Transcript You have a product? Great! Where`s the market?

You have a product?
Great!
Where’s the market?
Vinod Harith
Founder and Director
CMO Axis Marketing Outsourcing
www.cmoaxis.com
Introductions
Name
Title
Company
Product or service
Key marketing challenge
What is go-to-market?
 Go-to-market process is the
 Strategic and tactical aspects of delivering and supporting a product or
service offering in the marketplace
 This includes product specification, pricing, distribution, marketing
communications, sales, after-market support, and customer experience
management
What we will cover
 Defining a market (what really is a market?)
 Fundamental concepts of marketing
 Segmentation, Targeting and Positioning
 Differentiation, Competitive Advantage and Value proposition
 Sales vs. Marketing, the fundamental difference
 Choosing the channel
 Some key frameworks
 SIVA model
 Blue Ocean strategy
 Core and extended product
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Knowing the ecosystem – your customer does not buy in isolation
When does the marketing of the product start?
The ‘immutable laws’
Some zero-cost marketing tools to get started
Case study discussions
What we will NOT cover
What really is a market?
 A place where forces of
demand and supply operate
Market research?
Remember, next time you
have a gut feel, it could just
be your ulcer!
What will MR do?
 Provide you with overview of the industry, opportunity and
customers with respect to your product. EXISTING OPPORTUNITY
 Information on customer preferences and needs. This will help in
planning your product portfolio, diversifications etc., POTENTIAL
OPPORTUNITY
 Insights on how customers buy and why they buy. INSIGHTS
Essentials of market research
 What is the size of the market?
 What unique need does your GENRE of product/ services meet?
 How much are customers willing to pay for this product/ service (top/
bottom/average)?
 Is this a price sensitive/ commodity product or premium product?
 Who are the other key players?
 What is the gap un-serviced by current players?
 What is the REAL available market for you?
 How is your product different from competition?
 What is your playing field? (premium/ general/ price warrior)
 What share of this can you reasonably expect to get?
You always don’t need an MR agency
 Talk to the ecosystem
o Buyers
o Users
o Analysts
 Industry media
o Competitors
o VCs
 Where can you find them?
o Your peer network
o Linked-in/ Facebook
o Online communities
o Events and conferences
Fundamental concepts: SegmentationTargeting-Positioning
 Who are we?
 Who is our product relevant to?
 Why buy us?/ why not to buy competition
 Where to play
 How to win
Definition
 Market Segmentation:
Dividing a market into distinct groups with distinct
needs, characteristics, or behavior who might require
separate products or marketing mixes.
Segmenting Business Markets
 Demographic segmentation
Industry, company size, location
 Operating variables
Technology, usage status, customer capabilities
 Purchasing approaches
 Situational factors
Urgency, specific application, size of order
 Personal characteristics
Buyer-seller similarity, attitudes toward risk, loyalty
Segmenting International Markets
 Geographic segmentation
 Location or region
 Economic factors
 Population income or level of economic development
 Political and legal factors
 Type / stability of government, monetary regulations,
bureaucracy, etc.
 Cultural factors
 Language, religion, values, attitudes, customs, behavioral
patterns
Requirements for Effective
Segmentation
 Measurable
 Size, purchasing power, and profile of segment
 Accessible
 Can be reached and served
 Substantial
 Large and profitable enough to serve
 Differentiable
 Respond differently
 Actionable
 Effective programs can be developed
Sample Segmentation
Small Cars
Santro, Alto
Getz
Sedans
Verna,
Esteem
SUVs,
MUVs
Scorpio,
Safari
Innova
Endeavor,
Pajero
Segment
Value buyer
Lifestyle
Buyer
Niche Buyer
BMW, Benz,
Toyota
Target Marketing
Target Market
Consists of a set of buyers who share common
needs or characteristics that the company
decides to serve
Target Marketing
Evaluating Market Segments
Segment size and growth
Segment structural attractiveness
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Level of competition
Substitute products
Power of buyers
Powerful suppliers
Company objectives and resources
Target Marketing
 Selecting Target Market Segments
Undifferentiated (mass) marketing
Differentiated (segmented) marketing
Concentrated (niche) marketing
Micromarketing (local or individual)
Company
Company
 Shampoo
 Shampoo for dry hair, long hair etc
 Shampoo with natural ingredients
 Hair salons
Company
Choosing a Target Marketing
Strategy
Considerations include:
Company resources
The degree of product variability
Product’s life-cycle stage
Market variability
Competitors’ marketing strategies
Positioning
 Positioning
The term 'positioning' refers to the consumer's
perception of a product or service in relation to
its competitors.
Positioning is all about 'perception'.
Perception differs from person to person,
market to market
e.g what you perceive as quality, value for
money, etc, is different to my perception
Differentiators
 Identifying possible
competitive
advantages
 Differentiation can be based on
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Products
Services
Channels
People
Image
Competitive Advantage
 Choosing the right
competitive advantage
 Which differences make for a
competitive advantage?
 Criteria include
Important
Distinctive
Superior
Communicable
Preemptive
Affordable
Profitable
Value Proposition
 Choosing a
positioning strategy
 Value propositions represent
the full positioning of the brand
 Possible value propositions:
 Saves Money, Effort,
Time
 More for More
 More for the Same
 More for Less
 The Same for Less
 Less for Much Less
Choosing the channel
Choose the right sales channels
Direct sales, Online sales, Distributors/ VARs
Alliance marketing
Technology alliances, product alliances
GTM partnerships
Align with complementary brands for joint go-tomarket
Sales vs Marketing
 Sales
 Individual influence on buyer
 Knows the customer and their
specific pain points
 Initiates, manages and closes
the sale
 Funnels ground knowledge of
customer needs, competitor
offerings to help marketing in
better product management
and value articulation
 Marketing
 Collective influence on the
buyer segment
 Knows the customer segment,
their ecoystem of influence
and what their collective pain
points are
 Reduces time and cost of sale
through effective product/
service differentiation and
value articulation
 Helps command a price
premium through effective
brand management
The SIVA Framework
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Product→Solution
Promotion→Information
Price→Value
Placement→Access
The four elements of the SIVA model are:
 Solution: How appropriate is the solution to the customer's problem/need?
 Information: Does the customer know about the solution? If so, how and
from whom do they know enough to let them make a buying decision?
 Value: Does the customer know the value of the transaction, what it will
cost, what are the benefits, what might they have to sacrifice, what will be
their reward?
 Access: Where can the customer find the solution? How easily/ locally/
remotely can they buy it and take delivery?
The Blue Ocean Strategy
The existing space, occupied by firms
is called the red ocean – because the
competition makes it “bloody”
The blue ocean, on the other hand:
• is unexplored territory
• has wider scope
• has greater potential
• can offer cost reduction and value adds
• relies on the “value-add” theory
Core and Extended Product
Core product – what direct need does it
meet?
Extended product – what psychological
need does it meet
Core product: MP3 Player
Extended product: Lifestyle
product, style icon, in-withthe-times
Working the ecosystem
Expert Channels
Advocates
Financial and industry Analysts,
Alliance Marketing, Awards and
Media & Deal advisors
Rankings, Industry associations
Marketing Channels
Demand generation, industry events
Promotions, Brand programs
Direct marketing
 Identifying your unique
ecosystem helps you
maximize touch points,
improve effectiveness
and reduce cost of
outreach
Social Channels
Advisory Boards, Customer council and forums,
Employee branding, Blogs, Facebook
Thought Leadership
White papers, Points of view,
Speaking opps, research,
academic partnerships
 Leverage existing
partnerships,
relationships and best
practices
Sample Ecosystem - Helpdesk
Target Events
Analysts
Blogs
Media/
Journalists
Forums/ Associations
ITIM conference
Aberdeen Group
Datamation
Informationweek
ITIM Association
IT EXPO
AMR Research
Techrepublic
Computer world
HDI, Americas and Europe
Services and support
professionals
association
Frost and sullivan customer contact
Butler Group
It Toolbox
Network world
PacRim
Datamonitor
Gartner
CIO
Gartner symposium
EMA
ITIM blog
TechTarget
HDI Annual conference
Forrester
techtarget
Silicon
Gartner
Forrester
Ovum
Yankee
IDC
Sample Themes - Helpdesk
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Help desk optimization
Help desk to strategic service desks
Smart service desk management - leveraging knowledge base
Help desks - from supporting to partnering
Smart service desk - Lowering TCO
Tools, people, process - delivering collaborative service desks
Why thought leadership?
 Because customers now control the buying process
Why thought leadership?
 Simple. Because your customers are looking for it
 And 4 of the top 5 effective marketing vehicles AS RANKED BY
CUSTOMERS have to do with thought leadership
Why thought leadership?
 And customers pay a lot of attention to thought leadership
Why thought leadership?
 Customers will even read junk mail if the message or idea is
compelling
What thought leadership marketing
delivers
 Moving beyond being just a cost player with your customer
 Building a strong brand – thereby helping you cut cost/ time of
sale
 Increasing Marketing’s Business Impact
 Improving Competitive Positioning and Differentiation
 Implementing Demand Generation Tactics that Work
 Sharpening Marketing’s Edge
The Thought Leadership Ecosystem
Niche Identification
and Positioning
Identify the unique space
you should occupy in the
Thought Leadership space
Thought Leadership
Dissemination
Distribution of papers, PPTs, webinars
and podcasts though paid and unpaid channels
Thought Leadership Creation
Build in-depth research
and compelling content around
the identified topics
Thought Leadership Partnerships
Identify the right fit partners for
joint research and papers
with academia and partners
Thought Leadership
Repurposing
Convert the content into webinars,
Podcasts, speaking opps, etc
 1/3rd of organizations
don’t have a thought
leadership strategy and
another 1/3rd don’t
communicate it
 Identifying your unique
ecosystem helps you
maximize touch points,
improve effectiveness
and reduce cost of
outreach
 Next practices – joint
thought leadership with
clients, customer
councils
When Should You Start Marketing?
Pre-launch PR, test
marketing
Launch, building
partnerships/
channels, free trials,
offers
New features, product
upgrades/ versions,
brand and awareness
building (events,
tradeshows), comarketing
Customer loyalty,
referral marketing, PR,
communities/ user
groups, initiate
corporate branding
Move from product to
company branding,
price wars, mover
customers to new
product lines
Jack Trout and Al Ries’ ‘Immutable
Laws’
 The law of leadership: Is there a category where
you can be the first/ only/ #1?
First indigenous car, First small car
 The law of mindshare and perception: It is
important where you are in your customer’s
mind and how he/ she perceives your product/
service
Santro – modern, Korean, smart, Shah Rukh, Fuel
efficient, good service
Indica – indigenous, diesel, taxi, car from a truck maker,
not refined
Jack Trout and Al Ries’ ‘Immutable
Laws’
The law of focus and exclusivity: What is
the one word you own in the prospect’s
mind?
Hamam – family soap
 Pepsi – drink for Gen-Y
The law of division: Lead a category or
create a division
Mobile phones> Music phones/ Biz (email/
internet) phones/ Touch screen phones
Jack Trout and Al Ries’ ‘Immutable
Laws’
The law of singularity: What is that one
thing you do really well? Don’t push your
luck…
Lifebuoy> Germ-killer or beauty soap?
The law of acceleration: Ride a trend, not
a fad
Sugarfree vs Pro-biotic
Jack Trout and Al Ries’ ‘Immutable
Laws’
The law of resources: What kind of
resources are you putting behind your
product?
Money
Time
Partnerships
Working the ecosystem
Zero-cost Tools
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Blogs
Communities/ forums
Industry associations
Analysts, influencers
Speaking opportunities
Awards/ rankings
Targeted ‘low cost’ marketing
Alliance marketing
Co-marketing
Pay-for-performance marketing tools
Web 2.0 marketing
Helped close new
business
*survey of 880 participants globally, 50%
SMBs, 26% corporate employees
Web 2.0 marketing
Reduced overall
marketing expenses
Generated qualified
leads
Web 2.0 marketing
Popular social media
Helped increase SEO
Case study
 Risk Management Product
Everyone needs risk management
Risk Management beyond the bell-curve
 Ecosystem
Non conventional distribution channels
Blogs and communities
Evaluation copies to experts
Tie-up with Amazon
Tie up with CPA institutes
PR – more accurate event predictions
Thank You
[email protected]
http://cmoaxis.blogspot.com