Forums: Discussions for entrepreneurs and small business.

Hi Everybody,

I`ll try to make this short and consise. Our small business http://www.docs2digital.com/docs2digital.html is in the Document Management services and Solutions business. An area that is growing fast, maybe to fast. We get a fair amount of inquiries and hits. We carry entry level products as well as enterprise wide solutions. Here is what has almost put us out of business in the past. Lets say we have 10 solid prospects. All qualified and they have budgets and timeframes set (time frames are usually 3-4 months). However, after a while it all gets put on the back burner. Its not that we lose them to competitors they just dont buy anything. This is even after we may spend a few thou working with them. We usually present a needs analysis and get very detailed in why they need/want/benefit from our solutions. We are trying to re-market so as to grab possibly a differnt type of prospect. Not a lot of luck so far. Has anybody else battled this and what did you do to overcome it?

I think you may need to take a look at the criteria you are using to qualify your potentials.  I worked in a company that offered a brand new solution to commercial and industrials markets.  In that business we ran into the same type of problems you are.  The amount of legwork required before you get a solid commitment.

Some things I think you should do;

• Find out and document the reasons that projects get put on the back burner, and/or eventaully fizzle out.  You may be able to identify patterns in behavior of your business and your customers that may help you seal a few more.  In my experience, if you are honest with an lost prospect and tell them that you wish to improve your offerings, and solicit feedback, they can be very forward and open with their comments.
• Take a look at the marketing and informational materials you are giving your cusotmers.  Is there something about the image that makes them uncomfortable?  Remember, often times with new solutions, you WILL have to educate the customer somewhat.  So make sure your materials are easily understood by someone that is not in the business of document management or solutions.
• Check out your competition.  If your sector is growing fast, there should be others out there too!  If the market is big enough that you don;t have to directly compete for customers, or maybe service completely different geographical regions, you might get have a chance to help each other.  Keep your enemies close (just kidding)!!!
• Take a look at your offerings.  Maybe there is something that you could augment your offerings with, to create a more attractive and value-added product/service.

Gotta go, hope that helps!

First "looky loo" implies some contempt or at least irritation. You might change your perspective a bit as a first move. This will help a lot. After that, here are two basic strategies.

1. Use push marketing. Develop a product and use sales to push it into the market. This is sort of the old-fashioned way. I get the feeling this is your current approach.

2. Use pull marketing. Develop a remarkable product, or the perception thereof, that is good enough to generate its own demand. This is either an impulse buy sort of product or a product that people decide they can`t live without. Great marketing communicates clearly, quickly, and effortlessly, regardless of your product. Maybe you have a world beater, but it is not presented as such right now.

I visited your web site and I have only the vaguest idea what you offer. I understand that its related to document management but that`s about it. To be perfectly honest, this is the marketing that I would expect from an amateur. The company`s market position is unclear, the product position is unclear, and the information appears to be thrown together by someone who understands the product but has no real understanding about marketing.

If marketing is a budget issue, go get a college level textbook and read it cover-to-cover. If you`re paying for your marketing, find a different supplier, because they`ve done a bad job.

I`ve also found that a cursory market scan with the five forces is often very very very helpful in developing a credible/sensible market position. Also, try this, but it`s quite complex.

I would be happy to answer additional questions.

[ Here`s an article I wrote on copywriting. ]

Great stuff CookieMonster!

RBruce:  heed Cookie`s advice!  Doing a Porter Five Forces analysis is a good idea to help you understand the market better.  It might look a little daunting (it did when I first saw it), but it`s one of those things that is really easy once you try it!

and I also agree that being in a more positive mindset, regardless of the frustrations will do more to help than hurt. 

Me out!

Thanks for the kind words BThomD.