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 Lcrum Group, Inc. 1
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: [email protected] Actively seeking
new members, volunteers, and sponsors Copyright 2013 - 2015. The
Lcrum Group, Inc. 2
3. Special offer from CompellingPM at the end of the webinar.
Copyright 2013 - 2015. The Lcrum Group, Inc. 3
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 Lcrum
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! Copyright 2013 - 2015.
The Lcrum Group, Inc. 5
6. Results of Bad PM2 Products dont deliver value to the market
Messages dont resonate with the buyers Marketing and sales tools
fail to motivate buyers You dont 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 isnt selling! Copyright 2013 -
2015. The Lcrum Group, Inc. 6
7. Required Knowledge of Our Buyers Who they are Why they buy
How they buy Copyright 2013 - 2015. The Lcrum Group, Inc. 7
8. HOW DO YOU LEARN THIS? Copyright 2013 - 2015. The Lcrum
Group, Inc. 8
9. PM2 Levers of Control Copyright 2013 - 2015. The Lcrum
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. 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 Lcrum Group, Inc. 10
11. WHO THEY ARE Copyright 2013 - 2015. The Lcrum Group, Inc.
11
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 Lcrum Group, Inc. 12
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 Lcrum Group, Inc. 13
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 Lcrum
Group, Inc. 14
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 Lcrum Group,
Inc. 15
16. WHY THEY BUY Copyright 2013 - 2015. The Lcrum Group, Inc.
16
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 Lcrum Group, Inc. 17
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 Lcrum Group, Inc. 18
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 Lcrum Group,
Inc. 19
20. Why Technical Buyers Buy Raise their visibility in the
organization and industry Interesting and new challenge Career
advancement What makes them say no? Doesnt meet their standards
Adds tasks to an already overloaded team More difficult solution
than alternatives Cant get the right resources Copyright 2013 -
2015. The Lcrum Group, Inc. 20
21. HOW THEY BUY Copyright 2013 - 2015. The Lcrum Group, Inc.
21
22. Generic Buying Process Recognize Problem/Need Information
Search Evaluation of Alternatives Purchase Decision Post-purchase
Behavior Copyright 2013 - 2015. The Lcrum Group, Inc. 22
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
Lcrum Group, Inc. 23
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 Lcrum Group, Inc. 24
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 Lcrum Group, Inc. 25
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 Lcrum Group, Inc. 26
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 Lcrum Group, Inc. 27
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 Lcrum Group,
Inc. 28
29. PM2 Levers of Control Copyright 2013 - 2015. The Lcrum
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. 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 Lcrum Group, Inc. 30
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 Lcrum Group, Inc. 31
32. Next Webinar Define a Powerful Go-to-Market Strategy That
Sets Your Product Apart June 25, 2015 Copyright 2013 - 2015. The
Lcrum Group, Inc. 32
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 Copyright 2013 - 2015. The Lcrum
Group, Inc. 33
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 Lcrum Group, Inc. 34
35. Thank You! Tom Evans CompellingPM [email protected]
@compellingpm www.compellingpm.com Copyright 2013 - 2015 - 2015.
The Lcrum Group, Inc. 35