Joshua Feinberg discusses how data center wire and cabling companies can identify and address market needs.
He advises against relying solely on competitors' research, suggesting that companies should use their own insights and customer interactions to understand market needs.
Feinberg emphasizes the importance of segmenting the market based on stakeholders' specific goals and challenges rather than generic criteria like job titles or company size.
He also highlights the market's dynamic nature, which is influenced by factors such as generational shifts and industry challenges such as power shortages.
Continuous engagement through educational content, events, and surveys can provide valuable, actionable insights for product development and market strategy.
This video is excerpted from the podcast Ep. #61 Joshua Feinberg, CEO of DCSMI | Data Center Go-to-Market Podcast.
Action Items
- Conduct user interviews and surveys and analyze search/social footprints to understand the goals and challenges of target buyer personas in their own words.
- Prioritize market needs based on the intersection of buyer persona insights and the company's current and future product roadmap.
- Implement a process to continuously gather feedback on wiring and cabling challenges through forms, surveys, and educational content.
Outline
Identifying Market Needs in the Data Center Wire and Cabling Industry
- Joshua Feinberg discusses the importance of not relying solely on others' research, emphasizing the need for original insights and understanding the unique position of one's company.
- He advises using internal research as no more than 20-25% of the decision-making process, stressing the importance of staying close to the market and gaining unique customer insights.
- Feinberg highlights the need to identify ideal companies for wiring and cabling services, considering factors like location, size, business models, and industries.
- He emphasizes the importance of segmentation, not just by job title or company size, but by common goals and challenges related to wiring and cabling initiatives.
- Feinberg suggests using user interviews, surveys, and social footprints to understand buyers' goals, challenges, and frustrations in their own words.
Understanding Buyer Personas and Market Segmentation
- Joshua Feinberg explains the importance of understanding buyers' words to identify their goals and challenges. This information can be gathered through various methods, such as in-person interviews, surveys, and studying social footprints.
- He stresses prioritizing consensus on buyer insights with the company's current and near-future product roadmap.
- Feinberg advises grounding market insights in the reality of how the company can monetize them, involving product managers in the process.
- He highlights the dynamic nature of markets, with new buyers entering and existing ones exiting, and the need to adapt to industry changes and competitor dynamics.
- Feinberg suggests using educational content and events to continuously gather insights, recommending the addition of write-in fields on forms to capture buyers' challenges and questions.
Gathering and Utilizing Market Insights
- Joshua Feinberg discusses the value of data from write-in fields on forms, which can provide valuable insights for sales teams and aggregate insights across multiple landing pages.
- He emphasizes the importance of regularly monitoring these insights to stay on top of unfulfilled market needs.
- Feinberg suggests using surveys and research reports to gather additional insights into market needs.
- He highlights the importance of grassroots methods for smaller companies to understand market needs, even with limited resources.
- Feinberg concludes by reiterating the need for continuous listening and adapting to market changes to identify and address market needs effectively.
Resources
Watch the full podcast Ep. #61 Joshua Feinberg, CEO of DCSMI | Data Center Go-to-Market Podcast
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