will future companies laugh at us?
More specifically, it’s learning what you didn’t know about the customer’s world in your target market. If you think it’s about “ideating” to come up with cool supplier ideas—which you’ll “validate” with customers—you’ve got it all wrong. Start with customers and their needs… not with you and your notions. Focus on your solutions after you understand what those who might buy them want.
Learn more about B2B innovation at theaiminstitute.com
Modern “Jobs-to-be-Done” thinking began with the most popular HBR article ever written: Ted Levitt’s “Marketing Myopia.” It begins this way: “Every major industry was once a growth industry. But some that are not riding a wave of growth enthusiasm are very much in the shadow of decline. Others, which are thought of as seasoned growth ... Read More
In a whispered voice, a B2B business executive confided to me that his company seldom spent more than $10k on their product launches… even after spending hundreds of thousands developing the product. This isn’t launching a product. This is kicking it off the loading dock and hoping someone finds it.
More in article, Stop Squandering Your Product Launch Budget
You can improve a process anywhere down the value chain, or you can improve the ultimate product. (Mid-stream products don’t count.) Equipment and service providers often have their biggest impact on processes. Component or material makers often have a larger impact on products. In either case, you need to pursue these improvements with passion.
More in e-book, Reinventing VOC for B2B (page 26).
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
B2C employees (e.g. Apple engineers) are consumers themselves, so they have high typical customer insight… but low potential insight, since consumers can’t easily predict what will entertain them. The gap between typical and potential insight when serving knowledgeable B2B customers is much larger. This is your competitive edge if you close the gap before competitors.
More in white paper, Catch the Innovation Wave (page 13).
We asked this question of new-product teams that had conducted a total of 875 B2B-optimized customer interviews. 96% said these interviews would have a moderate, significant or great impact on their company’s organic growth rate. Only 4% said the impact would be “slight.” About the same amount also felt such interviews would positively impact their company’s culture.
More in white paper, Guessing at Customer Needs (page 10).