Product marketing basics

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How you get your great idea to your audience or customer totally defines what that product becomes. This presentation shows you how to redefine your company and product strategy around the way you grab the attention of your audience.

Inspired by Ken Morse and the MIT Entrepreneurship Center's work in this field.

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Product marketing basics

  1. 1. productmarketing Ewan McIntosh | w: notosh.com | e: ewan@notosh.com
  2. 2. what isthesinglemost important thing you need to start a business?
  3. 3. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
  4. 4. [yellow tail] Redefining the market to own it “Blue Ocean” thinking Budget Wines Premium Wines
  5. 5. Eliminate Raise Reduce Create
  6. 6. Eliminate Wine buff jargon The wine’s age Mainstream media marketing Raise Price, compared to cheap, budget wines Reduce Different grapes: oaky flavour only Different wines: red, white, rosé Heritage of vineyard Create Easy drinking image (like beer) Easier choice: red, white, rosé Some fun
  7. 7. [yellow tail] Redefining the market to own it “Blue Ocean” thinking [yellow tail] Budget Wines Premium Wines
  8. 8. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
  9. 9. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
  10. 10. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
  11. 11. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
  12. 12. Knowing the customer
  13. 13. Knowing the customer Defining a product that solves their pain
  14. 14. Knowing the customer Defining a product that solves their pain Qualitative value
  15. 15. Knowing the customer Defining a product that solves their pain Qualitative value Quantitative value
  16. 16. Knowing the customer Defining a product that solves their pain Qualitative value Quantitative value Business model that makes £s
  17. 17. Knowing the customer Defining a product that solves their pain Qualitative value Quantitative value Business model that makes £s A plan that creates more advantage over time
  18. 18. ATTACK! Not Defend
  19. 19. ATTACK! Not Defend Create new markets
  20. 20. ATTACK! Not Defend Create new markets Market research is executing ideas
  21. 21. ATTACK! Not Defend Create new markets Market research is executing ideas
  22. 22. Finding prospective customers Selling Customising Getting customer feedback Looking for new opportunities Building Creating new IP Seeking new tech possibilities Measuring financials Allocating resources Making projections
  23. 23. Product Price Place Promotion Customer Company Competition
  24. 24. Product Customer
  25. 25. “How will we attract the first five customers?” “How do we get the attention of the first 5000?”
  26. 26. whichcustomer segmentdo you serve? Mass market | Niche market | Segmented Diversified | Multi-sided markets
  27. 27. Define your customer • How many customers? • Who are they (name names?) • Where are they? • How do they currently do what you’re proposing? • How will they do what they currently do the way you’re proposing? • What is the value (faster, cheaper, better quality for the same/less)? • What is the cost of switching from the old way to the new way? • What is the individual’s lifespan budget? • What is the likelihood of the user churning?
  28. 28. Define your advantages • What are the alternatives? There’s always competition. • What technological advantage do you have? • What expertise advantage do you have? • What network/contacts advantage do you have? • What financial advantages do you have - if any ;-)? • What geographic advantage do you have? Does it matter? • Could new competitors arrive faster than you could innovate? • Who do you threaten? What could they do? (NHSChoices, MyPolice)
  29. 29. tech pushor market pull?
  30. 30. What does a tech push company look like? A new IP or new technology is what leads to the company being formed Often found in Universities, with technology-focused founders “We have a great technology”, but use to customer is unclear There’s a need to add to the team with user-focused skills (design/business/sales)
  31. 31. Why is this tech push? • Founded out of a university (Stanford) • Better IP than anyone else (i.e. better search results) • Focussed, increasingly, on customer need (i.e. cleaner homepages) • No marcoms budget • Changed the product range and business model over time as expertise and IP was added
  32. 32. What does a market pull company look like? Company formed by a frustrated company (think ‘Dragon’s Den’) First-hand understanding of the user pain Lack of understanding of closeness of competition There’s a need to better understand the tech required to solve the problem There’s a need to add to the team with technology skills
  33. 33. What does a market pull company look like? Company formed by a frustrated company (think ‘Dragon’s Den’) First-hand understanding of the user pain Lack of understanding of closeness of competition There’s a need to better understand the tech required to solve the problem There’s a need to add to the team with technology skills
  34. 34. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
  35. 35. [yellow tail] Redefining the market to own it “Blue Ocean” thinking [yellow tail] Budget Wines Premium Wines
  36. 36. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
  37. 37. ______ is the only ____
  38. 38. ______ is the only ____ for___________________
  39. 39. ______ is the only ____ for___________________ in ___________________
  40. 40. ______ is the only ____ for___________________ in ___________________ that _________________
  41. 41. ______ is the only ____ for___________________ in ___________________ that _________________ at a time when _______ .
  42. 42. ______ is the only ____ for___________________ in ___________________ that _________________ at a time when _______ . Unlike _______________
  43. 43. ______ is the only ____ for___________________ in ___________________ that _________________ at a time when _______ . Unlike _______________ we __________________
  44. 44. Eliminate Raise Reduce Create
  45. 45. wheredo you compete?
  46. 46. newness customisation performance getting the job done brand & status designprice risk reduction cost reduction accessibility convenience
  47. 47. Low Price
  48. 48. Low Price Product Innovation
  49. 49. Low Price Product Innovation Customer Intimacy
  50. 50. Zappos Customer Intimacy
  51. 51. Customer Intimate: Zappos 1. Deliver WOW Through Service 2. Embrace and Drive Change 3. Create Fun and A Little Weirdness 4. Be Adventurous, Creative, and Open-Minded 5. Pursue Growth and Learning 6. Build Open and Honest Relationships with Communication 7. Build a Positive Team and Family Spirit 8. Do More With Less 9. Be Passionate and Determined 10. Be Humble
  52. 52. Product Innovation (which became Low Price): Amazon 1. Customer Obsession: We start with the customer and work backwards. 2. Innovation: If you don't listen to your customers you will fail. But if you only listen to your customers you will also fail. 3. Bias for Action: We live in a time of unheralded revolution and insurmountable opportunity- provided we make every minute count. 4. Ownership: Owners think long-term, plead passionately for projects and ideas, are empowered to respectfully challenge decisions. 5. High Hiring Bar: "Will I admire this person? Will I learn from this person? Is this person a superstar?" 6. Frugality: We spend money on things that really matter and believe that frugality breeds resourcefulness, self-sufficiency, and invention!
  53. 53. Cross The Chasm What happens when you move from geek to grandma? Geoffrey Moore
  54. 54. Beating On Price Dell, TK Maxx
  55. 55. What is your product? Features Functions Quantitative value => Avoid cost+ => What’s the value price? How do you sell it? Is the marketing “baked in”? (Building sites no-one has to visit) ToshNo Limited digital media | education
  56. 56. Segment 1 Segment 1 Segment 1 Segment 2 Segment 2Segment 3 Application 1 Application 2 Application 3 Application 1 Application 2Application 1 Set up your beachhead
  57. 57. Book Choice Book Choice Book Choice Media Choice Media ChoiceElectronics Books Personalised books Books for giving CDs & DVDs DownloadsCameras Amazon’s beachhead
  58. 58. Apple’s beachhead? Segment 1 Segment 1 Segment 1 Segment 2 Segment 2Segment 3 Application 1 Application 2 Application 3 Application 1 Application 2Application 1
  59. 59. Segment 1 Segment 1 Segment 1 Segment 2 Segment 2Segment 3 Application 1 Application 2 Application 3 Application 1 Application 2Application 1 Set up your beachhead

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