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Define a Powerful Go-to-Market Strategy That Sets Your Product Apart

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Your Go-to-Market Strategy is the foundation that defines how you’re going to compete with your product and win in the market. But all too often, companies jump right to defining their product or marketing tactics without a solid foundation of strategy. And even when a Product Manager or Product Marketer makes an attempt to define a Go-to-Market Strategy, too often, it’s created without solid evidence or without the depth necessary to make it compelling. And because different stakeholders have different ideas and definitions for a Go-to-Market Strategy, they are unlikely going to satisfy the expectations of all stakeholders.

In this webinar, we’ll help you to create a clear understanding of what a Go-to-Market Strategy is and what Product Management and Product Marketing need to do to create a powerful Go-to-Market Strategy that will set their product apart from the competition.

Key Takeaways from participating in this webinar:
--Develop a common definition for a Go-to-Market Strategy that can be shared with your organization
--Learn the seven elements that go into a complete Go-to-Market Strategy
--Understand the essential steps to creating your Go-to-Market Strategy

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Define a Powerful Go-to-Market Strategy That Sets Your Product Apart

  1. 1. Define a Powerful Go-to-Market Strategy That Sets Your Product Apart Tom Evans CompellingPM @compellingpm Copyright 2013 - 2015. The Lûcrum Group, Inc. 1
  2. 2. DFW Product Group • DFW Product Group is the premier product management and marketing association in the Dallas/Fort Worth metroplex • 300+ active members • 2013 - 2015 roadmap includes webinar series, networking mixers, and ProductCamp DFW • Website: http://dfwproductgroup.org/ • LinkedIn: https://www.linkedin.com/groups?gid=2796125 • Twitter: @DFWProductGroup • Email: info@dfwproductgroup.org • Actively seeking new members, volunteers, and sponsors Copyright 2013 - 2015. The Lûcrum Group, Inc. 2
  3. 3. Special offer from CompellingPM at the end of the webinar. Copyright 2013 - 2015. The Lûcrum Group, Inc. 3
  4. 4. Define a Powerful Go-to-Market Strategy That Sets Your Product Apart Tom Evans CompellingPM @compellingpm Copyright 2013 - 2015. The Lûcrum Group, Inc. 4
  5. 5. Poll Question 1 Does your company create a formal Go-to- Market Strategy for each product? a) Yes, all products have a Go-to-Market Strategy. b) Sometimes we create Go-to-Market Strategy, but this is not a standard. c) No, we never create Go-to-Market Strategy. d) What is a Go-to-Market Strategy? Copyright 2013 - 2015. The Lûcrum Group, Inc. 5
  6. 6. PM2 Levers of Control™ Copyright 2013 - 2015. The Lûcrum Group, Inc. 6 Executional Levers Product •Define Whole Product •Effective Requirements Price •Value-Based Pricing Place (Channel) •Sales Tools •Sales Enablement •Channel Programs Promotions •Product Marketing Tools & Content •Product Marketing Programs Go-to-Market Strategy Target Markets Positioning Competitive Strategies Messaging Platform Alignment to Business Drivers Market Analysis VOC Competitive Analysis Ecosystem Analysis
  7. 7. What is a Go-to-Market Strategy • A Go-To-Market strategy is how a company delivers their unique value proposition to their target market and creates a competitive advantage. – How do you create value? – How do you deliver the value? – How do you capture the value? Copyright 2013 - 2015. The Lûcrum Group, Inc. 7
  8. 8. GTM Strategy Helps You Succeed • Clearly communicate strategy and focuses efforts & investments • Guides all other PM2 strategies & decisions • Reduces risks of failure and brand damage • Establishes path for growth • Improves time-to-market • Enhances customer experience • Increase your chances of market success! Copyright 2013 - 2015. The Lûcrum Group, Inc. 8
  9. 9. Poll Question 2 When do you typically create the Go-to-Market Strategy? a) Once the product is ready to launch. b) During product development. c) When planning the product. d) When an executive asks for it. Copyright 2013 - 2015. The Lûcrum Group, Inc. 9
  10. 10. The Wrong Way to GTM Copyright 2013 - 2015. The Lûcrum Group, Inc. 10 Build Product Define Channels Define Price Define Promotions Ready – Fire
  11. 11. Slightly Better Way to GTM Copyright 2013 - 2015. The Lûcrum Group, Inc. 11 Build Product Define Target Markets & Positioning Define Channels Define Price Define Promotions Ready – Aim - Fire
  12. 12. The Best Way to GTM Copyright 2013 - 2015. The Lûcrum Group, Inc. 12 Define Product Define Target Markets & Market Problems to Solve Define Channels Define Price Define Promotions Define Positioning Aim - Ready - Fire
  13. 13. When to Define GTM Copyright 2013 - 2015. The Lûcrum Group, Inc. 13 Approval to fund business planning Approval to fund development Product ready for field testing Product and organization ready On-going marketing ready New version or retire completely Marketing Plan End of Life PlanLaunch Plan Beta Plan Market Strategy Document Roadmap Document Product Description Document Market Needs Document Business Case Document PM + Engineering (Agile,Hybrid,Waterfall) PlanConceive Qualify Run Beta/Pilot program Finish launch plan Release product, gather feedback Finish marketing plan Discover opportunities Develop Launch Maximize Validate product/ market fit Create roadmap and strategy Finish business plans Solidify develop plans Finish beta plan Support sales Communicate EOL Retire Plan sunset or replacement Perform post mortem Deliver final documents Plan EOL and next release Develop preliminary documents Perform post mortem Test messaging and positioning Final feature list Run/monitor marketing Phases and Activities Exit Criteria Marketing Product Product Management EXECUTIONSTRATEGY The OPP framework is completely customizable and flexible, making it easily adopted by any company regardless of size, maturity, or development methodology. Development – Agile, Hybrid,Waterfall Documentation – None, Lightweight, Formal Maturity – Startup, Small/Medium, Enterprise Optimal Product Process™ (OPP) Optimal Product Process Methodology © 280 Group, 2011-2014 Source: Conceive to Retire from AIPMM Product Management Body of Knowledge® (ProdBOK® ) Optimizing Product Management™
  14. 14. What’s Included in the GTM Strategy Copyright 2013 - 2015. The Lûcrum Group, Inc. 14 Strategies for Your 4Ps Product Strategy Pricing Strategy Channel Strategy Promotional Strategy Go-to-Market Strategy Target Markets Positioning Competitive Strategies Messaging Platform Alignment to Business Drivers
  15. 15. Building Your GTM Strategy Copyright 2013 - 2015. The Lûcrum Group, Inc. 15
  16. 16. Needs, Wants, Demands • Need - is state of felt deprivation of some basic satisfaction. • Wants – are desires for a specific satisfier of these deeper needs. • Demands – are wants for specific products that are backed up by an ability and willingness to buy them. Source: Kotler – Marketing Management 16Copyright 2013 - 2015. The Lûcrum Group, Inc.
  17. 17. Levers to Influence The Market • We don’t create “Needs”. • We influence “Wants” & “Demands” with our Go-to-Market Strategy Copyright 2013 - 2015. The Lûcrum Group, Inc. 17 Strategies for Your 4Ps Product Strategy Pricing Strategy Channel Strategy Promotional Strategy Go-to-Market Strategy Target Markets Positioning Competitive Strategies Messaging Platform Alignment to Business Drivers
  18. 18. Target Markets • Select most attractive market segments – Alignment with corporate strategy – Has biggest and most urgent pain – Gaps in the market – Core competencies best support – Ability to reach – Leverages strengths – Least competition – Largest market size • Roll-out plan – Order to enter each market segment Copyright 2013 - 2015. The Lûcrum Group, Inc. 18
  19. 19. Strategy Drives Marketing Mix • Unique for each target market • Starts with positioning • Create competitive advantages • Marketing objectives and strategy changes through product lifecycle 19Copyright 2013 - 2015. The Lûcrum Group, Inc.
  20. 20. Key Strategy Decisions • Positioning –designing the company’s offer so that it occupies a distinct and valued place in the target customer’s minds. (Kotler) • Competitive Advantage - developing a combination of attributes that allows a company to distinguish itself and outperform its competitors. Copyright 2013 - 2015. The Lûcrum Group, Inc. 20
  21. 21. It’s About Being Valuably Different! • Competitive strategy is about being different. It means deliberately choosing to perform activities differently or to perform different activities than rivals to deliver a unique mix of value. (Michael E. Porter) • The essence of strategy lies in creating tomorrow's competitive advantages faster than competitors mimic the ones you possess today. (Gary Hamel & C. K. Prahalad) Copyright © 2012 - 2015, The Lûcrum Group Inc, All 21
  22. 22. Key GTM Strategic Objectives • Create awareness, get first customers • Where are you getting customers? – Maximize market share • Attack competitors • New markets/users • Increase usage – Defend market share • Against competitors • Defend a position • Harvest product for maximum profitability Copyright 2013 - 2015. The Lûcrum Group, Inc. 22
  23. 23. Poll Question 3 Who typically owns the Positioning decision in your organization? a) Product Management. b) Product Marketing. c) Product Management & Product Marketing. d) Senior Executives. e) Never thought about it. Copyright 2013 - 2015. The Lûcrum Group, Inc. 23
  24. 24. GTM Process Copyright 2013 - 2015. The Lûcrum Group, Inc. 24 Source: http://www.strategyhub.net/2011/01/framework-of-week-45-strategic.html
  25. 25. Foundations of GTM Copyright 2013 - 2015. The Lûcrum Group, Inc. 25 Market Analysis VOC Competitive Analysis Ecosystem Analysis Go-to-Market Strategy
  26. 26. Key Drivers for GTM • Customers – Intimate Understanding of Target Markets • Company – Mission, Strategy, Strengths, Weaknesses • Competitors – Strategy, Strengths, Weaknesses Copyright 2013 - 2015. The Lûcrum Group, Inc. 26
  27. 27. Understanding of Target Markets • Who they are – Personas • Why they buy – Problems they want to solve • How they buy – What is their buying process – Where do they look Copyright 2013 - 2015. The Lûcrum Group, Inc. 27 June 11 Webinar http://compellingpm.com/developing-a-deep-understanding-of-your-target-markets- the-starting-point-for-great-product-management-marketing/
  28. 28. Market Ecosystem Dynamics • Macro Forces • Industry Forces – Customers – Company – Competitors – Suppliers – Partners • Create Understanding: – Opportunities & Threats – Strengths & Weaknesses 28 Economic Social TechnologicalEnvirnomental Legal Political Partners Competition Suppliers Company Customers Copyright 2013 - 2015. The Lûcrum Group, Inc.
  29. 29. Competitive Analysis • Top 3 to 5 Competitors (Strongest) – Strategy – Products – Financials • Evaluate – Strengths & Weaknesses – Likely Moves 29Copyright 2013 - 2015. The Lûcrum Group, Inc.
  30. 30. Poll Question 4 Which is the most important driver in creating your Go-to-Market Strategy? a) Clear understanding of your target markets. b) Aligning with your corporate strategy and strengths. c) Knowing how to compete against your competitors. Copyright 2013 - 2015. The Lûcrum Group, Inc. 30
  31. 31. GTM Summary Copyright 2013 - 2015. The Lûcrum Group, Inc. 31
  32. 32. PM2 Levers of Control™ Copyright 2013 - 2015. The Lûcrum Group, Inc. 32 Executional Levers Product •Define Whole Product •Effective Requirements Price •Value-Based Pricing Place (Channel) •Sales Tools •Sales Enablement •Channel Programs Promotions •Product Marketing Tools & Content •Product Marketing Programs Go-to-Market Strategy Target Markets Positioning Competitive Strategies Messaging Platform Alignment to Business Drivers Market Analysis VOC Competitive Analysis Ecosystem Analysis
  33. 33. Go-to-Market Webinar Series http://compellingpm.com/go-to-market-webinar-series-with-dfw-product-group/ Webinar Title Date The Strategic Role of Product Management & Product Marketing in Driving Product Revenue & Success Apr 23 Developing a Deep Understanding of Your Target Markets – The Starting Point for Great Product Marketing June 11 Define a Powerful Go-to-Market Strategy That Sets Your Product Apart June 25 Great Requirements Form the Foundation for Successful Products July Profitable Products Sell Value: Why Value-Based Pricing Wins August From Messaging Nightmare to Messaging Delight: How to Create a Powerful Messaging Platform Sept Create Effective Sales & Marketing Tools That Actually Get Used By Sales & Prospects Oct Nothing Happens Until Someone Sells Something: Enabling Your Sales Channel to Success Nov Driving the Marketing and Sales Funnel to Close Deals: What Product Marketers Must Know and Do Dec Copyright 2013 - 2015. The Lûcrum Group, Inc. 33
  34. 34. Next Webinar • Great Requirements Form the Foundation for Successful Products July XX, 2015 Copyright 2013 - 2015. The Lûcrum Group, Inc. 34 http://compellingpm.com/go-to-market-webinar-series-with-dfw-product-group/
  35. 35. Upcoming Austin PM2 Training • Optimal Product Management & Product Marketing – Sep 21 – 23 – Dec 7- 9 • AIPMM Certifications – Certified Product Manager (CPM) – Feb 16 – 17 More dates/locations - www.280group.com Copyright 2013 - 2015. The Lûcrum Group, Inc. 35
  36. 36. 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 - 2015. The Lûcrum Group, Inc. 36
  37. 37. Thank You! Tom Evans CompellingPM tevans@compellingpm.com @compellingpm www.compellingpm.com Copyright 2013 - 2015. The Lûcrum Group, Inc. 37

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