As companies wrestle with the pain and disappointment of losing a sale to a competitor, especially when confidence was high that they would win, some interesting psychology comes into play.
Many companies are in expansion mode – with new product development, or new market additions. Whether driven by the post-Covid “pivot” or just opportunity seeking, market expansion is what companies …
Marketers are often confused, for good reason, about the connection between these three things: Customer Satisfaction — Loyalty — Retention Customer Satisfaction is most often measured. It has been made …
So, why are you surprised? As hard as you work on closing significant sales, you think you might know better. Yet, even as a finalist, you find yourself sweating bullets while waiting to hear if you’ve won the deal.
“This is a three-billion-dollar market; if we can capture just one percent of that, we will crush it!” This is the type of statement often heard from champions of a business expansion effort.
One of the most exciting things that happens in businesses of all stripes is innovation — the next generation of a product, a new product launch or market entry; perhaps a new go-to-market strategy.
The importance of customer feedback in achieving sales success
Don’t lose sight of human source data… The trend toward data-driven or supported business analytics has accelerated. And it is valid for most of the findings its proponent’s advance. Product-market mix planning, demand modeling, customer alerts, the list goes on.
The challenge with business decisions around growth and innovation has always been managing the unknown. In the Covid era, with all the additional uncertainty, the challenge is even more pronounced. The good news is that companies who are pivoting, innovating, and focusing on performance are survivors. If this describes you and your firm, there is the strong likelihood of something good on the other side.
Applying Rigor to New Product or Services Innovation
Virtually every company I know is immersed in some kind of a Covid “Pivot”. For most companies, some part of their value delivery must adapt to our evolving situation. And we see lots of examples, where value delivery becomes digitized.