Bernie Heine shares an article on marketing that focuses on using neuroscience to improve marketing tactics.
Spending money can be painful. Brain scans of people buying experimental stuff with experimental money show physical pain centers being activated by perceptions of poor value items. Price is a big part of this, of course, but perception is even bigger.
Bundling lots of product features under one big price tag is a good way to prevent customers from “flinching.” Car option packages are a good example of this. They avoid lots of separate “pain points” for the leather seats, the “infotainment,” the electric windows, etc.
It’s not just the price either! Perceived unfairness in a purchase can cause pain too. You need to review your whole marketing offers from your target customer’s point of view and eliminate the pain points.
If your prices are higher than your competitors’ prices, it is vital that you explain to your customers exactly how you give them better value.
“Priming” can give you a competitive advantage. Giving people subtle psychological leads can guide their buying decisions your way. For example, images of cash money increase self-centered behavior, and telegraphing big numbers in a negotiation can ease the acceptance of a relatively higher bid.
Dan Ariely “Our daily behavior is irrational. We are influenced by all kinds of invisible forces.”
How’s this for an intriguing bit of psychology? Prof. Dan Ariely at Duke University primed subjects with random numbers – the last 2 digits of their own social security numbers. He then asked each of them how much they would pay for a wi-fi keyboard. The higher the priming number, the more they were willing to pay!
Are your prices ‘anchored’ or flexible? How much do you know about your customer’s price expectations when they browse your wares?
Key points include:
- The five senses and the buying/decision-making areas of the brain
- The three groups of consumers
- The power of priming
Read the full article, Top Insights From Neuroscience Can Improve Our Marketing, on the ProfessionalBusinessCoaches.com.
From Johannes Hoech’s company blog, an article that shares the facts and stats on how the pandemic has affected B2B marketing teams and what they can do about it.
For B2B marketers in 2021, a new mandate has become clear: Evolve or perish. As marketing leaders steer their ships through the turbulence of COVID-19, they’re encountering the sobering reality that there will be no return to business as usual, even after they get to calmer waters. Marketing teams may make it to the other side of this thing, but the old ways of B2B marketing aren’t coming with them – and emerging evidence shows that many teams are ill-equipped to adapt to the new environment they’re entering.
The good news: It’s perfectly possible not just to survive, but to thrive in this new environment. But it will require teams to take a step back, re-align the resources still available to them, up-level their digital skills, and make a detailed, if not quantified, growth plan.
Why has this happened, and what, exactly, has changed?
Success in the new era of B2B marketing will require teams to reckon with four major, simultaneous, and interrelated, challenges:
Higher demand generation goals
As companies retrofit their operations for the post-COVID business landscape, they’re asking a lot more of marketing. Nearly 60% of surveyed marketers report seeing their teams’ lead gen goals jump since March of last year when U.S. lockdowns began.
Not only are marketers being asked to do more – but they’re also more strapped than ever for the resources with which to do it. In addition to higher lead gen goals, most marketers are also seeing shrinking team budgets. Notably, this pressure is not being distributed equally across organizations – while marketers are tightening their belts, sales teams are reporting budget increases as often as budget cuts.
Key points include:
- Confronting the challenges
- Maintaining situational awareness
Read the full article, The Perfect Storm Facing Post-Pandemic B2B Marketing Teams, on marquetu.com.
Ian Tidswell provides an infographic that provides the details of the key 6 steps to creating and capturing value in MedTech, from offer design through market access and reimbursement approval to new product transitions.
Success in the Medical Technology industry requires constant innovation. However, capturing a fair share of the value (pricing) from that innovation throughout the product life cycle is especially challenging given multiple market access hurdles, constrained healthcare budgets and diverse stakeholders.
The steps illustrated include:
- Pre-launch – market access with value recognized
- Communicating the values
- Gaining effective value access
- Segment and target buyers
- Incentives align channel
- In-market – value delivered and captured
View the detailed infographic on the Een Consulting website.
Sean McCoy idenfities three common denominators behind unsuccessful commercialization efforts.
After your Go-to-Market (GtM) strategy is designed and the planning is complete, it is time to move into execution. Implementation is when a strategy finally impacts the bottom line, which is why it is so vital to get the implementation right. Because Go-to-Market strategies are among the more transformational and comprehensive changes at a company, their execution is more complex, nuanced, and impactful, further increasing the stakes in implementation.
There are three major questions to answer when implementing a commercialization strategy: What is the governance? What is the rhythm? When do you scale? When companies answer these questions well, their GtM implementations are more successful. When they pass over these questions or answer them inadequately, their GtM implementations are more likely to fail.
Points covered in this article include:
- Governance & accountability
- The scaling model
- The cadence of activities
Read the full article, 3 Success Factors to Operationalize Your Go-to-Market Strategy, on the McCoy Consulting Group website.
Robbie Kellman Baxter reviews the progression of the subscription business model, from the early days of SaaS to a future of manufacturing based on the subscription model.
My first job after business school was as a product manager at an enterprise software company. I picked it because it was one of the first companies experimenting with what today we call Software-as-a-Service, and I could see that was going to be the futureIt just made so much sense. The old business model had been a licensing one. You paid a one-time (huge) fee to own the software and be able to run it on your site, using your own hardware. If you wanted to customize the software, you hired a professional services person to code it. Most people also paid for a maintenance contract for basic upgrades and bug-fixes. But if you had customized the software at implementation, then anytime you wanted to upgrade the software, you had to bring the professional services person back.
Points covered include:
-The benefits of Saas
-Transformation in manufacturing
-New business models
Read the full article, Why manufacturing is about to be disrupted by the Membership Economy, on Robbie’s website.