Are you ready to sell “Trust”?
Think of Apple products. Have you ever questioned whether the product will work well and serve a need? No, in fact, it goes beyond that, we not only trust it will be a great product; we expect it to be simple and innovative.
On the opposite end of the spectrum, last week I attended Tech Tuesdays in Ottawa. A mini version of Dragon’s Den was held, when 3 companies made a short 6-minute sales pitch to a panel and the broader audience. The choice for the winner was unanimous. The leader communicated the value proposition for the innovation clearly and in simple term. He also portrayed his understanding of the market in a way all understood. Bottom line, it was easy to trust. On the other hand, for the 2 other companies, I kept hearing “I don’t understand what they are doing”. My instinct told me that they probably had more sophisticated technology with greater market potential, but at this time, it was difficult to grasp and trust.
Very few innovations will sell on the pure merit of the invention. Overlooking this reality is the source of failure for most intrapreneurs/entrepreneurs. A well-implemented commercialization is a tough job requiring a broad and deep set of skills, never to be under-estimated. By the time a customer purchases the product/service, he/she is buying trust in the technology, the product, the brand, the seller, the company, the distribution channel, the customer support, and many other subtle dimensions.
Boardroom Metrics’ model and tools for commercialization incorporates the need to generate brand trust in the following key areas:
Market Positioning: Identification of the unique market space and needs.
Brand Management: Crystallizing the value proposition. Branding and portraying the value proposition.
Channel & Sales: Fit with innovation, brand and corporate values.
Marketing: Stimulate awareness and trust in the Brand.
Performance Metrics: The “trust” index, measuring beyond sales.
Culture: Culture founded on corporate values that re-enforce “Trust”.
Interested to learn more about how to commercialize your technology and innovation into trusted value proposition and brand, please contact Marc Séguin at BoardroomMetrics.