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Driving the Marketing and Sales Funnel to close Deals: What Product Marketers Must Know and Do

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The Product Marketer is responsible for ensuring demand for a product in the market, and part of that responsibility is “guiding” marketing programs that will drive that demand. Without a clear understanding of the Product Marketer’s role in demand generation, demand generation programs too often lack clarity and focus and deliver marginal results. But what does this really mean for the Product Marketer? What must the Product Marketer know and be able to do to effectively drive demand?
In this webinar, you’ll learn:
A clear definition of Product Marketing’s role in demand generation
How Product Marketing interfaces with the rest of the marketing organization
How to define program goals
How to determine the best methods of customer acquisition
How to define program metrics and monitor the marketing and sales funnel

Published in: Business
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Driving the Marketing and Sales Funnel to close Deals: What Product Marketers Must Know and Do

  1. 1. Driving the Marketing and Sales Funnel to Close Deals: What Product Marketers Must Know and Do 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. Driving the Marketing and Sales Funnel to Close Deals: What Product Marketers Must Know and Do Tom Evans CompellingPM @compellingpm Copyright 2013 - 2015. The Lûcrum Group, Inc. 4
  5. 5. The Role of Product Marketing Copyright 2013 - 2015. The Lûcrum Group, Inc. 5
  6. 6. Poll Question 1 What is the role of Product Marketing in helping to drive revenue via marketing programs? a) Defines the strategy and direction for market programs to support revenue goals b) Creates sales & marketing tools c) Executes marketing programs d) All of the above e) A & B above f) B & C above Copyright 2013 - 2015. The Lûcrum Group, Inc. 6
  7. 7. Role of Product Marketing • Achieve revenue targets • Set promotional strategy and objectives • Defines programs that will be most successful in achieving revenue goals • Defines adjustments to strategies and programs to correct gaps in revenue • Develops the right content and tools Copyright 2013 - 2015. The Lûcrum Group, Inc. 7
  8. 8. Who Executes Marketing Programs? • Marketing (aka Corporate Marketing, Marketing Communications) • Based upon programs defined by Product Marketing Copyright 2013 - 2015. The Lûcrum Group, Inc. 8
  9. 9. PM2 Levers of Control™ Copyright 2013 - 2015. The Lûcrum Group, Inc. 9 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
  10. 10. Where Market Communications Fits Copyright 2013 - 2015. The Lûcrum Group, Inc. 10 Marketing Communications • Makes content, tools and messages more compelling and engaging. • Executes Marketing Programs (Corporate and Product), to include: websites, events, direct marketing, online marketing, social media, advertising, public relations, etc. • Operates marketing automation & CRM systems and tracks and reports on marketing metrics.
  11. 11. Keys to Effective Marketing Programs Copyright 2013 - 2015. The Lûcrum Group, Inc. 11
  12. 12. Poll Question 2 Which factor is most important for the Product Marketer to deeply understand in order to be able to define effective market programs? a) Who are your customers (buyers) b) Why they buy c) How they buy d) All of the above Copyright 2013 - 2015. The Lûcrum Group, Inc. 12
  13. 13. Key to Successful Marketing • A deep understanding of your target markets! • Who they are – Personas • Why they buy – Market Needs • How they buy – What is their buying process – Where do they look 13Copyright 2013 - 2015. The Lûcrum Group, Inc.
  14. 14. Deep Understanding Drives Marketing 14 Messaging Platform Messages targeted to each buyer/user persona Marketing Tools Answers key questions by buying phase Targeted to right buyer/influencer Media & Programs Targeted to where buyers look for information Sales Enablement Sales communicate right messages at right time to right buyer Understand Buyers & Users Who They Are Why They Buy How They Buy Copyright 2013 - 2015. The Lûcrum Group, Inc.
  15. 15. Effective Marketing Programs • Targets customer where they are (right media) – listening, reading, watching, looking, searching • Communicates consistent & synergistic messages that create – Awareness, Differentiation, Demand, Competitive Advantage • Measurable objectives to evaluate effectiveness 15Copyright 2013 - 2015. The Lûcrum Group, Inc.
  16. 16. Which Marketing Programs? • Understanding the buyer and buying process • What has worked? – Metrics on previous programs – Metrics for programs on similar offerings • Experimentation – Test programs or versions of programs on small sample of market – Evaluate results for effectiveness 16Copyright 2013 - 2015. The Lûcrum Group, Inc.
  17. 17. Your Marketing Programs Weapons • Promotion – Relevant & targeted marketing programs for the buying process • Price – Pricing promotions to encourage trials, adoption • Place – Promotions through distribution channels (SPIFS, Sales incentives) • Product – Bundling, limited edition, etc. 17Copyright 2013 - 2015. The Lûcrum Group, Inc.
  18. 18. Discover 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? 18Copyright 2013 - 2015. The Lûcrum Group, Inc.
  19. 19. The Sales & Marketing Funnel 19 http://www.realtyninja.com/blog/wp-content/uploads/sales-funnel.png Copyright 2013 - 2015. The Lûcrum Group, Inc.
  20. 20. Metrics • Indicators of progress against objectives • Acquisition metrics – Source, volume, conversion (% and velocity), cost • Buyer metrics – Purchase size, frequency, profitability, period, lifetime value • Customer Loyalty – Net Promoter Score, churn, renewals, referrals • Revenue & Profitability – Per source, segment, growth 20Copyright 2013 - 2015. The Lûcrum Group, Inc.
  21. 21. Testing to Improve • Test & improve (e.g.) – Marketing technique (or type of promotion) – Copy or messages – Design – Media – Website landing page – Images • Measurement is essential 21Copyright 2013 - 2015. The Lûcrum Group, Inc.
  22. 22. Testing Process • Define new marketing program (or version) • Select a statistically significant representative sample of target market • Run program, measure results • Evaluate, adjust, re-test, rollout 22Copyright 2013 - 2015. The Lûcrum Group, Inc.
  23. 23. Driving the Marketing & Sales Funnel to Achieve Revenue Goals Copyright 2013 - 2015. The Lûcrum Group, Inc. 23
  24. 24. Poll Question 3 Who in your organization is responsible for driving the marketing & sales funnel a) Sales b) Marketing c) Product Marketing d) All of the above Copyright 2013 - 2015. The Lûcrum Group, Inc. 24
  25. 25. Funnel Definitions • Suspect – Everyone in target market • Prospect (Contact) – Looking to solve a problem • Lead – Fits your qualification criteria (need, interest) • Opportunity – In a position to make a purchase (need, interest, budget, authority) Copyright 2013 - 2015. The Lûcrum Group, Inc. 25
  26. 26. Managing the Funnels Copyright 2013 - 2015. The Lûcrum Group, Inc. 26 Programs Tools Conversion Suspect Lead Lead Prospect Prospect Opportunity Opportunity Customer Programs Tools Scoring Conversion Programs Sales Tools Scoring Conversion Sales Tools Conversion Programs Tools Conversion Loyalty
  27. 27. Funnel Math • How many impressions must you make to convert suspect to prospect? • How many prospects do you need to achieve your target for sales (customers)? • What is the velocity to convert prospect to customer? Copyright 2013 - 2015. The Lûcrum Group, Inc. 27
  28. 28. Lead Qualification/Scoring • Ensure leads are sales ready • Work with sales / Start with perfect lead • Demographics – E.g., revenue, employees, project budgeted, company profile, buyer role, order size, urgency – BANT – Budget, Authority, Need, Timeline – Source • Interactions – Forms completed, click email links, downloads, website pages, phone call, data completeness Copyright 2013 - 2015. The Lûcrum Group, Inc. 28
  29. 29. Keys to Accelerating Revenue • Map the buying process • Reach the right buyers • Generate more leads • Improve lead quality • Improve conversion • Increase retention & renewals Copyright 2013 - 2015. The Lûcrum Group, Inc. 29
  30. 30. Summary • To effectively drive revenue through the marketing & sales funnel(s): – Deep understanding of how & why target markets buy – Clear defined strategy and objectives – Marketing programs based upon metrics – Adjustments using marketing weapons to achieve objectives Copyright 2013 - 2015. The Lûcrum Group, Inc. 30
  31. 31. Poll Question 4 Which action will create the most positive impact on your funnel performance? a) Deep understanding of markets b) Clearly defined strategy & objectives c) Improvement in defining and monitoring funnel metrics d) More effective use of all marketing weapons Copyright 2013 - 2015. The Lûcrum Group, Inc. 31
  32. 32. 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 16 Profitable Products Sell Value: Why Value-Based Pricing Wins August 13 From Messaging Nightmare to Messaging Delight: How to Create a Powerful Messaging Platform Sept 17 Create Effective Sales & Marketing Tools That Actually Get Used By Sales & Prospects Oct 15 Nothing Happens Until Someone Sells Something: Enabling Your Sales Channel to Success Nov 19 Driving the Marketing and Sales Funnel to Close Deals: What Product Marketers Must Know and Do Dec 11 Copyright 2013 - 2015. The Lûcrum Group, Inc. 32
  33. 33. PM2 Levers of Control™ Copyright 2013 - 2015. The Lûcrum Group, Inc. 33 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
  34. 34. Upcoming Austin PM2 Training • AIPMM Certifications – Certified Product Manager (CPM) – Feb 16 – 17 • Optimal Product Management & Product Marketing – Apr 11 – 13 More dates/locations - www.280group.com Copyright 2013 - 2015. The Lûcrum Group, Inc. 34
  35. 35. 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. 35
  36. 36. Thank You! Tom Evans CompellingPM tevans@compellingpm.com @compellingpm www.compellingpm.com Copyright 2013 - 2015. The Lûcrum Group, Inc. 36

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