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Transcript of You have a product? Great! Where’s the market? Vinod Harith Founder and Director CMO Axis...
![Page 1: You have a product? Great! Where’s the market? Vinod Harith Founder and Director CMO Axis Marketing Outsourcing .](https://reader036.fdocuments.us/reader036/viewer/2022062423/5697bf8f1a28abf838c8d2f7/html5/thumbnails/1.jpg)
You have a product?
Great!
Where’s the market?
Vinod Harith
Founder and Director
CMO Axis Marketing Outsourcing
www.cmoaxis.com
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Introductions
Name
Title
Company
Product or service
Key marketing challenge
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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
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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
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
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What we will NOT cover
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What really is a market?
A place where forces of demand and supply operate
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Market research?
Remember, next time you have a gut feel, it could just
be your ulcer!
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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
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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?
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You always don’t need an MR agency
Talk to the ecosystemo Buyerso Userso Analysts
Industry mediao Competitorso VCs
Where can you find them?o Your peer networko Linked-in/ Facebooko Online communitieso Events and conferences
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Fundamental concepts: Segmentation-Targeting-Positioning
Who are we? Who is our product relevant to? Why buy us?/ why not to buy competition
Where to play How to win
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Definition
Market Segmentation:
Dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes.
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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
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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
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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
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Sample Segmentation
Small Cars Santro, Alto Getz
SedansVerna, Esteem
BMW, Benz, Toyota
SUVs, MUVs
Scorpio, Safari
InnovaEndeavor,
Pajero
Segment Value buyerLifestyle
BuyerNiche Buyer
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Target Marketing
Target Market
Consists of a set of buyers who share common needs or characteristics that the company decides to serve
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Target Marketing
Evaluating Market Segments Segment size and growth Segment structural attractiveness
Level of competition Substitute products Power of buyers Powerful suppliers
Company objectives and resources
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Target Marketing
Selecting Target Market Segments Undifferentiated (mass) marketing Differentiated (segmented) marketing Concentrated (niche) marketing Micromarketing (local or individual)
Shampoo Shampoo for dry hair, long hair etc Shampoo with natural ingredients Hair salons
Company
Company
Company
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Choosing a Target Marketing Strategy
Considerations include: Company resources The degree of product variability Product’s life-cycle stage Market variability Competitors’ marketing strategies
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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
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Identifying possible competitive advantages
Differentiation can be based on
Products Services Channels People Image
Differentiators
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Which differences make for a competitive advantage?
Criteria include
Important Distinctive Superior Communicable Preemptive Affordable Profitable
Choosing the right competitive advantage
Competitive Advantage
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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 a positioning strategy
Value Proposition
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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-to-
market
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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
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The SIVA Framework
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?
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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
The Blue Ocean Strategy
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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-with-the-times
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Working the ecosystem
Advocates Alliance Marketing, Awards and
Rankings, Industry associations
Social ChannelsAdvisory Boards, Customer council and forums,
Employee branding, Blogs, Facebook
Marketing ChannelsDemand generation, industry events
Promotions, Brand programsDirect marketing
Thought LeadershipWhite papers, Points of view,
Speaking opps, research, academic partnerships
Expert ChannelsFinancial and industry Analysts,
Media & Deal advisors Identifying your unique ecosystem helps you maximize touch points, improve effectiveness and reduce cost of outreach
Leverage existing partnerships, relationships and best practices
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Sample Ecosystem - Helpdesk
Target Events Analysts BlogsMedia/
Journalists Forums/ Associations
ITIM conference Aberdeen Group Datamation Informationweek ITIM Association
IT EXPO AMR Research Techrepublic Computer world HDI, Americas and Europe
Frost and sullivan customer contact Butler Group It Toolbox Network world
Services and support professionals association
PacRim Datamonitor Gartner CIO
Gartner symposium EMA ITIM blog TechTarget
HDI Annual conference Forrester techtarget Silicon
Gartner Forrester
Ovum
Yankee
IDC
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Sample Themes - Helpdesk
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
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Why thought leadership?
Because customers now control the buying process
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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
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Why thought leadership?
And customers pay a lot of attention to thought leadership
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Why thought leadership? Customers will even read junk mail if the message or idea is
compelling
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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
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The Thought Leadership Ecosystem
Thought Leadership Creation Build in-depth research
and compelling content aroundthe identified topics
Thought Leadership PartnershipsIdentify the right fit partners for
joint research and paperswith academia and partners
Thought LeadershipDissemination
Distribution of papers, PPTs, webinars and podcasts though paid and unpaid channels
Thought LeadershipRepurposing
Convert the content into webinars,Podcasts, speaking opps, etc
Niche Identificationand Positioning
Identify the unique space you should occupy in the
Thought Leadership space
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
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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), co-marketing
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
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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
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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
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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
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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
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Zero-cost Tools
Blogs Communities/ forums Industry associations Analysts, influencers Speaking opportunities Awards/ rankings Targeted ‘low cost’ marketing Alliance marketing Co-marketing Pay-for-performance marketing tools
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Web 2.0 marketing
Helped close new business
*survey of 880 participants globally, 50% SMBs, 26% corporate employees
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Web 2.0 marketing
Reduced overall marketing expenses
Generated qualified leads
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Web 2.0 marketing
Popular social media
Helped increase SEO
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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