how do you measure up? a crowd-sourced, cross-pollinated discussion on evaluating product marketing...
DESCRIPTION
As a product marketer how do you evaluate if you’re being effective? If you’re in marcomms, product management, sales or the CEO how do you evaluate if the role is being effective and properly supported? Is product marketing judged on volume output such as leads, events, webpages or trainings produced? Are you being driven by “optics and politics” and “the way things are done here “or jumping on the latest trends and content tactics du jour. How do you determine if your priorities are in the right place? If you are over or understaffed, if there are bottlenecks or organizational issues that inhibit effectiveness. Is your measure of success different at different stages of product/company development? Does product marketing in a start-up or for a new product get measured in the same way as a more mature one? Are there common metrics regardless of company size or product maturity? We’ll propose some straw man metrics and then organize the chaos that will likely ensue. So come ready to participate!TRANSCRIPT
Discussion Document
Mark Shapiro Agile Product Marketing Group 5.3.2014
How do you measure up? A crowd-sourced, cross-pollinated discussion on evaluating
product marketing effectiveness
The Format
When it’s all said and done
What can product marke4ng do to
posi4vely impact revenue when they aren’t the one’s doing the
selling?
Product Marke1ng
Product Management
Focused on the PRODUCT Understands the CUSTOMER
Focused on the CUSTOMER Understands the PRODUCT
Goal/Responsibility Understanding and defining the hardware and so0ware environment in which the product will operate, and how the customer will use the product. Key Ques<ons: • What is the problem that the
product solves? • How does it solve it? • How does it work in its hw/sw
opera<on environment
Goal/Responsibility Understanding and defining the context in which the customer is making the buying Commitments Key Ques<ons: • Why would the customer want
the product? • Why would the customer pick
this over other op<ons? • Do Nothing • Compe<<ve Product
TASKS Define PRODUCT landscape • Opera<ng condi<ons of the product • Iden<fy compe<<ve offerings from a product capabili<es point of
view. PRODUCT defini4on • Define func<onal requirements, specifica<ons, UI, OS, memory ,
power etc… • How do product features meets customer’s needs • Tes<ng cer<fica<ons, interoperability, standards requirements • Iden<fy how compe<tors will respond technically to product PRODUCT focused Sales Support • PRODUCT TRAINING • Customer engagement at boTom half of funnel as necessary
TASKS Define CUSTOMER landscape • Understand and ar<culate customer’s problems and needs • Understand and ar<culate the current solu<ons to these
needs PROMISE defini4on • How do customers gain advantage from product features • Iden<fy compe<<ve advantages of product as they relate
to customers needs and alterna<ve solu<ons • Iden<fy compe<<ve response to promise VALUE Focused Sales Support • SALES TRAINING • Customer engagement at top of funnel • Lead Genera<on & Sales Tools
Roles & Responsibili1es
First Let’s Set Some Parameters
Product Marke1ng Provides Sales Enablement “Services” To Reduce Fric1on in the Whole Buying Process
Product Marke<ng’s role is to equip all customer-‐facing individuals with the ability to consistently and systema<cally have a valuable conversa<on with the right set of customer stakeholders at each stage of the customer's problem-‐solving life cycle to op<mize the return of investment of the Sales organiza<on (<me and effort required to close sales ).
5
Guiding Principals: Goals and Objec1ves
• Build Market Presence – Thought leadership – ‘get found’ more easily online via search engines, blogging and social media sites. – Gain coverage by press and and industry analysts
• Build Sales Pipeline – Leverage lead conversion techniques so that we have increasing number of marke1ng
qualified leads • Improve Sales Outcomes
– Methodically convert leads to customers. Eliminate random acts of Sales enablement and provide Sales with tools and training to op1mize selling 1me based on mutually agreed upon approach
• Learn what works and where to invest – Measuring/Analyzing our programs so that we can become more effec1ve over 1me – Determine our leads and customers paths to conversion as they work through our sales and
marke1ng funnel • Achieve greater profitability
– Increase efficiency by applying learning to ac1vi1es in a scalable and repeatable manner
Establish measurement for each of these goals
For Starters: Know the Customer and the BUYING PROCESS Measure Inputs and Outcomes Become the experts on your buyers Set a quota that requires product marketers to interact with poten1al buyers, outside the office and write up what they learn. Start with eight or ten per quarter. These are interac1ons that are not conducted as part of a sales call. IdenKfy and correct boMlenecks in the funnel Conduct ongoing analysis of deals looking at the each step in the funnel. Iden1fy where deals are geZng stuck and focus on correc1ve measures. IdenKfying paMerns over a series of deals and avoid drawing conclusions from a single deal, which could send you on a wild goose chase. Removing a boMleneck in the funnel can have much more impact on sales throughput than genera1ng more leads. Take ownership of win/loss analysis Not forensic style of win/loss analysis where you look for the person to punish for not winning the deal. It’s the type of win/loss analysis where you idenKfy paMerns that can lead to potenKally huge revenue improvements. Product marke1ng managers: own this ac1vity in collabora1on with product manager counterparts. Each has a different filter on the ac1vity that results in iden1fying different insights.
And Translate into KPIs
How about some metrics like these? • Measure sales cycle and reducKon in cycle Kmes • IdenKfied and removed boMlenecks • Increasing the volume of opportuniKes (not just leads) • Increasing closure rates • Track use of markeKng created assets and effect on sales process – test what works and what doesn’t at the boMom of the funnel
What Happened ?
A lot of food for Thought Generated
Session started 10:30 Session ended 11:20 Session lasted 50 Minutes
This was really helpful !
Definitely not a linear format or conversa4on
Thanks for doing this -‐this was great !
A lot of great dialog and idea sharing !
Takeaways
• It’s really hard-‐ most people are so heads down working on specific deliverables – measurement is given li`le considera1on
• Measurement is focused mostly on top of the funnel and is now greatly aided by marke1ng automa1on and analysis tools
• Measure what’s important – not just what’s easy to measure • Measure wins/losses against targeted segments
– If product is designed for manufacturing but we lost a deal in banking then not the fault of marke1ng tools designed for mfg. targets
– Ensure Sales is going aaer the right prospects whenever possible
• Measure bo`om of the funnel not just the top • A/B test tools provided to sales • Align communica1ons between Sales and Marke1ng to establish milestones and outcomes
>> then measure against achievement • Test sales understanding of messaging
– During training – On sales calls
• Set goals for external events – Establish expecta1ons and metrics – Track contacts and conversa1ons – Map to outcomes
Con1nue the Conversa1on
[email protected] www.marketwithagility.com/forums Mark Shapiro 862.245.1697