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How to Develop a Deep Understanding
of Your Target Markets:
The Starting Point for Great Product
Management & Product Mark...
DFW Product Group
• DFW Product Group is the premier product management and
marketing association in the Dallas/Fort Worth...
Special offer from CompellingPM at
the end of the webinar.
Copyright 2013 - 2015. The Lûcrum Group, Inc. 3
How to Develop a Deep Understanding
of Your Target Markets:
The Starting Point for Great Product
Management & Marketing
To...
Bad PM2!
• Not gaining a deep understanding of your target
markets!
a) We have internal discussions about profiles and
nee...
Results of Bad PM2
• Products don’t deliver value to the market
• Messages don’t resonate with the buyers
• Marketing and ...
Required Knowledge of Our Buyers
• Who they are
• Why they buy
• How they buy
Copyright 2013 - 2015. The Lûcrum Group, Inc...
HOW DO YOU LEARN THIS?
Copyright 2013 - 2015. The Lûcrum Group, Inc. 8
PM2 Levers of Control™
Copyright 2013 - 2015. The Lûcrum Group, Inc. 9
Executional Levers
Product
•Define Whole Product
•E...
Voice of the Customer (VOC)
• Current Products
– Speak to customers
– Part of Win-loss analysis
• New Products
– Part of m...
WHO THEY ARE
Copyright 2013 - 2015. The Lûcrum Group, Inc. 11
Defining Personas
• Buyer & User Personas
• Personas are a representative buyer or user
(stereotypical)
• Can be multiple ...
Typical Personas
• Executive Buyer (Economic Buyer)
– Interested in solving major business issues
– Has final approval aut...
Knowing the Personas
• Key goals & challenges
• Job responsibilities & typical tasks
• Typical background (demographics, s...
Questions to Ask
• What are top of mind of issues for you?
• What are you most important job
goals/objectives?
• What does...
WHY THEY BUY
Copyright 2013 - 2015. The Lûcrum Group, Inc. 16
Why Executives Buy
• Key market trends & business drivers
• What must they do to compete, create a
competitive advantage, ...
Why Middle Managers Buy
• Make their teams more effective
• Enable team members to spend time on more
valuable tasks
• Red...
Why Users Buy
• Do their task more effectively
• Reduce time spent on mind-numbing activities
• Gain greater job satisfact...
Why Technical Buyers Buy
• Raise their visibility in the organization and
industry
• Interesting and new challenge
• Caree...
HOW THEY BUY
Copyright 2013 - 2015. The Lûcrum Group, Inc. 21
Generic Buying Process
Recognize Problem/Need
Information Search
Evaluation of Alternatives
Purchase Decision
Post-purchas...
Discovering the Buying Process
• What are the typical phases of the buying process?
• Who are the typical buyers & influen...
Buying Process – Recognize Need
• What causes them to recognize this need?
• What compelled them to search for a
solution?...
Buying Process – Information Search
• Where do they begin their search for
information?
• What terms do they use?
• Why do...
Buying Process - Evaluation
• How do you decide which alternatives to
evaluate?
• What are the most important consideratio...
Buying Process – Purchase Decision
• Who is involved in the purchase decision?
• How do you conduct the final buying proce...
Buying Process – Post Purchase
• How do you evaluate the success of the
purchase?
• When do you make additional purchases?...
PM2 Levers of Control™
Copyright 2013 - 2015. The Lûcrum Group, Inc. 29
Executional Levers
Product
•Define Whole Product
•...
Summary
• Conduct VOC to understand your buyers and
users
• Use that knowledge to more effectively guide
your product and ...
Go-to-Market Webinar Series
http://compellingpm.com/go-to-market-webinar-series-with-dfw-product-group/
Webinar Title Date...
Next Webinar
Define a Powerful Go-to-Market
Strategy That Sets Your Product Apart
June 25, 2015
Copyright 2013 - 2015. The...
Upcoming Training
• AIPMM Certifications
– June 8 – 9 (CPM – Austin)
– June 10 – 11 (CPMM – Austin)
• Optimal Product Mana...
Free 1 Hour PM/PMM Consult
• First five to submit information on form
• http://compellingpm.com/freeonehour/
• Please incl...
Thank You!
Tom Evans
CompellingPM
tevans@compellingpm.com
@compellingpm
www.compellingpm.com
Copyright 2013 - 2015 - 2015....
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How to Develop a Deep Understanding of Your Target Markets: The Starting Point for Great Product Management & Marketing

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In my April 23rd Webinar, I presented the importance of becoming more Strategic as Product Managers and Product Marketers. The starting point for this is to clearly understand our target markets. Too much activity in Product Management/Marketing is guided by our own assumptions, internal discussions and anecdotal information. If we are serious about being great Product Managers & Product Marketers, 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 from participating in this webinar:
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 Management & Product Marketing

Published in: Business
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How to Develop a Deep Understanding of Your Target Markets: The Starting Point for Great Product Management & Marketing

  1. 1. How to Develop a Deep Understanding of Your Target Markets: The Starting Point for Great Product Management & Product Marketing 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. How to Develop a Deep Understanding of Your Target Markets: The Starting Point for Great Product Management & Marketing Tom Evans CompellingPM @compellingpm Copyright 2013 - 2015. The Lûcrum Group, Inc. 4
  5. 5. Bad PM2! • Not gaining a deep understanding of your target markets! a) We have internal discussions about profiles and needs of our buyers/user. b) We use only anecdotal information that might come from sales people or executives. c) We depend only on analyst reports. d) We replicate what others are doing. We fail to understand our customers and their needs! Copyright 2013 - 2015. The Lûcrum Group, Inc. 5
  6. 6. Results of Bad PM2 • Products don’t deliver value to the market • Messages don’t resonate with the buyers • Marketing and sales tools fail to motivate buyers • You don’t get good leads • Sales people try to sell the wrong product to the wrong people for the wrong reasons Then you wonder why your product isn’t selling! Copyright 2013 - 2015. The Lûcrum Group, Inc. 6
  7. 7. Required Knowledge of Our Buyers • Who they are • Why they buy • How they buy Copyright 2013 - 2015. The Lûcrum Group, Inc. 7
  8. 8. HOW DO YOU LEARN THIS? 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. Voice of the Customer (VOC) • Current Products – Speak to customers – Part of Win-loss analysis • New Products – Part of market validation process • Insights from Business Partners • Insights from Executives, Sales Team, and other customer facing stakeholders Copyright 2013 - 2015. The Lûcrum Group, Inc. 10
  11. 11. WHO THEY ARE Copyright 2013 - 2015. The Lûcrum Group, Inc. 11
  12. 12. 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 research Copyright 2013 - 2015. The Lûcrum Group, Inc. 12
  13. 13. Typical Personas • Executive Buyer (Economic Buyer) – Interested in solving major business issues – Has final approval authority • Middle Manager Buyer – Make team more effective/efficient – Help them achieve business objectives • Technical Buyer – Does it meet certain criteria & expectations – Can say no, but not yes • Users – Day-to-day user – Wants to do their job better Copyright 2013 - 2015. The Lûcrum Group, Inc. 13
  14. 14. 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 product Copyright 2013 - 2015. The Lûcrum Group, Inc. 14
  15. 15. Questions to Ask • What are top of mind of issues for you? • What are you most important job goals/objectives? • What does your typical day look like? • What are the hardest and easiest things about your job? • What are your career goals? • What do you like to do and not like to do – within your job as well as personal activities? • Also – consider observation Copyright 2013 - 2015. The Lûcrum Group, Inc. 15
  16. 16. WHY THEY BUY Copyright 2013 - 2015. The Lûcrum Group, Inc. 16
  17. 17. Why Executives Buy • Key market trends & business drivers • What must they do to compete, create a competitive advantage, increase revenue, cut costs, improve customer loyalty, etc. • Establish company as a leader • What is the ROI Copyright 2013 - 2015. The Lûcrum Group, Inc. 17
  18. 18. Why Middle Managers Buy • Make their teams more effective • Enable team members to spend time on more valuable tasks • Reduce costs of their operations • Raise their visibility in the organization • Advance in their career • Increase financial rewards Copyright 2013 - 2015. The Lûcrum Group, Inc. 18
  19. 19. Why Users Buy • Do their task more effectively • Reduce time spent on mind-numbing activities • Gain greater job satisfaction • Increase financial rewards Copyright 2013 - 2015. The Lûcrum Group, Inc. 19
  20. 20. Why Technical Buyers Buy • Raise their visibility in the organization and industry • 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 resources Copyright 2013 - 2015. The Lûcrum Group, Inc. 20
  21. 21. HOW THEY BUY Copyright 2013 - 2015. The Lûcrum Group, Inc. 21
  22. 22. Generic Buying Process Recognize Problem/Need Information Search Evaluation of Alternatives Purchase Decision Post-purchase Behavior Copyright 2013 - 2015. The Lûcrum Group, Inc. 22
  23. 23. 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 - 2015. The Lûcrum Group, Inc. 23
  24. 24. Buying Process – Recognize Need • What causes them to recognize this need? • What compelled them to search for a solution? • Who makes the decision to begin looking for a solution? Copyright 2013 - 2015. The Lûcrum Group, Inc. 24
  25. 25. Buying Process – Information Search • Where do they begin their search for information? • What terms do they use? • Why do they choose these sources v. others? • Who are the respected thought leaders in their industry? • What information is/was most useful? • What questions are they trying to answer? • Who is involved in this process? Copyright 2013 - 2015. The Lûcrum Group, Inc. 25
  26. 26. Buying Process - Evaluation • How do you decide which alternatives to evaluate? • What are the most important considerations for the product and vendor? • What are must haves? (Would eliminate an alternative) • 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 - 2015. The Lûcrum Group, Inc. 26
  27. 27. 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 a vendor? Copyright 2013 - 2015. The Lûcrum Group, Inc. 27
  28. 28. Buying Process – Post Purchase • How do you evaluate the success of the purchase? • When do you make additional purchases? • Who is involved? • What are key considerations to continue the relationship? • What would it take for you to consider making referrals/testimonials? Copyright 2013 - 2015. The Lûcrum Group, Inc. 28
  29. 29. PM2 Levers of Control™ Copyright 2013 - 2015. The Lûcrum Group, Inc. 29 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
  30. 30. Summary • Conduct VOC to understand your buyers and users • Use that knowledge to more effectively guide your product and go-to-market strategy • Achieve better focused and more effective products, marketing tools, marketing programs and sales execution Copyright 2013 - 2015. The Lûcrum Group, Inc. 30
  31. 31. 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. 31
  32. 32. Next Webinar Define a Powerful Go-to-Market Strategy That Sets Your Product Apart June 25, 2015 Copyright 2013 - 2015. The Lûcrum Group, Inc. 32 http://compellingpm.com/go-to-market-webinar-series-with-dfw-product-group/
  33. 33. Upcoming Training • AIPMM Certifications – June 8 – 9 (CPM – Austin) – June 10 – 11 (CPMM – Austin) • Optimal Product Management & Product Marketing – Sept 21 – 23 (Austin) – Dec 7 - 9 (Austin) More dates/locations - www.280group.com Copyright 2013 - 2015. The Lûcrum Group, Inc. 33
  34. 34. Free 1 Hour PM/PMM Consult • First five 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. 34
  35. 35. Thank You! Tom Evans CompellingPM tevans@compellingpm.com @compellingpm www.compellingpm.com Copyright 2013 - 2015 - 2015. The Lûcrum Group, Inc. 35

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