Last week we talked about digital persona and how to develop a segmented customer group for your business plan but for what?
Yes, for product design or feedback but also, and when your are pre-product you can use the data trying to justify funding or just prioritise your development - it’s important to be able to show that you have some traction!
So, prior to selling something what can you do to develop your profile or reach into your target segments?
That’s what we mean by traction and was the subject of our mentor’s ‘grilling’!
So, this week the blog is about Boost thinking about gaining Traction?
It is all too easy to get wrapped up in business processes and product development and to lose focus on the one element of businesses that matters – the customer. So you need to keep relevant and the potential customer base and, in banking jargon, ‘put the customer at the centre of your business’.
Sometimes you need a friendly mentor to focus on the point, not over think it and ‘JUST DO IT’
What how you do go about it?
Before we even built our business website, we identified the problems in our sub-segment through research, Google Forms Survey and face-to-face.Next, to extend our reach we set up a 'corporate' website with some information on your objectives, to tell people who were are and to get some feedback? But we all do this don't we?
Remember to enable Google analytics, on-site survey capture and registration which separately or together provide a good assessment of some of the things to do in the next stages.
The real challenge is 'how do you drive traffic to your site?' and get them to do provide some useful feedback?
You need to reach out, to learn! In our case, try our survey and enriched to our other feedback which was, Help me:
1. Improve my financial wellbeing
2. Understand common financial products
3. Find a way to buy a house
4. Oh and be more like John Lewis – quality with fairness
This helped validate our approach and gave a hint about the messaging, or style, our business could adopt.
Predominantly, we built our branding on surveys and interviews with our key customer segment to develop our trading name - Equals and the Logo.
In fact, we developed all the styles, colour palettes and information we needed to build our Brand.
Therefore, using your site/interface to both verify your initial findings and show that you have traction on your chosen distribution channels is helpful even before you have the products to sell.
Strategy and Plan
To make it happen, you need to create a strategy and a plan - some people call this PR activity and some Brand Marketing or placement. 2000 years ago, Sun Tzu described shaping both the physical and virtual terrain for competitive advantage and in the military, its called preparing or ‘shaping the battlefield’ – your business is entering a similar space; the market space is a very competitive battlefield.
Your strategy should set out your objectives? These might be to raise profile, test the distribution channels or to find out what our customers think about your proposed solutions.
Your plan should look at the best ways to reach out to your potential customers and should include multichannel and multi-media approach and test our ideas/solutions.
You need to decide what you will use to measure – monitor – manage the data and responses you collect and ‘listen’ to what people have to say about your offer and your impact.
Always remember that customer contact has a person at the end of it – it’s a human-to-human interaction and so you need to think about how you would respond to your own strategy and plan.
Think about the differences in content and reader time, inclination and interest which prevail on the channels you use. Also, think of when you can capture them 'at rest' - you wouldn't Tweet to mums of school aged kids at 'school run' time, would you?
Social Media is rapid fire and sometimes hit and miss. You should try to engage readers through a mix of posts and in conversation, not just a deluge of pitches.The key is to be short and sharp so people can receive your message or answer simple questions in a trice. Therefore, use more generic quizzes on Twitter survey, FaceBook ads. Measure likes, retweets, survey results, web clicks. Read other people’s advice – try Twitter Tune Up @talentedladiesclub.
Email to address list contacts and seek to increase your responses by propagating a Google forms survey. Also, use a link to the website so you can get google analytics reports on traffic, demographics etc.
Website - a more in-depth survey alongside web registrations and web analytics. Questions here can be more in depth but should be focussed on products, look and feel and customer journeys once registered.
Print, e-shot and magazines - click through, site visitors and work of mouth. Use an engaging style… let's cover that next week after the Boost Marketing event.
Keynote/Presentation of the Week
The ‘keynote’ event for the FinTechs this week was a briefing by WhiteCap Consulting and Hedgehog.
Whitecap looked at general disruptive technologies and how these technologies have shaped where we are today and where we will be tomorrow – there were even one or two people in the audience who remembered floppy disc media, Mercury buttons on phones and FreeServ – the first free ISP. And of course, SciFi shows like StarTrek drove Motorola (the flip-phone) and the beginning of the new era of communications.
Hedgehog’s story from good to great and their need to pivot was inspiring. Hedgehog are a multi-award-winning company in mobile design and consultancy. Sarat Pediredla, Chief Executive Officer of Hedgehog Lab talked about his inspiration and how to grow from 3 people in 2010 to a global studio with 120 staff across 3 continents and being named the #1 mobile app developer in Europe.
We then looked at the opportunities in the underserved areas of finance and had a wider look at opportunities where disruptive technology could help society as well as make money.
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