How Quarter-Inch Holes Can Help Your Next Product Committee Meeting
Updated: Jan 20
“People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!” -Theodore Levitt, Harvard Business School Professor. Maybe one of the most famous marketing quotes of all time. Still, too many FI's struggles with this as they adjust their product offerings. Often teams forget this perspective while in the brainstorming phase and skip right to selling another fantastic drill. Or many drills. And drill bits. And drill bit cases. And drill bit case protectors. Generally, customers need help solving a specific problem. Identify that problem and focus on that particular problem's solution.
Then...you promote it, sell it, support it, enhance it. A common mistake is packaging an entire toolbox worth of content offerings and inundating customers with endless bullet points and finely tuned marketing paragraphs that not only go unread but set the stage for overpromising and under delivery. If your product offerings’ highest activity and the return rate is “internet account transfers,” then a vast majority of your resources tied to it should be focused on the continual enhancement of it.
Identifying your customers' main product usage points can seem like a rabbit hole. The correct reports, queries, data pulls, and conversations can help solve this.
We might just save you from selling that drill bit case protector.