Whether you working on the development of a new product on your portfolio or rolling out version 2.0 of your existing products, it is important to maximize their impact and value of the products. This can be called effective Marketing, but at Product Management, we prefer to use the term Maximize. And this is because marketing is only a subset of the actions to maximize the value of the product. Marketing usually helps the below areas:
Business results – sales, profits, market penetration, KPI’s OKR’s
Brand perceptions – the categories and context of how customers assess your brand
Customer Satisfaction – At what rate the customers are adopting the product, any UX improvements to promote
Maximizing is an art rather than a function. From Marketing plans it can be expected to have 10%-20%, but why not 50%-80%? This is what we strive as PM’s with the maximize phase. In a typical maximize phase you should optimize every interaction, inside and outside the company, fight for every customer $ in every phase of the PLF and not only in the promotion phase
Maximizing is closely connected to promotion and Marketing. You should clearly define with Marketing the below questions:
- Who are the buyers?
- How do they go about buying your type of product?
- What marketing programs do they respond to?
- Which marketing programs will they respond to?
- Bring sales up to speed on product and buyer profiles
- Give sales effective tools
- Deliver known qualified leads to sales
Define metrics to Achieve
- Track customers and their interactions with your company at every stage of the buying cycle
Have always success criteria to measure. Some metrics are :
- Source, volume, conversion (%, cost and time), cost
- Purchase size, frequency,profitability,period,lifetime value
- Net promoter score, churn renewals, referrals
Revenue and profitability
Per source, segment, growth
Follow always these metrics. Work according to the steps: 1.Define target metrics for marketing campaign 2. execute programs 3. measure results from 4.understand causes to deviate from expected 5. experiment and adjust the program as necessary to achieve results and again go to step 1…
What makes great marketing?
The right positioning by target and segment, right vehicle digital or physical, right language by moving customer to action or straightforward language use and right time when in the buying cycle. See below what are the best steps for effective Marketing at each stage:
McKinsey B2B Buyer decision Journey
Following your customer’s buying journey and get in touch in every step is critical for the successful maximize phase. The graph below shows the B2B Buyer decision journey and critical steps in every phase.
What is important in this journey is that every phase is not ending with a monetary exchange. But with loyalty. Your role as a Product Manager is to always follow these touchpoints and adjust accordingly or respond to your customers accordingly. Find the right opportunities to sell more products along the way.
How the online world has changed the game for your product in the Maximize phase.
Most marketers know the effectiveness of TV or radio ads in advertising campaigns, as they are used for at least half a century. One drawback though of TV and Radio ads is the attribution effectiveness. How many customer views we have? What is the channel point of purchase? How we can track the change in sales? These issues besiege mostly the offline world. Now let’s go to the online world.
The online world is a little bit different. In the online world you can track everything:
- Search engine optimization & search terms
- Click through to websites
- Website interaction
- Targeted communication based on customer interest
- Tracking and Reminder notification
- Final sale
The difference in the online world is that you can attribute your ROI effectively. You can see what step doesn’t convert and tweak it relentlessly. The online world is governed by algorithms and this space is changing constantly. As a product manager in the online space, you have to know these trends and use them effectively in the Maximize phase. Some of the tools that effective PM’s are using are:
Paid and organic search
Search engine optimization (SEO)
Have always your elevator pitch prepared
In the Maximize phase, an effective PM should not lose any chance to promote his product and get buy-in. In every opportunity, be it online or offline he should be employed with an elevator pitch which can guide the initial conversation and lead to a longer one, and the goal is a sales call, funding, or further promotion of your product. The structure of the elevator pitch is lined up below:
Developing Talk Track
Opener(Elevator Speech) – 30 seconds to get attention
- What your company/product does
- Key problem addressed for that target market
- Key benefits received
Talking Points – 2 minutes leading to a longer discussion
- A brief statement on how you do that
- Communicate key benefits (aligned with key messages)
- Provide evidence (case study, testimonial)
- Create a vision of success for them
- Ask for a longer conversation
Business people care about the ROI
Business people don’t care about Marketing messages or features that much but they care for their ROI of the product you promote. When their investment will pay off?. For that, you should always be prepared with numbers. Below is a simple spreadsheet table that you can use. Define the activities that provide exposure to your products and show the leads that you got from each activity. In the end, you can track how many of these leads become sales.
ROI / Results