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How to Develop a Deep Understanding of Your Target Markets: The Starting Point for Great Product Marketing - AIPMM Webinar - June 21, 2013
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How to Develop a Deep Understanding of Your Target Markets: The Starting Point for Great Product Marketing - AIPMM Webinar - June 21, 2013

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In May, Tom Evans introduced the topic of "What Product Marketing Can Do to Overcome the Eight Most Common Barriers to Accelerating Sales Revenue." The starting point for this is to understand target …

In May, Tom Evans introduced the topic of "What Product Marketing Can Do to Overcome the Eight Most Common Barriers to Accelerating Sales Revenue." The starting point for this is to understand target markets. 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.

Key Takeaways:
* Learn the 3 key points you must know about your target markets
* Discover essential frameworks that will allow you to effectively describe your target markets to sales, marketing and executive management.
* Understand how this understanding leads to great Product Marketing

Who Should Attend:
Anyone that is in a product marketing role, leads a product marketing team, or contributes to the product marketing process and is serious about becoming much more effective in their role.

Participate and Win!
Participants during Q&A are entered into a free drawing to win a $50 Amazon gift card, and one hour free product management assessment or consulting for the first 10 people that request it.

Why Attend:
In this webinar, you'll learn the starting point for great Product Marketing, how to develop this deep understanding of your target markets and the frameworks that you can use to communicate with your key constituents and develop effective sales and marketing tools.

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.

Tom has a BSEE from The United States Air Force Academy, an MSEE from The University of Dayton, and graduated with honors with an MBA from The University of Texas at Austin. Tom has achieved the designations of Certified Product Manager and Certified Product Marketing Manager from the Association of International Product Marketing and Management (AIPMM).

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  • 1. How to Develop a Deep Understandingof Your Target Markets - The StartingPoint for Great Product MarketingTom EvansCompellingPM@compellingpmCopyright 2013. The Lûcrum Group, Inc. 1
  • 2. 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. 2
  • 3. 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. 3
  • 4. Required Knowledge of Our Buyers• Who they are• Why they buy• How they buyCopyright 2013. The Lûcrum Group, Inc. 4
  • 5. WHO THEY ARECopyright 2013. The Lûcrum Group, Inc. 5
  • 6. 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. 6
  • 7. 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. 7
  • 8. 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. 8
  • 9. 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. 9
  • 10. WHY THEY BUYCopyright 2013. The Lûcrum Group, Inc. 10
  • 11. 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. 11
  • 12. 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. 12
  • 13. 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. 13
  • 14. 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. 14
  • 15. HOW THEY BUYCopyright 2013. The Lûcrum Group, Inc. 15
  • 16. Generic Buying ProcessRecognize Problem/NeedInformation SearchEvaluation of AlternativesPurchase DecisionPost-purchase BehaviorCopyright 2013. The Lûcrum Group, Inc. 16
  • 17. 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. 17
  • 18. 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. 18
  • 19. 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. 19
  • 20. 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. 20
  • 21. Buying Process – Purchase Decision• 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. 21
  • 22. 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. 22
  • 23. 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. 23
  • 24. How Do You Use This?Copyright 2013. The Lûcrum Group, Inc. 24Messaging PlatformMessages targeted toeach buyer/user personaMarketing ToolsAnswers key questions bybuying phaseTargeted to rightbuyer/influencerMedia & ProgramsTargeted to where buyerslook for informationSales EnablementSales communicate rightmessages at right time toright buyerUnderstand Buyers & UsersWho They AreWhy They BuyHow They Buy
  • 25. 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. 25
  • 26. My Next WebinarFrom Messaging Nightmare to Messaging Delight– How to Create a Powerful Messaging PlatformJuly 19, 2013http://www.aipmm.com/aipmm_webinarsCopyright 2013. The Lûcrum Group, Inc. 26
  • 27. 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. 27
  • 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)Copyright 2013. The Lûcrum Group, Inc. 28
  • 29. Thank You!Tom EvansCompellingPMtevans@compellingpm.com@compellingpmwww.compellingpm.comCopyright 2013. The Lûcrum Group, Inc. 29

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