New Product Marketing Strategy Template Step 2: “Who are your customers?”.
How to use marketing strategy template for a new product development?
Answer the questions from our new product marketing strategy template below .
Write down answers to these questions about your customers:
2.1. Define the different types of “customers”.
- Write down who will be the actual day-to-day user of the product?
- Write down who are the Influencers and Recommenders?
- Who is the “Economic Buyer?” (i.e. whose budget paid for it)? Do you think the Economic Buyer has an existing budget for this product or do they need to get one approved?
- Who are the “Decision Makers?” Who else needs to approve the purchase?
- In what position?
- In what company type?
- In what industry segment?
- What departments?
2.3. What problem does the customer have?
- What do you think the biggest pain is in how they work?
- Is it the same on all levels of the company?
- If they could wave a magic wand and change anything what would it be?
- Since your product doesn’t exist, what do people do today to solve their problem? Don’t do it ? Do it badly? Don’t recognize the need?
- Latent Need (you recognize that the buyer needs your product but they don’t.. .yet)
- Active Need – the Buyer is in pain (they recognizes a need but doesn’t know how to solve it)
- Has a vision of a solution (the buyer has a vision of how to solve their problem)
- What is the organizational impact of this pain? Individual? Departmental? Corporate?
1.4. Define the magnitude of customer need – Is this a Mission Critical Product?
- Is this a “must have” product?
- Is this a “nice to have” product?
- Is this product so important that the customers have built it themselves?
1.5. How does the potential user of the product spend their day now?
- What similar products do they use? How much time do they spend using them?
- How would the world change for these users after they had your product?
- How would it change their day? Their lives?
1.6. How would customers justify the Return On Investment (ROI) for your product?
- What will be measured?
- Revenues? Costs-reduction or containment? Displaced costs? Avoided costs?
- What is the smallest/least complicated problem that can be solved for which the customer will pay for?
- What is the smallest feature set they will pay for in the first release?
What you should have after completing step 2 “All About Customer” of this marketing strategy template: