Myths That Will Harm Your Product and Your Career (and What to Do About Them)

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Information about Myths That Will Harm Your Product and Your Career (and What to Do About...
Business & Mgmt

Published on January 17, 2014

Author: aipmm

Source: slideshare.net

Description

We all make assumptions about how to perform the role of product marketing or product management. Often, these assumptions are not based on facts or reality. In this presentation, we bust these common myths that can destroy products and product management and marketing careers.

About the Speaker:
Neil Baron, Managing Director, Baron Strategic Partners, is an internationally recognized expert on helping companies accelerate revenues from new technologies. Prior to starting his consulting firm, Neil was head of commercialization for a $150M division of a specialty chemical company. He has also held marketing, operations and sales positions at companies such as IBM, Sybase, Brooks Automation, Art Technology Group.

Neil is an expert contributor on the topic of Marketing Led Innovation for Fastcompany and is the author of the #1 Fastcompany article "What a Dead Squirrel Taught Me About Value Pricing."

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AIPMM Webinar Series www.aipmm.com © AIPMM 2014 www.aipmm.com

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The Hub Of All Things Product Management Founded 1998, AIPMM has certified product team professionals in nearly 70 countries World’s largest professional association for product management, product marketing, and brand management Provides globally recognized certifications: • Certified Product Manager • Certified Product Marketing Manager • Agile Certified Product Manager • Certified Innovation Leader • Certified Brand Manager © AIPMM 2014 www.aipmm.com

Tweet! Use AIPMM: ProdBOK®: #AIPMM #ProdBOK Follow Neil Baron: Hector Del Castillo: AIPMM: @neiljbaron @hmdelcastillo @AIPMM © AIPMM 2014 www.aipmm.com

Participate and Win! • Win a copy of the Guide to the Product Management and Marketing Body of Knowledge (ProdBOK®) Available at Amazon.com, Keyword: ProdBOK © AIPMM 2014 www.aipmm.com

Today’s Speaker Moderator: Hector Del Castillo, AIPMM Presenter: Neil Baron, Managing Director Baron Strategic Partners nbaron@baronstrategic.com www.baronstrategic.com 617-365-3411 © AIPMM 2014 www.aipmm.com

Myths That Kill Products and Careers Presented By: Neil Baron Baron Strategic Partners nbaron@baronstrategic.com 617.365.3411 © Baron Strategic Partners 2014

“Value proposition is simply another term for tag line” © Baron Strategic Partners 2014

How Organizations Typically Work Supply Chain Operations Marketing Human Resources R&D Finance Product Sales © Baron Strategic Partners 2014

Products and Programs are Often Just Thrown Over the “Wall” Products Development Programs Marketing © Baron Strategic Partners 2014 Sales

4Vs of Value Value Communication Value Delivery Value Proposition Value Beneficiary © Baron Strategic Partners 2014

The Four Vs in Action © Baron Strategic Partners 2014

The Goal of Every Product Profitably deliver superior value to your selected customers © Baron Strategic Partners 2014

Alignment- All Organizations Focus on Delivering Customer Value Operations Sales Marketing Profitably deliver superior value to your selected customers Product Management Finance R&D © Baron Strategic Partners 2014

You are the Quarterback Your Value Proposition is Your Play © Baron Strategic Partners 2014

More Than a Tag Line Your value proposition is a compelling promise and is the foundation for the success of your product or service Poll © Baron Strategic Partners 2014

“We Have a Strong Value Proposition” © Baron Strategic Partners 2014

80% © Baron Strategic Partners 2014

8% © Baron Strategic Partners 2014

The BOPSAT Approach © Baron Strategic Partners 2014

Cleaning Chemistry Physical Properties (XeF2) F Xe • White/Colorless Crystalline Powder • MW=169.29, Density = 4.32kg/l, Melting Point = ~135 °C • Contact with Atmosphere forms HF, just like BF3 • Vapor Pressure 0.5kPa (3.8 torr) @ 21 °C F Advantages • 1000 Vapor Pressure (Torr) Calculated Vapor Pressure of XeF2 100 • 10 1 • 0.1 -10 0 10 20 30 40 50 60 70 Temperature (C) 80 90 100 Stable, solid compound • Ease of handling, packaging, delivery • High density fluorine source, safer than F2 Suitable vapor pressure • Can use a simple, pressure-based, delivery system • Sub-atmospheric for enhanced safety Strong fluorinating agent  volatile fluorides of As, P, B, Si, W etc. 110 © Baron Strategic Partners 2014

“I ran one of the most technically astute organizations in the world. Vendors often tried to impress us with their technical wizardry. Often, we had no idea what they were talking about. I would much prefer that a vendor describe how their offering would help me meet my business goals.” Richard E Hanson Former VP Engineering General Dynamics © Baron Strategic Partners 2014

WHY? © Baron Strategic Partners 2014

We Often Fail to Talk About Benefit Experiences Beware the Curse of Knowledge © Baron Strategic Partners 2014

© Baron Strategic Partners 2014

© Baron Strategic Partners 2014

Don’t Believe Your Own Hype The only one who can judge your VP is your target customer Deep Understanding of Customer’s Needs Poll © Baron Strategic Partners 2014

Disappointing Revenues is the Sales Team’s Fault © Baron Strategic Partners 2014

A weak Value Proposition is the #1 reason sales people fail © Baron Strategic Partners 2014

Complex B2B Sales 80% Source: National Sales Executives Association © Baron Strategic Partners 2014 >5

Most Give Up Too Early 82% Source: National Sales Executives Association © Baron Strategic Partners 2014 3

The Sales Follow-up Gap •Unclear value proposition •Limited proof points •No stories to tell •Ineffective sales training Sales Team Customer Attention Where Deals Go To Die © Baron Strategic Partners 2014

93% Of Senior Executives Don’t Think Sales People are Prepared for the Call © Baron Strategic Partners 2014

Do You Know the Magic Question for Your Product? © Baron Strategic Partners 2014

Saving Lives of People Who Wander (Autism, Alzheimer’s) Source: www.LoJack.com/SafetyNet © Baron Strategic Partners 2014

The Magic Question For Large City Police “SafetyNet by LoJack provides technology that enables police departments in cities such as Philadelphia, Boston and Miami to find missing persons with cognitive disabilities in 30 minutes or less. Would you like to learn more?” © Baron Strategic Partners 2014

Stop Blaming Sales Product people need to give sales people Magic Question, Value Proposition, tools, talking points and context so they can add value to their customers © Baron Strategic Partners 2014

Revenue Generation Process Planning Establish Foundation How ready are we? Identify Target Customer Who do we sell to? Executing Profile Customer Needs Formulate Value Proposition What are their concerns? Why buy from us? © Baron Strategic Partners 2014 Align Delivery Systems How do we deliver promised value? Mobilize to Execute What are the tactics to drive profitable revenue?

Other Common Myths       It doesn’t take a lot of skill to talk to customers Market testing of new products or ideas doesn’t require a lot of planning BOPSAT is the best way to prioritize investments If there are clear benefits, technology will succeed It is better to wait until the roadmap is completed before sharing it with others Our sales people are idiots because they don’t invite me to meet with their customers © Baron Strategic Partners 2014

To Learn More  Contact Neil Baron     Neil’s FastCompany articles   http://www.fastcompany.com/user/neil-baron The Optimal Way to Innovate   nbaron@baronstrategic.com 781-444-1289 www.baronstrategic.com http://www.pragmaticmarketing.com/resources/the-optimal-wayto-innovate Four Step Process to Launch New Products  http://www.bizjournals.com/boston/blog/mass-hightech/2009/05/4-step-marketing-process-to-launch.html © Baron Strategic Partners 2014

Q&A Moderator: Hector Del Castillo, AIPMM Presenter: Neil Baron, Managing Director Baron Strategic Partners nbaron@baronstrategic.com www.baronstrategic.com 617-365-3411 © AIPMM 2014 www.aipmm.com

Upcoming Courses Course & Location Dates ACPM® Certification Prep Course & Exam San Jose, CA Jan 24, 2014 McLean, VA Mar 7, 2014 CPM® Certification Prep Course & Exam San Jose, CA McLean, VA Jan 20-21, 2014 Mar 3-4, 2014 CPMM® Certification Prep Course & Exam San Jose, CA Jan 22-23, 2014 McLean, VA Mar 5-6, 2014 Days Time F F 8:30 am – 5 pm 8:30 am – 5 pm T, W M,T 8:30 am – 5 pm 8:30 am – 5 pm W, Th 8:30 am – 5 pm W, Th 8:30 am – 5 pm Follow the links above for more information, or contact: certification@aipmm.com. © AIPMM 2013

Please Join Us Again! The Missing P: Product How to Be Consistently Cool, Calm and In Control Jan 24th, 12 pm ET Jan 31st, 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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