Product Marketing
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The document discusses product marketing responsibilities and strategies. It covers: 1) Product marketing oversees messaging, positioning, and marketing products to customers, partners, analysts, and press. 2) The 4 P's of marketing are product, price, place, and promotion. Promotion strategies discussed include advertising, public relations, branding, and web 2.0 techniques. 3) A successful product launch requires planning promotion, developing collateral, ensuring the product is bug-free, training teams, and getting early customer feedback.
Product Marketing
- 1. Some Product Marketing Notes
- 2. Product Responsibilities Spectrum Engineering - How Project / Program Management - Organizing development and release/launch tasks Product Management - What / Inbound (“product owner/GM”) / “Valuable, Feasible, Usable” - Why? Business Case / Value Proposition Product Marketing - Messaging / Outbound (Why Value Proposition) / Evangelist (Press, etc.) Marketing Communications – Company level communications: branding and advertising
- 3. Product Marketing Externally focused Customers, partners, analysts, press Messaging, positioning, and marketing products Often same as product mgr, sometimes same as marketing Go To Market Preparing sales channels Launching Promoting
- 4. 4 P’s of Marketing
- 5. Product
- 6. Where should we go? Why will we be successful there? How do we get there? Problem? Opportunity Solution? Unique offering or breakthrough (IP) Why you? Competition? Business Model How make money? Money need? Team Company or Product Portfolio Strategy
- 7. Is There An Opportunity? Is there customer pain? Is the pain sufficient to generate a compelling reason to buy? PAIN REASON TO BUY Sue Barsamian: “Reality Marketing for Startup”
- 8. Clients Surveys, Client Visits, Informal Conversations Industry Experts In your company, in your network, Trade associations, conferences, Identifying clients that are market influencers Internet and Published Sources Annual Reports, Trade Journals, Competitor websites, Google, Quantcast, Company listings (Hoovers, Tradevibes), Newspaper articles, Tradeshows, Industry Research (Forrester, Gartner, Yankee, IDC, Giga) Market and Competitive Analysis Sources
- 9. Is The Opportunity Big and Growing? Are there enough customers with this profile to make a market? Is it growing? Sue Barsamian: “Reality Marketing for Startup” PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY PAIN REASON TO BUY
- 10. How To Size Your Market Build a tops down and bottoms-up model for your market Sue Barsamian: “Reality Marketing for Startup” Empirical Qualitative research Your revenue and unit forecast Analyst data Proxy modeling Total Market Total Addressable Market Your Projected Share
- 11. Market Segment Analysis Linda Gorchels: “The Product Manager’s Handbook Segment Needs How Satisfy % Our Sales % Industry Sales Size/Growth Rating (1-5) Consumer SMB Large Enterprise
- 13. Product Sell Product as Being Built Provides critical feedback Follow The Money To see what customers want To find company’s sweet spot Antony Awaida “ Energize Your Go-to-Market Strategy”
- 14. Price What are success metrics / business plan? Pricing models / schedules Per User, Per Concurrent User, Subscription, One Time License & On-going Maintenance, Freemium, Ad Supported, Combination 4 C’s of Pricing – Alyssa Dver “Software Product Management Essentials” Cost: build, market, sell, support, etc. Customer: value proposition, value derives Competition: their pricing, your positioning (5 th “P”) Change: during lifecycle of product
- 15. Price Michael Cowen – Context Branding Power of Premium Pricing – buyers assume expensive items represent exceptional quality Premium Pricing Commodity Pricing Unique Value Creation Generic Value
- 16. Promotion Superchick Megaphone Girl Logo
- 17. Promotion – Communicating with Your Customer Know Customer Profile Models to reach customer Advertising, direct marketing (mail/email), internet marketing, collateral, tradeshows, via channels, via partnerships Demand and Lead Generation Public Relations Strategy Selection of PR Agency Aligning message across collaterals Branding Strategy (term, symbol, design, packaging)
- 18. Trademarks Distinguishing attribute by which company easily identified Mark, Brand, Logo, Packaging, Color
- 19. Promotion Products are now discovered through a combination of blogs, search keyword-based advertising, online product marketing, and word-of-mouth. Products must now embrace a “discover, learn, try, buy, recommend” cycle – sometimes with one of those phases being free, Ray Ozzie
- 20. Web 2.0 Marketing Using web-based tools to build social and business connections, share information and collaborate. … Tools like Blogs Wikis Social Networking Collaborative filtering RSS Podcasts Virtual Worlds On-line Communities Used To Communicate with Your Customer Product and Expert Blogs Podcasts and Videocasts about Products Customer Forums and Communities Support Sites Digg.com, Del.icio.us Viral Marketing via Twitter Information and Positioning on SlideShare.net Facebook Groups and Product Pages Virtual World Meetings and Exhibits Online Advertising
- 21. “ Here’s the only secret you need to know: The web is a place where people with shared passions form communities around those passion” “ Rex Hammock, Founder/CEO of the content marketing and media firm”
- 22. Corporate Weblog Manifesto By Robert Schoble Tell the truth, post fast on good news or bad Be the authority on your product / company Know who is talking about you Talk to the grassroots and use a human voice Underpromise and over deliver
- 23. “ The Secrets of Marketing in a Web 2.0 World” WSJ Feb 24 2009 Don’t talk to consumers – get them involved Forums, communities, wikis; but need moderator Give customers reasons to participate Their own topics, rewards to registered users Listen to – and join – the conversation outside of your site Watch Digg.com, Del.icio.us) Resist Temptation to Sell, Sell, Sell Don’t control, let it go. Find a “marketing technopologist” Embrace experimentation Wall Street Journal 2/24/09 http://s.wsj.net/article/SB122884677205091919.html
- 24. WSJ Podcast w/ Bruce Weinberg
- 25. Enterprise 2.0 … Tools like Blogs Wikis Social Networking Collaborative filtering RSS Podcasts Virtual Worlds On-line Communities But adapted for the enterprise Improved document collaboration Contextual knowledge management Virtual meeting spaces Contextual company directories Prediction markets for identifying and forecasting risks SaaS based business intelligence Improved distributed project management (Autodesk's ProjectPoint™)
- 26. Place Prominence on web (search engine rank) Where in the online community should your brand engage Channel Strategy (direct sales, via platform, via integrator (ISV), other partners (OEM)) Widget or App on Platform
- 27. 4 New P’s of Marketing Iris Mootee “ High Intensity Marketing”
- 28. Forget the 4 P’s STORIES define everything you say and do PRODUCTS manifestations of the story DATA is observational. What do people actually do? INTERACTIONS marketing tactics from spam to billboards, CONNECTION between you and the customer, the end goal Data Interactions Products Stories Connection
- 30. Product Design and Dev Process
- 31. Product Launch Recommend 280Group’s Product Launch Toolkit So with apologies to Brian: Top Ten Product Launch Mistakes Common Errors to Avoid to Ensure Success A white paper by Brian Lawley
- 32. Top Ten Ways to Mess Up a Project Launch 10) No Public Relations Plan: Sporadic or early announcements, not using agency, not creating media materials, not holding press events. 9)No appreciation to others and celebration of success 8) No release collateral: FAQs, release notes, user guides, case studies 7) No / Inadequate final development, test and release plan 6) No plan for quick updates after initial use and feedback 5) No Advertising / marketing: print, online ads, Google ad words, email marketing, printed mailing etc. 4) No Web 2.0 marketing efforts and review programs 3) Launching with Severity 1 (system crash) or severity 2 (major loss of functionality) bugs 2) Not Training Sales, Customer Support, Channel Partners 1) No early and continued involvement with target customers (including beta programs) Be Customer Focused
Editor's Notes
- #2: Stanford Continuing Studies: Bus100 - Building Software Products
- #3: Stanford Continuing Studies: Bus100 - Building Software Products
- #4: Find marketing and marketing communications less domain knowledge Stanford Continuing Studies: Bus100 - Building Software Products
- #5: Stanford Continuing Studies: Bus100 - Building Software Products
- #6: Stanford Continuing Studies: Bus100 - Building Software Products
- #7: Stanford Continuing Studies: Bus100 - Building Software Products
- #9: In enterprise, product managers should know customers personally Stanford Continuing Studies: Bus100 - Building Software Products
- #12: Understand market segment analysis: different type of customers : percentage of company sales, percentage of industry sales, market attractiveness, size, growth rate, etc. Stanford Continuing Studies: Bus100 - Building Software Products
- #13: Stanford Continuing Studies: Bus100 - Building Software Products
- #14: Mihir asked about pre-announcing …. What we have discussed up to this point on product strategy Also naming, warranty, etc…. Antony Awaida, StartLeap “ Energize Your Go-to-Market Strategy Established vendors can improve new product introductions by taking a page from the startup playbook.” http://sandhill.com/opinion/editorial.php?id=36 Also says: -The Entrepreneurial Team (esp Marketing) should lead the initial sales -Focus on Decision Makers (focus on developers first in beta) -Have a defined Elevator Pitch (define value proposition) Lower cost of entry; Reduce risk Higher ROI; Quick response to change in demand; Rapid deployment of new services; - Focus on core business Stanford Continuing Studies: Bus100 - Building Software Products
- #15: Which C’s What missing Promotion, Quantity Discounts, Psychological Pricing, Transfer Pricing ….. Stanford Continuing Studies: Bus100 - Building Software Products
- #16: WINE We adapt to our assumptions … Stanford Continuing Studies: Bus100 - Building Software Products
- #17: Stanford Continuing Studies: Bus100 - Building Software Products
- #18: Demand and Lead Generation Some PR, Some Advertising, Some Tradeshows (small community) … more calls in … man cold calls Leads to WebEx Leads to questions and commitments Leads to Sales Stanford Continuing Studies: Bus100 - Building Software Products
- #19: Stanford Continuing Studies: Bus100 - Building Software Products
- #20: VIDEOS !!! “A grassroots technology adoption pattern has emerged on the internet largely in parallel to the classic methods of selling software to the enterprise. Products are now discovered through a combination of blogs, search keyword-based advertising, online product marketing and word-of-mouth. It’s now expected that anything discovered can be sampled and experienced through self-service exploration and download. This is true not just for consumer products: even enterprise products now more often than not enter an organization through the internet-based research and trial of a business unit that understands a product’s value. Products must now embrace a “discover, learn, try, buy, recommend” cycle – sometimes with one of those phases being free, http://www.microsoft.com/windows/products/windowsvista/default.aspx Apple Leopard Movie…. Kodak Easy Share / Flickr http://www.adobe.com/downloads/ Also Free – meium site …. Where can discover, learn, try … and later (upgrade) and buy Stanford Continuing Studies: Bus100 - Building Software Products
- #21: Who has used what and what is experience … Stanford Continuing Studies: Bus100 - Building Software Products
- #22: Stanford Continuing Studies: Bus100 - Building Software Products
- #23: Stanford Continuing Studies: Bus100 - Building Software Products
- #24: Cannondale Dell Best Buy McDonald’s Stanford Continuing Studies: Bus100 - Building Software Products
- #25: Stanford Continuing Studies: Bus100 - Building Software Products
- #26: Stanford Continuing Studies: Bus100 - Building Software Products
- #27: Traditionally for Retail – prominence on web instead of in store What are big platforms today? Facebook LinkedIn Sforce Amazon Stanford Continuing Studies: Bus100 - Building Software Products
- #28: Iris Mootee “High Intensity Marketing” in 2001 Personalization: mass customization of products and services – Amazon … SalesForce Participation: customers decide Peer-to-Peer: conversations among users Predictive Modeling: modern analytics (neural network algorithms) Stanford Continuing Studies: Bus100 - Building Software Products
- #29: Stanford Continuing Studies: Bus100 - Building Software Products
- #30: Stanford Continuing Studies: Bus100 - Building Software Products
- #31: More of a classic waterfall
- #32: Stanford Continuing Studies: Bus100 - Building Software Products