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

1. How to Develop a Deep Understanding
of Your Target Markets:
The Starting Point for Great Product
Management & Product Marketing
Tom Evans
CompellingPM
@compellingpm
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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
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3. Special offer from CompellingPM at
the end of the webinar.
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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. 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!
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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!
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7. Required Knowledge of Our Buyers
• Who they are
• Why they buy
• How they buy
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8. HOW DO YOU LEARN THIS?
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9. PM2 Levers of Control™
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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. 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
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11. WHO THEY ARE
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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
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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
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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
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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
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16. WHY THEY BUY
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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
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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
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19. Why Users Buy
• Do their task more effectively
• Reduce time spent on mind-numbing activities
• Gain greater job satisfaction
• Increase financial rewards
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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
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21. HOW THEY BUY
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22. Generic Buying Process
Recognize Problem/Need
Information Search
Evaluation of Alternatives
Purchase Decision
Post-purchase Behavior
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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?
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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?
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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?
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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?
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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?
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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?
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29. PM2 Levers of Control™
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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. 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
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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
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32. Next Webinar
Define a Powerful Go-to-Market
Strategy That Sets Your Product Apart
June 25, 2015
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http://compellingpm.com/go-to-market-webinar-series-with-dfw-product-group/

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
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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)
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35. Thank You!
Tom Evans
CompellingPM
tevans@compellingpm.com
@compellingpm
www.compellingpm.com
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