An Accelerated Marketing Process For Engineered Solutions

November 19, 2014 at 1:00 pm


“There’s a way to do it better – find it.” These were the famous words of the inventor Thomas Edison. According to Forbes, approximately 543,000 entrepreneurs search for this way each month. And with almost 28 million small businesses in the U.S., there is never a lack of intrepid souls embarking on a potentially lucrative enterprise. Yet, over 80 percent of new businesses fail in their first 18 months. For technology and manufacturing firms, breaking in is even tougher because the competition is so robust.

So, why do many of these businesses fail? It could be any number of factors. Some inventors and tinkerers are great at developing excellent products, but do not know how to market or sell their products. Some believe that once the world sees the genius of their work, it will sell itself naturally. They tell themselves that the business will come to them, rather than actively managing their product. Strapped for resources, they typically ignore or choose to leave out product management. Others have the opposite problem – they spend too much time managing the product themselves, taking time away from what they do best, which is inventing and improving.

Businesses need to spend the time on solving customer problems and especially highlighting solutions that the customers never considered. Answers to questions of need, demand, price pressures and differentiation have to be addressed effectively. However, how do you allocate the resources to get this accomplished effectively?

Rather than choosing extremes or getting stuck in the quandary of limited resources, business owners can pursue a fourth alternative: strategic partnership and collaboration to help manage products. Partnering with product managers allows the synergy of leveraging the systems necessary to keep with trends in the promoting the business while the business keeps improving the product to widen the offering. This allows for revenue opportunities.

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Revenue opportunities are created by developing a customer list database, building the social media presence, an effective contact management program, and the networking necessary to sustain growth by becoming credible solution providers. Tools to determine which lead needs to become a sales lead and which lead needs to be nurtured by marketing are keys to success. Nine times out of ten, companies are just waiting for business. They are not out harvesting the fields of the seeds sown in the form of proposals and inquiries. Prospecting the market and solving customer problems are ignored because it is difficult to do and the process of educating and solution selling is left to chance. The results are the predictable pattern of getting lost in the noise of competition.

Once the easy work of revenue opportunity is accomplished, the hard work begins of helping the customers find the solutions for their problems. This is where the rubber meets the road and the long-term success of the relationship is solidified by flawless execution of deliverables. This where the adage people do business with people they like and trust come to light. Solving your customers problems effectively, easily and occasionally creatively will ensure that customers will give you that first look the second time around. This creates sustainable opportunities. After all isn’t that what we are all looking for!!!

An entrepreneur or business very easily sees the genius of their product. The hard part is getting others to see it, too.

“M-Pact Labs helps customers realize their market potential. We help customers reach their market potential while our customers focuses on developing the better way.”