Product Backgrounder
Product Name: SmartCredit
Product Description
SmartCredit is a credit card risk management service th...
Sales Questioning Guide
Market Segment:
Small to Medium Size Credit Card Issuers

Market Challenges:
Must compete against ...
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Your Sales People Do The Darndest Things Worksheet Example

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Product managers are constantly amazed at the things salespeople will do, from chasing long shot opportunities to promising impossible benefits and non-existent functionality to prospects when trying to close a deal. Even though we like to blame the sales team for behaving in this manner, it may really be the product managers' fault. Product Managers should own the message and then enable the sales team to take this message to the market. Unfortunately, sales enablement has become one of the most overlooked functions of the product management role.

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Your Sales People Do The Darndest Things Worksheet Example

  1. 1. Product Backgrounder Product Name: SmartCredit Product Description SmartCredit is a credit card risk management service that uses a customer’s or applicant’s credit history and transaction history to set the optimum credit line and interest rate that will encourage the customer to build a profitable credit balance but reduce the risk of delinquency and default. Target Markets / Segments Small to Medium Size Credit Card Issuers Market Needs / Challenges Must profitably compete against the top 10 card issuers for new cardholders. As credit issuing requirements have tightened, the potential number of prospects has reduced, so it is more difficult to acquire new cardholders. Buyer Profiles / Needs / Challenges / Goals VP of Cards – must grow total outstanding balances from a reduced number of prospects. VP of Risk – must keep delinquencies under industry averages but still support VP of cards in growth of balances. VP of Technologies – needs solutions that offer comparable capabilities of top 10 card issuers but at much lower cost. Positioning Statement For [small to medium size credit card issuers], Who wants/needs [must gain market share from the top 10 card issuers], The [SmartCredit service] is a [credit card risk management service], That provides [cost effective risk management]. Unlike [Big Vendor], The [SmartCredit service] [can be implemented in less than three months and requires no capital investment] Key Messages Achieves the same risk management power that the large competitors have. Delivered as a service with no custom development and capital investment. Allows you to quickly adapt new risk management strategies as market conditions change. Key Benefits/Value Proposition Compete cost effectively and take market share from top 10 competitors Profitably grow outstanding balances without increasing delinquencies and write-offs Copyright © 2010 Lûcrum Marketing 1
  2. 2. Sales Questioning Guide Market Segment: Small to Medium Size Credit Card Issuers Market Challenges: Must compete against top 10 credit card issuers who have more marketing budget and more sophisticated risk management capabilities. Buyer: VP of Cards – must grow total outstanding balance by acquiring new customers and building balances but doesn’t have the right tools to do this Challenge Impact Capability Benefit Current system does not Can’t create a robust risk SmartCredit is already Able to create a robust integrate with more profile which means they integrated into the richest risk profile and make detailed credit history must be more and most detailed credit more profitable decisions conservative on data. You just provide the on each new applicant or assigning credit lines name and SSN. current cardholder. which reduces balance Results in up to 6% build. increase in balance build. Does not have budget to Unable to aggressively SmartCredit is a hosted You avoid any capital upgrade current system compete for new service that you pay only expense and can pay for to same levels at top 10 accounts, which means for each applicant / this from your issuers. they can’t achieve customer that is rated. operational budget, growth goals. meaning that you can implement now and receive immediate benefits. Can’t quickly change Offered rates that are too SmartCredit offers a You can quickly (3 to 6 interest rates as their high may cause account simulation capability that months faster) adapt to cost of capital changes. closures. Offered rates allows you to plug in new market changes and that are too low result in parameters and evaluate optimize your credit reduced profits or too the impact of adjusting of portfolio for the best much risk. interest rates on balance profitability based upon build and risk of new market conditions. delinquencies and write- offs. Copyright © 2010 Lûcrum Marketing 1

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