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Go to Market 101
 

Go to Market 101

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This is a presentation on go-to-market fundamentals that I did for Nasscom member companies in India.

This is a presentation on go-to-market fundamentals that I did for Nasscom member companies in India.

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Go to Market 101 Go to Market 101 Presentation Transcript

  • You have a product? Great! Where’s the market? Vinod Harith Founder and Director CMO Axis Marketing Outsourcing www.cmoaxis.com
  • Introductions
    • Name
    • Title
    • Company
    • Product or service
    • Key marketing challenge
  • What is go-to-market?
    • Go-to-market process is the
      • Strategic and tactical aspects of delivering and supporting a product or service offering in the marketplace
      • This includes product specification, pricing, distribution, marketing communications, sales, after-market support, and customer experience management
  • What we will cover
    • Defining a market (what really is a market?)
    • Fundamental concepts of marketing
      • Segmentation, Targeting and Positioning
      • Differentiation, Competitive Advantage and Value proposition
    • Sales vs. Marketing, the fundamental difference
    • Choosing the channel
    • Some key frameworks
      • SIVA model
      • Blue Ocean strategy
      • Core and extended product
    • Knowing the ecosystem – your customer does not buy in isolation
    • When does the marketing of the product start?
    • The ‘immutable laws’
    • Some zero-cost marketing tools to get started
    • Case study discussions
  • What we will NOT cover
  • What really is a market?
    • A place where forces of demand and supply operate
  • Market research? Remember, next time you have a gut feel, it could just be your ulcer!
  • What will MR do?
    • Provide you with overview of the industry, opportunity and customers with respect to your product. EXISTING OPPORTUNITY
    • Information on customer preferences and needs. This will help in planning your product portfolio, diversifications etc., POTENTIAL OPPORTUNITY
    • Insights on how customers buy and why they buy. INSIGHTS
  • Essentials of market research
    • What is the size of the market?
    • What unique need does your GENRE of product/ services meet?
    • How much are customers willing to pay for this product/ service (top/ bottom/average)?
    • Is this a price sensitive/ commodity product or premium product?
    • Who are the other key players?
    • What is the gap un-serviced by current players?
    • What is the REAL available market for you?
    • How is your product different from competition?
    • What is your playing field? (premium/ general/ price warrior)
    • What share of this can you reasonably expect to get?
  • You always don’t need an MR agency
    • Talk to the ecosystem
      • Buyers
      • Users
      • Analysts
    • Industry media
      • Competitors
      • VCs
    • Where can you find them?
      • Your peer network
      • Linked-in/ Facebook
      • Online communities
      • Events and conferences
  • Fundamental concepts: Segmentation-Targeting-Positioning
    • Who are we?
    • Who is our product relevant to?
    • Why buy us?/ why not to buy competition
    • Where to play
    • How to win
  • Definition
    • Market Segmentation:
      • Dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes.
  • Segmenting Business Markets
    • Demographic segmentation
      • Industry, company size, location
    • Operating variables
      • Technology, usage status, customer capabilities
    • Purchasing approaches
    • Situational factors
      • Urgency, specific application, size of order
    • Personal characteristics
      • Buyer-seller similarity, attitudes toward risk, loyalty
  • Segmenting International Markets
    • Geographic segmentation
      • Location or region
    • Economic factors
      • Population income or level of economic development
    • Political and legal factors
      • Type / stability of government, monetary regulations, bureaucracy, etc.
    • Cultural factors
      • Language, religion, values, attitudes, customs, behavioral patterns
  • Requirements for Effective Segmentation
    • Measurable
      • Size, purchasing power, and profile of segment
    • Accessible
      • Can be reached and served
    • Substantial
      • Large and profitable enough to serve
    • Differentiable
      • Respond differently
    • Actionable
      • Effective programs can be developed
  • Sample Segmentation Niche Buyer Lifestyle Buyer Value buyer Segment Endeavor, Pajero Innova Scorpio, Safari SUVs, MUVs BMW, Benz, Toyota Verna, Esteem Sedans Getz Santro, Alto Small Cars
  • Target Marketing
    • Target Market
      • Consists of a set of buyers who share common needs or characteristics that the company decides to serve
  • Target Marketing
    • Evaluating Market Segments
      • Segment size and growth
      • Segment structural attractiveness
        • Level of competition
        • Substitute products
        • Power of buyers
        • Powerful suppliers
      • Company objectives and resources
  • Target Marketing
    • Selecting Target Market Segments
      • Undifferentiated (mass) marketing
      • Differentiated (segmented) marketing
      • Concentrated (niche) marketing
      • Micromarketing (local or individual)
    • Shampoo
    • Shampoo for dry hair, long hair etc
    • Shampoo with natural ingredients
    • Hair salons
    Company Company Company
  • Choosing a Target Marketing Strategy
    • Considerations include:
      • Company resources
      • The degree of product variability
      • Product’s life-cycle stage
      • Market variability
      • Competitors’ marketing strategies
  • Positioning
    • Positioning
      • The term 'positioning' refers to the consumer's perception of a product or service in relation to its competitors.
      • Positioning is all about 'perception'.
      • Perception differs from person to person, market to market
      • e.g what you perceive as quality, value for money, etc, is different to my perception
    • Identifying possible competitive advantages
    • Differentiation can be based on
      • Products
      • Services
      • Channels
      • People
      • Image
    Differentiators
    • Which differences make for a competitive advantage?
    • Criteria include
      • Important
      • Distinctive
      • Superior
      • Communicable
      • Preemptive
      • Affordable
      • Profitable
    • Choosing the right competitive advantage
    Competitive Advantage
    • Value propositions represent the full positioning of the brand
    • Possible value propositions:
      • Saves Money, Effort, Time
      • More for More
      • More for the Same
      • More for Less
      • The Same for Less
      • Less for Much Less
    • Choosing a positioning strategy
    Value Proposition
  • Choosing the channel
    • Choose the right sales channels
      • Direct sales, Online sales, Distributors/ VARs
    • Alliance marketing
      • Technology alliances, product alliances
    • GTM partnerships
      • Align with complementary brands for joint go-to-market
  • Sales vs Marketing
    • Sales
      • Individual influence on buyer
      • Knows the customer and their specific pain points
      • Initiates, manages and closes the sale
      • Funnels ground knowledge of customer needs, competitor offerings to help marketing in better product management and value articulation
    • Marketing
      • Collective influence on the buyer segment
      • Knows the customer segment, their ecoystem of influence and what their collective pain points are
      • Reduces time and cost of sale through effective product/ service differentiation and value articulation
      • Helps command a price premium through effective brand management
    • Product->Solution
    • Promotion->Information
    • Price->Value
    • Placement->Access
    • The four elements of the SIVA model are:
    • Solution: How appropriate is the solution to the customer's problem/need?
    • Information: Does the customer know about the solution? If so, how and from whom do they know enough to let them make a buying decision?
    • Value: Does the customer know the value of the transaction, what it will cost, what are the benefits, what might they have to sacrifice, what will be their reward?
    • Access: Where can the customer find the solution? How easily/ locally/ remotely can they buy it and take delivery?
    The SIVA Framework
  • The existing space, occupied by firms is called the red ocean – because the competition makes it “bloody”
    • The blue ocean, on the other hand:
    • is unexplored territory
    • has wider scope
    • has greater potential
    • can offer cost reduction and value adds
    • relies on the “value-add” theory
    The Blue Ocean Strategy
  • Core and Extended Product
    • Core product – what direct need does it meet?
    • Extended product – what psychological need does it meet
    Core product: MP3 Player Extended product: Lifestyle product, style icon, in-with-the-times
  • Working the ecosystem
    • Identifying your unique ecosystem helps you maximize touch points, improve effectiveness and reduce cost of outreach
    • Leverage existing partnerships, relationships and best practices
    Advocates Alliance Marketing, Awards and Rankings, Industry associations Social Channels Advisory Boards, Customer council and forums, Employee branding, Blogs, Facebook Marketing Channels Demand generation, industry events Promotions, Brand programs Direct marketing Thought Leadership White papers, Points of view, Speaking opps, research, academic partnerships Expert Channels Financial and industry Analysts, Media & Deal advisors
  • Sample Ecosystem - Helpdesk IDC Yankee Ovum Forrester Gartner Silicon techtarget Forrester HDI Annual conference TechTarget ITIM blog EMA Gartner symposium CIO Gartner Datamonitor PacRim Services and support professionals association Network world It Toolbox Butler Group Frost and sullivan customer contact HDI, Americas and Europe Computer world Techrepublic AMR Research IT EXPO ITIM Association Informationweek Datamation Aberdeen Group ITIM conference           Forums/ Associations Media/ Journalists Blogs Analysts Target Events
  • Sample Themes - Helpdesk
    • Help desk optimization
    • Help desk to strategic service desks
    • Smart service desk management - leveraging knowledge base
    • Help desks - from supporting to partnering
    • Smart service desk - Lowering TCO
    • Tools, people, process - delivering collaborative service desks
  • Why thought leadership?
    • Because customers now control the buying process
  • Why thought leadership?
    • Simple. Because your customers are looking for it
    • And 4 of the top 5 effective marketing vehicles AS RANKED BY CUSTOMERS have to do with thought leadership
  • Why thought leadership?
    • And customers pay a lot of attention to thought leadership
  • Why thought leadership?
    • Customers will even read junk mail if the message or idea is compelling
  • What thought leadership marketing delivers
    • Moving beyond being just a cost player with your customer
    • Building a strong brand – thereby helping you cut cost/ time of sale
    • Increasing Marketing’s Business Impact
    • Improving Competitive Positioning and Differentiation
    • Implementing Demand Generation Tactics that Work
    • Sharpening Marketing’s Edge
  • The Thought Leadership Ecosystem
    • 1/3 rd of organizations don’t have a thought leadership strategy and another 1/3 rd don’t communicate it
    • Identifying your unique ecosystem helps you maximize touch points, improve effectiveness and reduce cost of outreach
    • Next practices – joint thought leadership with clients, customer councils
    Thought Leadership Creation Build in-depth research and compelling content around the identified topics Thought Leadership Partnerships Identify the right fit partners for joint research and papers with academia and partners Thought Leadership Dissemination Distribution of papers, PPTs, webinars and podcasts though paid and unpaid channels Thought Leadership Repurposing Convert the content into webinars, Podcasts, speaking opps, etc Niche Identification and Positioning Identify the unique space you should occupy in the Thought Leadership space
  • When Should You Start Marketing? Pre-launch PR, test marketing Launch, building partnerships/ channels, free trials, offers New features, product upgrades/ versions, brand and awareness building (events, tradeshows), co-marketing Customer loyalty, referral marketing, PR, communities/ user groups, initiate corporate branding Move from product to company branding, price wars, mover customers to new product lines
    • The law of leadership: Is there a category where you can be the first/ only/ #1?
      • First indigenous car, First small car
    • The law of mindshare and perception: It is important where you are in your customer’s mind and how he/ she perceives your product/ service
      • Santro – modern, Korean, smart, Shah Rukh, Fuel efficient, good service
      • Indica – indigenous, diesel, taxi, car from a truck maker, not refined
    Jack Trout and Al Ries’ ‘Immutable Laws’
    • The law of focus and exclusivity: What is the one word you own in the prospect’s mind?
      • Hamam – family soap
      • Pepsi – drink for Gen-Y
    • The law of division: Lead a category or create a division
      • Mobile phones> Music phones/ Biz (email/ internet) phones/ Touch screen phones
    Jack Trout and Al Ries’ ‘Immutable Laws’
    • The law of singularity: What is that one thing you do really well? Don’t push your luck…
      • Lifebuoy> Germ-killer or beauty soap?
    • The law of acceleration: Ride a trend, not a fad
      • Sugarfree vs Pro-biotic
    Jack Trout and Al Ries’ ‘Immutable Laws’
    • The law of resources: What kind of resources are you putting behind your product?
      • Money
      • Time
      • Partnerships
      • Working the ecosystem
    Jack Trout and Al Ries’ ‘Immutable Laws’
    • Blogs
    • Communities/ forums
    • Industry associations
    • Analysts, influencers
    • Speaking opportunities
    • Awards/ rankings
    • Targeted ‘low cost’ marketing
    • Alliance marketing
    • Co-marketing
    • Pay-for-performance marketing tools
    Zero-cost Tools
    • Global Survey by the CMO Council and BCG involving over 1000 marketeers and sales leaders
      • Only 6 percent of marketers rated their go-to-market capabilities as "extremely good,"
      • Another 27 percent rate themselves as "quite effective."
      • Sales executives also provided notably low self-assessments, with only 6 percent giving their go-to-market capabilities the highest marks and 29 percent calling themselves "quite effective.“
    Go-to-Market is still evolving
    • Short-Term over Long-Term:  Most of the executives surveyed said they were focused on selling effectiveness and account management (43 percent), while placing less importance on longer-term capabilities such as customer-data capture, integration, mining, and warehousing (15 percent). Improvements in channel management (14 percent) or multifunctional selling teams (11 percent) also ranked relatively lower
    • Resting on the "Tried and True":  Companies appear to be relying on traditional metrics such as revenue growth (85 percent), acquisition and retention (53 percent), market share (49 percent), and margin improvement (47 percent) for evaluating go-to-market performance. Input and insight from consumers, as well as from the channel, are lower on the list of priorities.
    Go-to-Market is still evolving
  • Ideal Go-to-Market Framework
  • Go-to-market checklist
    • Clarify the opportunity
    • Sharpen value propositions
    • Engage the entire organization
    • Develop sharp marketing programs
    • Build on initial success – Testimonials
    • Build a strong sales support mechanism
    • Constantly measure
    • CONQUER THE MARKET
    • Risk Management Product
      • Everyone needs risk management
      • Risk Management beyond the bell-curve
    • Ecosystem
      • Non conventional distribution channels
      • Blogs and communities
      • Evaluation copies to experts
      • Tie-up with Amazon
      • Tie up with CPA institutes
      • PR – more accurate event predictions
    Case study
  • [email_address] http://cmoaxis.blogspot.com Thank You