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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
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 Lûcrum Group, Inc. 2
Special offer from CompellingPM at the end of the webinar.
Copyright 2013 - 2015. The Lûcrum Group, Inc. 3
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
The Role of Product Marketing
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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
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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
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Who Executes Marketing Programs?
• Marketing (aka Corporate Marketing, Marketing Communications)
• Based upon programs defined by Product Marketing
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PM2 Levers of Control™
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Executional LeversProduct
•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 PositioningCompetitive
StrategiesMessaging Platform
Alignment to Business Drivers
Market Analysis
VOC Competitive Analysis Ecosystem Analysis
Where Market Communications Fits
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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.
Keys to Effective Marketing Programs
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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
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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.
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.
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.
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.
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.
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.
The Sales & Marketing Funnel
19
http://www.realtyninja.com/blog/wp-content/uploads/sales-funnel.png
Copyright 2013 - 2015. The Lûcrum Group, Inc.
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.
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.
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.
Driving the Marketing & Sales Funnel to Achieve Revenue Goals
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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
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)
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Managing the Funnels
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Pro
grams
Too
lsC
on
versio
n
Suspect
Lead
Lead
Prospect
Prospect
Opportunity
Opportunity
CustomerP
rogram
sTo
ols
Scorin
gC
on
versio
n
Pro
grams
Sales
Too
lsSco
ring
Co
nve
rsion
Sales
Too
lsC
on
versio
n
ProgramsTools
Conversion Loyalty
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?
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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
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Keys to Accelerating Revenue
• Map the buying process
• Reach the right buyers
• Generate more leads
• Improve lead quality
• Improve conversion
• Increase retention & renewals
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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
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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
Go-to-Market Webinar Serieshttp://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
PM2 Levers of Control™
Copyright 2013 - 2015. The Lûcrum Group, Inc. 33
Executional LeversProduct
•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 PositioningCompetitive
StrategiesMessaging Platform
Alignment to Business Drivers
Market Analysis
VOC Competitive Analysis Ecosystem Analysis
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
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
Thank You!
Tom Evans
CompellingPM
@compellingpm
www.compellingpm.com
Copyright 2013 - 2015. The Lûcrum Group, Inc. 36