Webcast: What Product Marketing Can Do to Overcome the Eight Most Common Barriers to Accelerating Sales Revenue

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

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

Company executives are under enormous pressure to meet monthly & quarterly sales targets and are always looking for ways to accelerate sales. No matter if your sales cycle is one week or 2 years, they all feel that the sales cycle is too long. The sales cycle has a direct impact on revenue and this becomes even more visible in a challenging economy and highly competitive markets.

Join Tom Evans as he shares insights on how to empower your sales team to grow sales revenue.

Key Takeaways from participating in this webinar:
- Understand five indicators that your company is having issues with long sales cycles
- Learn the eight most common barriers that cause sales cycle issues
- Discover six actions that Product Marketing can take to improve on sales cycles

Who Should Attend:
You should attend this webinar if you have experienced any of these:
- Your product is falling short of revenue targets.
- At the end of every quarter, your sales team faces pressure to accelerate deals.
- Too many discounts are made in order to close sales.
- Prospects keep delaying purchase decisions.
- Conversion rates of prospects to deals are low.

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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LinkedIn: http://www.linkedin.com/company/aipmm
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Certification: http://aipmm.com/html/certification
Articles: http://www.aipmm.com/html/newsletter/article.php

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  • The Certified Innovation Leader body of knowledge and credential is aligned with The Association of International Product Marketing and Management. AIPMM was founded in 1998. It provides professional development, training, and certification to those involved in product management, such as product managers and developers, marketing managers, brand managers, project managers, and many more. The certified innovation leader credential is one of four certifications provided by AIPMM. The others include: certified product manager, certified product marketing manager, and agile certified product manager.

Transcript

  • 1. © AIPMM 2013 www.aipmm.comAIPMM Webinar Serieswww.aipmm.com
  • 2. © AIPMM 2013 www.aipmm.com
  • 3. © AIPMM 2013 www.aipmm.comFounded 1998World’s largest professional association for productmanagement, product marketing and brand managementProvides professional development and certification• Certified Product Manager• Certified Product Marketing Manager• Agile Certified Product Manager• Certified Innovation Leader
  • 4. © AIPMM 2013 www.aipmm.comAIPMM CertificationsAIPMM offers globally recognized certifications:• Certified Product Manager (CPM®)• Certified Product Marketing Manager (CPMM®)• Agile Certified Product Manager (ACPM®)• Certified Innovation Leader (CIL®)• Certified Brand Manager (CBM®)
  • 5. © AIPMM 2013 www.aipmm.com• One Amazon $50 gift cardParticipate and Win!
  • 6. © AIPMM 2013 www.aipmm.comAIPMM: @AIPMMTom: @CompellingPMTweet!
  • 7. © AIPMM 2013 www.aipmm.comToday’s SpeakerModerator:Therese Padilla, President, AIPMMPresenter:Tom Evans, CPM, CPMMCompelling PMtevans@compellingpm.com@CompellingPMwww.compellingpm.com
  • 8. © AIPMM 2013 www.aipmm.comFEATURED PRESENTATION
  • 9. What Product Marketing Can Do toOvercome the Eight Most CommonBarriers to Accelerating Sales RevenueTom EvansCompellingPM@compellingpm
  • 10. Symptoms of Sales Cycle Challenges• Your product is falling short of revenue targets.• At the end of every quarter, your sales team facespressure to accelerate deals.• Too many discounts are made in order to closesales.• Prospects keep delaying purchase decisions.• Conversion rates of prospects to deals are low.
  • 11. Eight most common sales cycle barriers1. Lack of sales methodology2. Sales team (channel) has not been properly enabled3. Solution does not address a significant (or top of mind) pain forthe economic buyer4. Your message doesn’t communicate compelling value5. You’re selling to the wrong level of buyer6. Sales leads not well qualified7. Sales tools don’t help advance the sale8. No system to track sales process (lack of visibility)
  • 12. 1. Lack of Sales Methodology• Issue– Sales team does not have disciplined process tomove prospects to closed opportunities• Steps to Overcome– Choose a methodology that best matchescompany’s needs.– Train the full sales team (plus marketing andexecutives)– Build sales tools to support the methodology
  • 13. Example tools for “Solution Selling®”• Reference Story– Helps show that salesperson is knowledgeable ofbuyer’s problems– Helps buyer admit pain• Pain Sheets®– Helps salesperson diagnosis Pain for different buyerprofiles• Telephone Script– Creates interest in first 20 secondsReference: Solution Selling: Creating Buyers in Difficult Selling Markets by Michael Bosworth, 1994Solution Selling & Pain Sheets are registered trademarks of Solution Selling, Inc.
  • 14. 2. Sales team not enabled• Issue– Sales is selling anything to everyone with littleeffectiveness• Steps to Overcome– Create well defined market plan (target segments,buyer pains, messages, etc.)– Create core set of sales enablement tools• Executive Level Presentation, Product Backgrounder,Needs Discovery Guide™, Message Driven Demo™– Train the sales team (plus marketing and executives)Needs Discovery Guide and Message Driven Demo are trademarks of The Lûcrum Group, Inc.
  • 15. Sales Enablement (Base Components)• Product Backgrounder– Succinct key elements of market plan• Needs Discovery Guide™– Per buyer profile: Challenges / Impact / Capability /Benefits• Executive Level Presentation– High level discussion of how your solutionaddresses needs. (10 – 15 slides)• Message Driven Demo™Needs Discovery Guide and Message Driven Demo are trademarks of The Lûcrum Group, Inc.
  • 16. 3. Solution does not address asignificant pain for the economic buyer• Issue– Solutions solves problem, but not a big one.– Solutions solves big problem for user, but buyerdoesn’t feel it.• Steps to Overcome– Discover key issues for buyers in your market• Market trends, business drivers, strategies, challenges,goals– Identify a need that increases the importance to theeconomic buyer?
  • 17. 4. Message not communicatingcompelling value• Issue– Message does not cause buyers to want yoursolution.• Steps to Overcome– Discover key issues for buyers in your market• Market trends, business drivers, strategies, challenges,goals– Develop message(s) that speak to these– Focus on the top 2 – 3 messages that have thehighest impact (value & differentiation)
  • 18. Six Steps to a Compelling Message1. Who is our audience?2. What are we selling?3. Why should our customers care?4. What we can do for our customers?5. Why us?6. Create your message(s)
  • 19. 5. Selling to wrong level of buyer• Issue– Selling to the user, technical buyer or middlemanager who has no authority to buy and littleinfluence.• Steps to Overcome– Sales training and/or sales enablement problem• Or maybe a hiring problem– Product doesn’t address an executive levelproblem
  • 20. 6. Sales leads not well qualified• Issue– Bad sales leads waste time of the sales team, resultsin low conversion/close rates & long sales cycles• Steps to Overcome– Define a well defined target market (Market Plan)• Specific segments & buyers– Define lead qualification criteria– Lead nurturing programs• Move lead to qualify prospected (sales ready)
  • 21. Lead Qualification/Scoring• Work with sales• Start with perfect lead• Demographics– E.g., revenue, employees, project budgeted, companyprofile, buyer role, order size, urgency– BANT – Budget, Authority, Need, Timeline– Source• Interactions– Forms completed, click email links, downloads, websitepages, phone call, data completeness
  • 22. 7. Sales tools don’t help advance sale• Issue– Many bottlenecks in funnel, low conversion rates, sales don’tuse tools, etc.• Steps to Overcome– Ask the sales team– Understand the typical “buying process” (and players)– Understand the key concerns, roadblocks for each buyertype at each phase of the sale• E.g., Cost (TCO), Needs Assessment, Business Case, Risk, ROI,References, Approval
  • 23. Understanding 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?Build tools that address buyers and influencers needsat each phase!
  • 24. 8. No system to track sales process• Issue– If you can’t track sales opportunities, you can’t managethem• Steps to Overcome– Implement a Sales Force Automation (SFA)/CustomerRelationship Management (CRM) system• Full picture of prospect• Put more rigor into sales forecasts (e.g., probability of close)• Manage sales funnel, close rates• Monitor sales projections & sales team performance• Access to current sales tools
  • 25. Summary• Deeply understand the buyers and user inyour target market• Create a powerful messaging platform• Well defined Go-to-Market Strategy• Define and manage your marketing & salesfunnel• Create effective sales & marketing tools• Enable your sales team
  • 26. My Next WebinarHow to Develop a Deep Understanding of YourTarget Markets – The Starting Point for GreatProduct MarketingJune 21, 2013http://bit.ly/1780s4y
  • 27. Upcoming Training• Optimal Product Management & ProductMarketing– June 10 – 12 (Dallas)– Sep 9 – 11 (Austin)• AIPMM Certifications– Aug 6 – 7 (CPM – Austin)– Aug 8 – 9 (CPMM – Austin)More dates/locations - www.280group.com
  • 28. 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)
  • 29. Thank You!Tom EvansCompellingPMtevans@compellingpm.com@compellingpmwww.compellingpm.com
  • 30. © AIPMM 2013 www.aipmm.comQ&AModerator:Therese Padilla, President, AIPMMPresenter:Tom Evans, CPM, CPMMCompelling PMtevans@compellingpm.com@CompellingPMwww.compellingpm.com
  • 31. © 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.
  • 32. © AIPMM 2013 www.aipmm.comUpcoming CoursesCourse & Location Dates TimeCIL® Certification Prep Course & ExamKuala Lumpur, Malaysia Jun 5-6, 2013 9 am – 6 pmCPM® Certification Prep Course & ExamDubai, UAESingaporeKuala Lumpur, MalaysiaAmman, JordanMay 19-23, 2013May 27-29, 2013Jun 3-4, 2013Jun 17-18, 20138 am – 5pm8 am – 5 pm9 am – 6 pm8 am – 5 pmCPMM® Certification Prep Course & ExamDubai, UAESingaporeAmman, JordanMay 26-30, 2013May 30-Jun 1, 2013Jun 19-20, 20138 am – 5 pm8 am – 5 pm8 am – 5 pmFollow the links provided to get more information regarding these courses.
  • 33. © 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
  • 34. © AIPMM 2013 www.aipmm.comPlease Join Us Again!AIPMM Webinar Series:Effective Go To Market Strategies, Friday, Jun 7th, 12 pm ETAccelerating Your Product Management Career, Friday, Jun 14th, 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/