Webcast: How to Develop a Deep Understanding of Your Target Markets

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Thanks everyone who participated in this webcast from The Association of International Product Marketing and Management (AIPMM).

Often too much activity in Product Marketing is guided by assumptions, internal discussions, and anecdotal information. If we are serious about being great at Product Marketing, and delivering powerful tools for our sales and marketing teams, we must develop a deep (or dare I shall say intimate) understanding of our target markets. In this webinar, we'll show what you must learn about your target markets and how to do it.

About the Speaker
Tom Evans is Principal at CompellingPM and is an internationally recognized authority in product management, global marketing, business partnerships and entrepreneurship. In his extensive experience, he has helped start-ups through Fortune 500 companies create and launch winning products and has led business development efforts in the US and global markets.

About AIPMM
The AIPMM is the hub of all things product management. It is where product professionals go for answers. With members in over 65 countries, it is the worldwide certifying body of product team professionals.

It is the world's largest professional organization of product managers, brand managers, product marketing managers and other product team professionals who are responsible for guiding their organizations, or clients, through a constantly changing business landscape.

AIPMM's certification programs are internationally recognized because they allow product professionals to demonstrate their expertise and provide corporate members an assurance that their product management and marketing teams are operating at a high competency level.

Visit www.aipmm.com.

Upcoming Webinars: http://aipmm.com/aipmm_webinars/
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  • AIPMM - All Rights Reserved
  • Webcast: How to Develop a Deep Understanding of Your Target Markets

    1. 1. © AIPMM 2013 www.aipmm.comAIPMM Webinar Serieswww.aipmm.com
    2. 2. © AIPMM 2013 www.aipmm.com
    3. 3. © AIPMM 2013 www.aipmm.com– Founded 1998– World’s largest professional association for productmanagement, product marketing and brand management– Provides globally recognized certifications:• Certified Product Manager• Certified Product Marketing Manager• Agile Certified Product Manager• Certified Innovation Leader• Certified Brand Manager
    4. 4. © AIPMM 2013 www.aipmm.comAIPMM: @AIPMMTom Evans: @CompellingPMTweet!
    5. 5. © AIPMM 2013 www.aipmm.com• One Amazon $50 gift cardParticipate and Win!
    6. 6. © AIPMM 2013 www.aipmm.comToday’s SpeakerModerator:Therese Padilla, President, AIPMMPresenter:Tom Evans, CPM, CPMMCompelling PMtevans@compellingpm.com@CompellingPMwww.compellingpm.com
    7. 7. © AIPMM 2013 www.aipmm.comFEATURED PRESENTATION
    8. 8. How to Develop a Deep Understandingof Your Target Markets - The StartingPoint for Great Product MarketingTom EvansCompellingPM@compellingpmCopyright 2013. The Lûcrum Group, Inc. 8
    9. 9. Bad Product Marketing• Not gaining a deep understanding of yourtarget markets!– We have internal discussions about profiles andneeds of our buyers/user.– We use anecdotal information that might comefrom sales people or executives.We fail to discover the real profiles and needs.Copyright 2013. The Lûcrum Group, Inc. 9
    10. 10. Results of Bad Product Marketing• Messages don’t resonate with target buyers• Marketing and sales tools fail to motivatebuyers• You don’t get good leads• Sales people try to sell to the wrong peoplefor the wrong reasonsThen you wonder why your product isn’t sellingCopyright 2013. The Lûcrum Group, Inc. 10
    11. 11. Required Knowledge of Our Buyers• Who they are• Why they buy• How they buyCopyright 2013. The Lûcrum Group, Inc. 11
    12. 12. WHO THEY ARECopyright 2013. The Lûcrum Group, Inc. 12
    13. 13. Defining Personas• Buyer & User Personas• Personas are a representative buyer or user(stereotypical)• Can be multiple personas per buyer/user role• Easy to visualize & understand• Keeps us focused on their context• Useful for product development & marketing• Needs to be based upon researchCopyright 2013. The Lûcrum Group, Inc. 13
    14. 14. Typical Personas• Executive Buyer (Economic Buyer)– Interested in solving major business issues– Has final approval authority• Technical Buyer– Does it meet certain criteria & expectations– Can say no, but not yes• Users– Day-to-day user– Wants to do their job betterCopyright 2013. The Lûcrum Group, Inc. 14
    15. 15. Knowing the Personas• Key goals & challenges• Job responsibilities & typical tasks• Typical background (demographics, skills,education, etc)• Key problem scenarios– What drives them to use your productCopyright 2013. The Lûcrum Group, Inc. 15
    16. 16. Questions to Ask• What are top of mind of issues for you?• What are you most important jobgoals/objectives?• What does your typical day look like?• What are the hardest and easiest things aboutyour job?• What are your career goals?• What do you like to do and not like to do – withinyour job as well as personal activities?• Also – consider observationCopyright 2013. The Lûcrum Group, Inc. 16
    17. 17. WHY THEY BUYCopyright 2013. The Lûcrum Group, Inc. 17
    18. 18. Why Executives Buy• Key market trends & business drivers• What must they do to compete, create acompetitive advantage, increase revenue, cutcosts, improve customer loyalty, etc.• Establish company as a leader• What is the ROICopyright 2013. The Lûcrum Group, Inc. 18
    19. 19. Why Middle Managers Buy• Make their teams more effective• Enable team members to spend time on morevaluable tasks• Reduce costs of their operations• Raise their visibility in the organization• Advance in their careerCopyright 2013. The Lûcrum Group, Inc. 19
    20. 20. Why Users Buy• Do their task more effectively• Reduce time spent on mind-numbing activities• Gain greater job satisfaction• Increase financial rewardsCopyright 2013. The Lûcrum Group, Inc. 20
    21. 21. Why Technical Buyers Buy• Raise their visibility in the organization andindustry• Interesting and new challenge• Career advancement• What makes them say no?– Doesn’t meet their standards– Adds tasks to an already overloaded team– More difficult solution than alternatives– Can’t get the right resourcesCopyright 2013. The Lûcrum Group, Inc. 21
    22. 22. HOW THEY BUYCopyright 2013. The Lûcrum Group, Inc. 22
    23. 23. Generic Buying ProcessCopyright 2013. The Lûcrum Group, Inc. 23
    24. 24. Discovering the Buying Process• What are the typical phases of the buying process?• Who are the typical buyers & influencers?• Who is involved at each phase?• What are their main concerns at each phase?• What are they doing at each phase?• What are the typical barriers to moving ahead?Copyright 2013. The Lûcrum Group, Inc. 24
    25. 25. Buying Process – Recognize Need• What causes them to recognize this need?• What compelled them to search for asolution?• Who makes the decision to begin looking for asolution?Copyright 2013. The Lûcrum Group, Inc. 25
    26. 26. Buying Process – Information Search• Where do they begin their search forinformation?• What terms do they use?• Why do they choose these sources v. others?• Who are the respected thought leaders in theirindustry?• What information is/was most useful?• What questions are they trying to answer?• Who is involved in this process?Copyright 2013. The Lûcrum Group, Inc. 26
    27. 27. Buying Process - Evaluation• How do you decide which alternatives toevaluate?• What are the most important considerations forthe product and vendor?• What are must haves? (Would eliminate analternative)• What are the most important nice-to-haves?• What key questions are you trying to answer?• What are you biggest concerns?• Who is involved?Copyright 2013. The Lûcrum Group, Inc. 27
    28. 28. Buying Process – PurchaseDecision• Who is involved in the purchase decision?• How do you conduct the final buying process?• What are your key concerns?• Who makes the final decision?• How do you negotiate?• What key information do you need from avendor?Copyright 2013. The Lûcrum Group, Inc. 28
    29. 29. Buying Process – Post Purchase• How do you evaluate the success of thepurchase?• When do you make additional purchases?• Who is involved?• What are key considerations to continue therelationship?• What would it take for you to consider makingreferrals/testimonials?Copyright 2013. The Lûcrum Group, Inc. 29
    30. 30. How Do You Learn This• Current Products– Speak to customers– Part of Win-loss analysis• New Products– Part of market validation process• Engage Product Management• Insights from Executives and Sales TeamCopyright 2013. The Lûcrum Group, Inc. 30
    31. 31. How Do You Use This?Copyright 2013. The Lûcrum Group, Inc. 31
    32. 32. Summary• Conduct research to understand your buyersand users• Use that knowledge to more effectively guideyour go-to-market strategy• Achieve better focused and more effectivemarketing tools, marketing programs andsales executionCopyright 2013. The Lûcrum Group, Inc. 32
    33. 33. My Next WebinarFrom Messaging Nightmare to Messaging Delight– How to Create a Powerful Messaging PlatformAug 2, 2013http://www.aipmm.com/aipmm_webinarsCopyright 2013. The Lûcrum Group, Inc. 33
    34. 34. Upcoming Training• Optimal Product Management & ProductMarketing– Sep 9 – 11 (Austin)– Oct 14 – 16 (Dallas)• AIPMM Certifications– Aug 6 – 7 (CPM – Austin)– Aug 8 – 9 (CPMM – Austin)More dates/locations - www.280group.comCopyright 2013. The Lûcrum Group, Inc. 34
    35. 35. Free 1 Hour PM/PMM Consult• First ten to submit information on form• http://compellingpm.com/freeonehour/• Please include background on topic or issue• Must include company info (no Gmail)Copyright 2013. The Lûcrum Group, Inc. 35
    36. 36. © AIPMM 2013 www.aipmm.comQ&AModerator:Therese Padilla, President, AIPMMPresenter:Tom Evans, CPM, CPMMCompelling PMtevans@compellingpm.com@CompellingPMwww.compellingpm.com
    37. 37. © AIPMM 2013 www.aipmm.comUpcoming CoursesCourse & Location Dates Days TimeACPM® Certification Prep Course & ExamTeqcorner, McLean, VA July 22, 2013 M 8:30 am – 5 pmCPM® Certification Prep Course & ExamTeqcorner, McLean, VA July 23-24, 2013 T, W 8:30 am – 5 pmCPMM® Certification Prep Course & ExamTeqcorner, McLean, VA July 25-26, 2013 Th, F 8:30 am – 5 pmContact Cynthia Petti, cynthia@280group.com for more information. Additionalcertification prep courses are available in Austin, San Jose, Seattle, and London.
    38. 38. © AIPMM 2013 www.aipmm.comUpcoming CoursesCourse & Location Dates TimeCIL® Certification Prep Course & ExamAthens, Greece Oct 10-11, 2013 9 am – 6 pmCPM® Certification Prep Course & ExamAmman, JordanSingaporeJun 17-18, 2013Jun 24-26, 20138 am – 5pm8 am – 5 pmCPMM® Certification Prep Course & ExamAmman, Jordan Jun 19-20, 2013 8 am – 5 pmFollow the links provided to get more information regarding these courses.
    39. 39. © AIPMM 2013 www.aipmm.comFor More Information About• AIPMM membership benefits• Certification courses near you• How to prepare to take a certification examHector Del Castillo, CPM, CPMMSenior Product Innovation Consultanthmdelcastillo@aipmm.comlinkd.in/hdelcastillo
    40. 40. © AIPMM 2013 www.aipmm.comPlease Join Us Again!AIPMM Webinar Series:The 2013 Global Study of Product Team Performance, Friday, Jun 28th, 12 pm EThttp://aipmm.com/aipmm_webinars/Global Product Management Talk:http://www.blogtalkradio.com/prodmgmttalkStay Informed!Newsletter: http://www.aipmm.com/subscribeLinkedIn: http://www.linkedin.com/company/aipmmMembership: http://www.aipmm.com/join.phpCertification: http://aipmm.com/html/certification/

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