Published on January 17, 2014
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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
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Today’s Speaker Moderator: Hector Del Castillo, AIPMM Presenter: Neil Baron, Managing Director Baron Strategic Partners email@example.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 firstname.lastname@example.org 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 email@example.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 firstname.lastname@example.org www.baronstrategic.com 617-365-3411 © AIPMM 2014 www.aipmm.com
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