True innovation lands a product just ahead of the market need
When I joined SAP Concur, we faced two main challenges: customers in Asia didn’t know our product, and they didn’t care. So how does a business open up a market, where self awareness is not there? Facing these challenges taught me that you can indeed grow a successful, thriving company even when the demand for your product is still in the future. It all depends on the story you choose to tell.
We have built a strong business in Asia by following one simple rule: bringing the right story to the right people. Talking about travel and expenditure (T&E), for example, limits us to a very narrow conversation that resides well down the list of priorities for any businessperson. But when you talk about helping businesses expand regionally or globally, by achieving huge efficiencies at scale, you start to get people’s attention.
How do you work out the right story to tell? First, always tell the truth. This is non-negotiable, especially in today’s climate of “fake news” and snake-oil spin. We would not be able to talk convincingly about what SAP Concur can do for data management or insights into employee spend if our claims were not grounded in fact – in our case, the experience of numerous customers elsewhere in the world. People respond to conviction, and conviction only comes from knowing the truth about what you can offer and why it matters. Plus, it’s simply the right thing to do.
Second, try your best to address individuals’ problems. I discovered after some time at SAP Concur that there were always one or two data points which would turn the tide of conversation in our favour. Those data points, however, would vary from business to business, and even person to person. Some individuals would care more about the potential for cost savings, others for more efficient handling of data, others still for what their data could say about their optimal travel spend, and so on.
For a story to work, it has to be multifaceted enough to speak to those different cares at different times, while remaining true to its core – in our case, helping businesses manage travel efficiently at scale. Not every part of your narrative will resonate with the person who ultimately signs off on the deal. But if at least one part does, that’s often more than enough.
Finally, keep listening! Ask your customers what they care about, what keeps them up at night with either excitement or trepidation. When you understand this, you not only know how to craft a story that resonates with them…you also know them for who they are, as people and not just decision-makers or stakeholders.
One of my upcoming projects is a forum for CFOs and existing customers (let me know if you would like to participate!). It is an opportunity to discuss and talk about trends, pain points, and what’s next in managing corporate finances. It is also an opportunity to collaborate and see how we can help each other as an industry and community. A strong story gets you through the door, but it is the relationships you build with your audience which keeps you there.
When your product is ahead of its time and the market is not aware of its need, it gives you a chance to define the spaces you want to occupy, and potentially create a market where there wasn’t one before. It’s been an interesting journey; the team at SAP Concur has worked incredibly hard to pinpoint the right story and messages for Asia. When you genuinely respect your audience, learn about their problems, and find ways to fix them, you can turn an unknown product into a winning formula.