03 Feb THE BEST PRODUCT DOESN’T ALWAYS WIN
All you have to do is build something that is ten times better than what’s available in the market and clients and fame will come pouring in; right? Why is it then that we see promising companies fail spectacularly all the time? It turns out that the best product or service doesn’t always win. A quick Google search will tell you that in fact, it is the clearest and most compelling story that wins. The first thing most businesses want to know is how you can help them – build revenue, create efficiencies, solve problems – not how you built your product. This is how you start your story with your customers.
With that in mind, we need to ask why so many companies do it the other way around – focus on the technical brilliance of their innovation at the expense of the clear and simple benefits their product delivers. Whilst it is understandable, after all the sweat and toil of innovation, that businesses shine a light on their excellent technology, innovative use of materials and intellectual input used to develop their products – this should not the starting point.
Apple is a great example of a company that understands and leverages the power of the right story. They focus on the brand benefits to their customers as much as they do on the technology. Remember, Apple wasn’t the first company to design the MP3 player, the tablet, or the smart phone. Yet, of all their competitors, Apple was the only one that managed to get millions of people around the world queueing up in the middle of the night just to buy a phone.
This philosophy is not just important for B2C businesses but equally important in the world of B2B – something often missed across the sales cycle. This is even more important when you are a young challenger brand trying to establish your credibility – your story is often the only thing you have at your disposal. You may not have a finished product, be fully funded, or staffed, but you can have a straightforward and easy to understand story. So, make sure you tell it, and that it is clear, compelling and focuses on what your customers want or need. Get it t wrong, fail to communicate your benefits simply and effectively at this point and your product could be left sitting on the shelf while your competitors race ahead – fundraising, selling, and winning.