Go to Market 101

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 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 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 Buyers Users Analysts Industry media Competitors VCs Where can you find them? Your peer network Linked-in/ Facebook Online communities Events and conferences

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

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 Niche Buyer Lifestyle Buyer Value buyer Segment Endeavor, Pajero Innova Scorpio, Safari SUVs, MUVs BMW, Benz, Toyota Verna, Esteem Sedans Getz Santro, Alto Small Cars

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 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) Shampoo Shampoo for dry hair, long hair etc Shampoo with natural ingredients Hair salons Company Company 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

Identifying possible competitive advantages Differentiation can be based on Products Services Channels People Image Differentiators

Which differences make for a competitive advantage? Criteria include Important Distinctive Superior Communicable Preemptive Affordable Profitable Choosing the right competitive advantage Competitive Advantage

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

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

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

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 SIVA Framework

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

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

Working the ecosystem Identifying your unique ecosystem helps you maximize touch points, improve effectiveness and reduce cost of outreach Leverage existing partnerships, relationships and best practices Advocates Alliance Marketing, Awards and Rankings, Industry associations Social Channels Advisory Boards, Customer council and forums, Employee branding, Blogs, Facebook Marketing Channels Demand generation, industry events Promotions, Brand programs Direct marketing Thought Leadership White papers, Points of view, Speaking opps, research, academic partnerships Expert Channels Financial and industry Analysts, Media & Deal advisors

Sample Ecosystem - Helpdesk IDC Yankee Ovum Forrester Gartner Silicon techtarget Forrester HDI Annual conference TechTarget ITIM blog EMA Gartner symposium CIO Gartner Datamonitor PacRim Services and support professionals association Network world It Toolbox Butler Group Frost and sullivan customer contact HDI, Americas and Europe Computer world Techrepublic AMR Research IT EXPO ITIM Association Informationweek Datamation Aberdeen Group ITIM conference Forums/ Associations Media/ Journalists Blogs Analysts Target Events

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

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 1/3 rd of organizations don’t have a thought leadership strategy and another 1/3 rd 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 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 Dissemination Distribution of papers, PPTs, webinars and podcasts though paid and unpaid channels Thought Leadership Repurposing Convert the content into webinars, Podcasts, speaking opps, etc Niche Identification and Positioning Identify the unique space you should occupy in the Thought Leadership space

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

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 Jack Trout and Al Ries’ ‘Immutable Laws’

Blogs Communities/ forums Industry associations Analysts, influencers Speaking opportunities Awards/ rankings Targeted ‘low cost’ marketing Alliance marketing Co-marketing Pay-for-performance marketing tools Zero-cost Tools

Global Survey by the CMO Council and BCG involving over 1000 marketeers and sales leaders Only 6 percent of marketers rated their go-to-market capabilities as "extremely good," Another 27 percent rate themselves as "quite effective." Sales executives also provided notably low self-assessments, with only 6 percent giving their go-to-market capabilities the highest marks and 29 percent calling themselves "quite effective.“ Go-to-Market is still evolving

Short-Term over Long-Term: Most of the executives surveyed said they were focused on selling effectiveness and account management (43 percent), while placing less importance on longer-term capabilities such as customer-data capture, integration, mining, and warehousing (15 percent). Improvements in channel management (14 percent) or multifunctional selling teams (11 percent) also ranked relatively lower Resting on the "Tried and True": Companies appear to be relying on traditional metrics such as revenue growth (85 percent), acquisition and retention (53 percent), market share (49 percent), and margin improvement (47 percent) for evaluating go-to-market performance. Input and insight from consumers, as well as from the channel, are lower on the list of priorities. Go-to-Market is still evolving

Go-to-market checklist Clarify the opportunity Sharpen value propositions Engage the entire organization Develop sharp marketing programs Build on initial success – Testimonials Build a strong sales support mechanism Constantly measure CONQUER THE MARKET

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 Case study

[email_address] http://cmoaxis.blogspot.com Thank You

Go to Market 101

Recommended

More Related Content

What's hot (20)

Viewers also liked (20)

Similar to Go to Market 101 (20)

Recently uploaded (20)

Go to Market 101