My catch phrase this week has been “Think like a Marketer, Act like a Salesperson”
A colleague went to raise $16M with a cunning plan. Two investors told him his plan was stupid, not cunning, and he pretty much threw his pitch in the bin.
Another colleague deployed some new infrastructure, based on market research for the demand. He blew his dough as it turned the research wasn’t nuanced enough. There was no demand for the new version of offering.
Now I have been a marketer and a salesperson, and what I have noticed is that most people have a tendency to think like a salesperson, and act like a marketer. However, success in business development tends to come from operating the other way round. What do I mean?
Sales people operate at the coal face, consequently their intuition and insight into how customers feel is excellent – they are constantly altering their behavior based on feedback. However they tend to wear their hearts on their sleeve. If three customers in a row hate a new product, they will give up on selling it. They don’t see the market, they only see the prospects. (Just see the trees, but can’t see the forrest)
Marketers have a much more dispassionate view of market places. They may estimate, as in the case of Encyclopaedia Britannica, that only one person in a hundred has demand for their product. Therefore logically, 100 people need to be approached to make one sale. However, they are always abstracted from customers, relying on research rather experience. After a while their gut feel becomes so disconnected, that they can be convinced that jumping into the fire is a good idea, if the data supports it. (just see the forrest, but not the trees)
So, if you think like a marketer “I will have to speak to 25 investors to get one interested (a 4% response rate) then act like a sales person “I notice they wince every time I suggest it will only take 12 months” you end up doing the hard slog, but learning and refining every step of the way. A winning strategy.
I think its an handy mental framework when trying to develop new business around new products and markets.