Step 1. Play Devil’s Advocate

Let’s start with healthy dose of masochistic skepticism. If someone wanted to prove you wrong, what would they say? What would a skeptical investor ask to raise doubts about your idea? What would a competitor say to ridicule your product? What criticisms would you expect from down-to-earth suppliers and distributors?

Instead of begging potential customers to confirm that your idea is brilliant, meet them with an open mind and explore what might be wrong with your basic assumptions. An entrepreneur conceived an alarm system that would call your mobile phone when an intruder breaks into your house. After talking with potential customers, it appeared that people were afraid of housebreakers coming at night while everyone is home asleep, something the entrepreneur had completely overlooked

Customers who adopt your product will switch away from familiar routines, and they will focus on the downsides of switching. For instance, people who consider the convenience of online shopping will immediately think about the lost opportunity to touch and compare items. Do you know the downsides of adopting your product? In his 1983 book “Diffusion of Innovations,” Everett Rogers discusses barriers to product adoption. Try to answer these questions inspired by Rogers: (1) Is your product superior to a well-identified alternative? (2) Is your product consistent with the lifestyle, experiences, and environment of your target customers? (3) Is your product easy to understand and use? (4) Are the results of adopting your product observable and describable to others? (5) Are there foreseeable negative economic, social or physical consequences to adopting your product? (6) Can your product be adopted gradually or tried on a limited basis?

Step 2. Focus on Market Growth

All too often, entrepreneurs over-focus on building awareness. But customers also need to like your product better than substitutes, and then to buy it again. You can’t just have a good start and then get stuck. Anticipate how you (or the people who will buy your business later on) might grow big. What is the ultimate potential of your business? What will you do to retain one-time customers? Where will you grow after reaching the initial target market?

Step 3. Enrich Your Marketing Plan

Marketing books say that you need a target market, a positioning statement (basic benefits, price level) from which to derive effective product features, pricing, communication and distribution. In order to make your enterprise stronger and compelling, you will need a few more things.

1. Data

You look for compelling numbers to demonstrate market potential. But numbers are only part of the equation. Seek consumer quotes showing that people speak your language. Even more important, develop a storyline that tells the place of your product in people’s lives. If you sell postcards, you need to be able to articulate that you are in the business exchanging memories.

2. Multidimensional Benefits

If you launch a new chemical to unblock the pipes of the kitchen sink, effectiveness is only part of the story. You’d also need to get the emotions right, and to think through the social and symbolic concerns of users. If your chemical smells disgusting or causes a rash, you won’t sell anything, even if it’s super-effective. You also need to a metaphor to make your users proud. What will you do to make your chemicals’ user feel like a hero?

3. Connecting with Trends

What mega-trend are you addressing? How do you support your customers’ quests for the greater good, transparency, personal control, and small environmental footprint?

4. Learning systems

Your marketing plan should not be cast in iron. You need to maximize learning in real time. Set feedback loops and explain how you will adjust to market response.

Luc Wathieu
Full Professor, Ferrero Chair in International Marketing, and
Associate Dean of Faculty, ESMT