For B2Bs developing product or service offerings, whether for new or existing markets, there are some key considerations you need to factor in. These include the Core Product AND ‘Value Adds’. These include the Core Product AND ‘Value Adds’ to meet business customers broader requirements and preferences.
Hi, I’m Michael Haynes, and welcome to Listen Innovate Grow TV. Today, I’m going to be talking about product development and its implications for going to market.
Now it’s very important that as you’re developing your product and service offerings to take into new markets, as well as your existing markets, that there are some key considerations that you need to undertake and have when doing so.
So in terms of when we’re talking about your product, you have your core product. Now that can be your core product or service offering that is addressing a key objective or problem for your customers, but in order to succeed in business markets, simply having a core is simply not enough. What you need to have in addition to your core product or service offering is you need to be providing what we call “value adds.”
So these are value adds that are going to be meeting some of the broader needs, requirements and preferences of your business customers. Now in terms of value adds again to deliver to your business customers broader requirements, to meet their needs and objectives, there are three kinds of value adds that you should be considering as part of your product development and for your product and service offerings. You’ve got services, program and systems.
So what kind of things are we talking about when we talk about value adds in terms of services, programs and systems? These can be things such as additional services, such as providing audits, advice and consulting. In terms of programs it could be things such as your ordering management, inventory systems, what you provide in terms of training, maintenance, service and support.
So it is your core product or service offering combined with the value adds around services, programs and systems that you’re delivering, again to meet those broader objectives, primaries and requirements of your businesses customers. It is these two combined, which will create “the customer solution” and that is the aim when you’re developing products and services for your business customer, that you want to be trying to achieve, is creating a solution to deliver value to not just a core need, but also the broader priorities and business objectives and keep in mind that when you’re developing a customer solution, you want to be ultimately aiming to try and achieve and solve what I call the “big 3″ for your customer.
That is, helping them to either; increase revenue, decrease costs and risks, increase customer retention and so when providing your core product and additional value adds, your aim is to ultimately help your customer achieve those broader strategic priorities and address the big 3.
Now how do you develop your product and service offerings, your customer solutions? There will be some serious implications and considerations that you have with respect to your go to market strategy.
Now with regards to your go to market strategy, you want to make sure that the products and services solutions that you’re developing for your customers are very much geared and tailored to your target market and customers.
Now there are also some serious considerations that you want to be making sure that you take into account as you’re developing your solution for the different markets and customers that you’re going for. For instance, you need to make sure that you understand what are the channel preferences with regards to how your product product or service is going to be delivered and/or used. What are the service and support requirements?
So for your respective markets and customers that you’re going after, making sure that from a service and support perspective, do you understand and are you customising the requirements that they may have with respect to things such as installation, delivery, training also, in terms of the support perspective, such as how are queries, complaints, service faults, how are they going to be handled, what are the processes that you’re going to have in place, what are the channels by which you’re going to address those?
And then for those of you who are taking your product or service offerings or solutions internationally, be mindful of timezones, language requirements, cultural requirements. What are the implications that are going to be necessary in order to handle for example, queries and complaints in different timezones, or in countries with different languages, you need to make sure that all of these elements are taken into account to meet the requirements of those target markets and customers that you’re going after.
Now the key to understanding as to what exactly needs to go into your product and service offering into your customer solutions to meet the needs of those target markets and customers that you seek, to make sure that they’re tailored appropriately, the way in which you do so is by listening, gaining an in-depth understanding of those markets and customers.
Now, to understand the various ways in which you can do so, you can go to https://www.listeninnovategrow.com, where I have other videos and articles which talk about, how do you go about listening, gaining that understanding of your markets and customers so you know exactly how to tailor your product and service offerings, your solutions, to meet the target customers and markets you’re seeking, and that you’re taking into account and delivering the appropriate core offerings, value adds and meeting some of these other key criteria around channel preferences, service and support, global and international considerations.
So again if you want to know more about how to go about developing your products and services your customer solutions for your go to market strategies, go to https://www.listeninnovategrow.com. Until next time, I’m Michael Haynes.