Published on February 14, 2014
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Today’s Speaker Moderator: Hector Del Castillo, CPM, CPMM, PMP Presenter: Tom Evans, CPM, CPMM Compelling PM firstname.lastname@example.org @CompellingPM www.compellingpm.com © AIPMM 2014 www.aipmm.com
Driving the Marketing and Sales Funnel to Close Deals: What Product Marketers Must Know and Do Tom Evans CompellingPM @compellingpm Copyright 2013. The Lûcrum Group, Inc. 7
The Role of Product Marketing Copyright 2013. The Lûcrum Group, Inc. 8
Role of Product Marketing • Achieve revenue targets • Set market 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 Copyright 2013. The Lûcrum Group, Inc. 10
Who Executes Marketing Programs? • Marketing (aka Corporate Marketing, Marketing Communications) • Based upon programs defined by Product Marketing Copyright 2013. The Lûcrum Group, Inc. 11
Keys to Effective Marketing Programs Copyright 2013. The Lûcrum Group, Inc. 12
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 Copyright 2013. The Lûcrum Group, Inc. 14
Deep Understanding Drives Marketing Messaging Platform Messages targeted to each buyer/user persona Marketing Tools Answers key questions by buying phase Targeted to right buyer/influencer Understand Buyers & Users Who They Are Why They Buy How They Buy Media & Programs Targeted to where buyers look for information Sales Enablement Sales communicate right messages at right time to right buyer Copyright 2013. The Lûcrum Group, Inc. 15
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 Copyright 2013. The Lûcrum Group, Inc. 16
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 Copyright 2013. The Lûcrum Group, Inc. 17
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. Copyright 2013. The Lûcrum Group, Inc. 18
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? Copyright 2013. The Lûcrum Group, Inc. 19
The Sales & Marketing Funnel http://www.realtyninja.com/blog/wp-content/uploads/sales-funnel.png Copyright 2013. The Lûcrum Group, Inc. 20
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 Copyright 2013. The Lûcrum Group, Inc. 21
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 Copyright 2013. The Lûcrum Group, Inc. 22
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 Copyright 2013. The Lûcrum Group, Inc. 23
Driving the Marketing & Sales Funnel to Achieve Revenue Goals Copyright 2013. 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) Copyright 2013. The Lûcrum Group, Inc. 26
Managing the Funnels Suspect Prospect Lead Programs Tools Conversion Programs Tools Scoring Conversion Programs Sales Tools Socring Conversion Sales Tools Conversion Prospect Lead Opportunity Customer Programs Tools Conversion Copyright 2013. The Lûcrum Group, Inc. Opportunity Loyalty 27
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? Copyright 2013. The Lûcrum Group, Inc. 28
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 Copyright 2013. The Lûcrum Group, Inc. 29
Keys to Accelerating Revenue • • • • • • Map the buying process Reach the right buyers Generate more leads Improve lead quality Improve conversion Increase retention & renewals Copyright 2013. The Lûcrum Group, Inc. 30
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 Copyright 2013. The Lûcrum Group, Inc. 31
Product Marketing Webinar Series http://compellingpm.com/how-product-marketing-can-help-sales-be-more-successful/ Webinar Title Date What Product Marketing Can Do to Overcome the Eight Most Common Barriers to Accelerating Sales Revenue May 31, 2013 How to Develop a Deep Understanding of Your Target Markets – The Starting Point for Great Product Marketing June 21, 2013 From Messaging Nightmare to Messaging Delight – How to Create a Powerful Messaging Platform Aug 2, 2013 What is a Go-to-Market Strategy Anyway & How Do I Create One? Aug 30, 2013 How to Create Effective Sales & Marketing Tools That Actually Get Used By Sales & Prospects Oct 4, 2013 Nothing Happens Until Someone Sells Something Enabling Your Sales Channel to Success Nov 1, 2014 Driving the Marketing and Sales Funnel to Close Deals – What Product Marketers Must Know and Do Feb 14, 2014 Copyright 2013. The Lûcrum Group, Inc. 33
Upcoming Training • Optimal Product Management & Product Marketing – Feb 24 – 26 (Austin) – Apr 14 – 16 (Austin) • AIPMM Certifications – Mar 17 – 18 (CPM – Austin) – Mar 19 – 20 (CPMM – Austin) More dates/locations - www.280group.com Copyright 2013. 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
Q&A Moderator: Hector Del Castillo, CPM, CPMM, PMP Presenter: Tom Evans, CPM, CPMM CompellingPM email@example.com @CompellingPM www.compellingpm.com © AIPMM 2014 www.aipmm.com
Upcoming Courses Course & Location CPM® Certification Prep Course & Exam McLean, VA Dates Days Time Mar 3-4, 2014 M, T 8:30 am – 5 pm CPMM® Certification Prep Course & Exam McLean, VA Mar 5-6, 2014 W, Th 8:30 am – 5 pm ACPM® Certification Prep Course & Exam McLean, VA Mar 7, 2014 F 8:30 am – 5 pm Follow the links above for more information, or contact: firstname.lastname@example.org. © AIPMM 2013
Please Join Us Again! What Innovators Really Do Innovate for Growth and Price for Profits Feb 21st , 12 pm ET Mar 14th, 12 pm ET AIPMM Webinar Series: http://aipmm.com/aipmm_webinars/ Global Product Management Talk: http://www.blogtalkradio.com/prodmgmttalk Stay Informed! Announcements: http://www.aipmm.com/subscribe Call For Speakers: http://www.boldpm.com/call_for_speakers LinkedIn: http://www.linkedin.com/company/aipmm Membership: http://www.aipmm.com/join.php Certification: http://aipmm.com/html/certification/ © AIPMM 2013
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Driving the Marketing and Sales Funnel to ... Driving the Marketing and Sales Funnel to Close Deals from ... and monitor the marketing and sales funnel.
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