How do I deal with the onslaught of generics now that my technology is maturing?
This question weighs heavily on the minds of consumer marketers, but many B2B marketers don’t seem to connect with it until it is too late. The earlier you address this challenge, the better.
Prevent Product Maturity
There are four “do’s” to consider to prevent product maturity.
- Build a “Brand” mindset into your marketing strategy early. It is easier for your customers to remember what you stand for than it is for them to remember your innovation.
- Don’t talk about what your innovation is; focus on what it does and how it benefits your market.
- Don’t let your innovation get stale; be willing to cannibalize yourself. Better you than your competitors!
- Test your business model often, especially if you sell through distribution or have vertical competition.
Don’t Get Stuck in Your Success
Maintain a fresh understanding of your served markets and your competition. Constantly look for new markets and adjacent technologies.
Don’t sit on your brand innovation. While engaging the markets, be vigilant on new opportunities. The more options you bring your customers, the more they will see you as something more than a “supplier.”
Never let your marketing and innovation tools get rusty. Hone them. Keep investigating the new tools, but at the same time, don’t become enamored with the next new thing. Make sure your tools have benefit.
Most importantly, ensure you are managing the 5 Ps. Keep them additive and interdependent. Never change one without knowing the impact that will have on the others. Don’t raise prices alone just because you think you can.
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