Going From Messaging Nightmare to Messaging Delight: How to Create a Powerful Messaging Platform
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If you were to do a survey of executives, sales people, marketing and other market facing personnel within a company and ask them how they would describe a specific product to a potential prospect, I bet in the majority of cases, you would hear almost as many explanations as there were people interviewed. This really is a messaging nightmare that might be undermining the success of your product(s). This results in significant marketplace confusion, impacts revenue generation and reflects poorly on your product. We as Product Managers and Product Marketers like to blame the messenger for this problem, but the likely reality is that we are at fault. As PMs & PMMS, we must own the message and then enable the organization to take this message to the market. The starting point for doing this is a Powerful Messaging Platform. Key Takeaways from participating in this webinar: Understand the key business drivers for developing a messaging platform Discover the most important, but yet often overlooked, starting point for your messaging Learn the five key components of a successful Messaging Platform Understand how the Messaging Platform contributes to more success in the market
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Going From Messaging Nightmare to Messaging Delight: How to Create a Powerful Messaging Platform
- 1. Going from Messaging Nightmare to Messaging Delight - How to Create a Powerful Messaging Platform Tom Evans CompellingPM @compellingpm Copyright 2013-2015. The Lûcrum Group, Inc. 1
- 2. DFW Product Group • DFW Product Group is the premier product management and marketing association in the Dallas/Fort Worth metroplex • 300+ active members • 2013 - 2015 roadmap includes webinar series, networking mixers, and ProductCamp DFW • Website: http://dfwproductgroup.org/ • LinkedIn: https://www.linkedin.com/groups?gid=2796125 • Twitter: @DFWProductGroup • Email: info@dfwproductgroup.org • Actively seeking new members, volunteers, and sponsors Copyright 2013 - 2015. The Lûcrum Group, Inc. 2
- 3. Special offer from CompellingPM at the end of the webinar. Copyright 2013 - 2015. The Lûcrum Group, Inc. 3
- 4. Going from Messaging Nightmare to Messaging Delight - How to Create a Powerful Messaging Platform Tom Evans CompellingPM @compellingpm Copyright 2013-2015. The Lûcrum Group, Inc. 4
- 5. Poll Question 1 Does your company have a standard/structured approach to creating a marketing messages? a) Yes, all new product marketing initiatives start with a standard messaging platform. b) Sometimes we create a messaging platform, but this is not a standard. c) No, we never create a messaging platform. Copyright 2013-2015. The Lûcrum Group, Inc. 5
- 6. Without a Messaging Platform • Market facing personnel each have their unique set of messages they use • Product marketing is constantly putting out fires and rushing to create messages on short notice • Marketing creates messages with no input from the product team • Marketing and sales tools fail to motivate target buyers Confusion in the market place! Copyright 2013-2015. The Lûcrum Group, Inc. 6
- 7. What is a Messaging Platform? A Messaging Platform serves as a reference to all “market-facing” personnel in your organization to ensure consistency & accuracy of messaging for your product (or company). Copyright 2013-2015. The Lûcrum Group, Inc. 7
- 8. PM2 Levers of Control™ Copyright 2013 - 2015. The Lûcrum Group, Inc. 8 Executional Levers Product •Define Whole Product •Effective Requirements Price •Value-Based Pricing Place (Channel) •Sales Tools •Sales Enablement •Channel Programs Promotions •Product Marketing Tools & Content •Product Marketing Programs Go-to-Market Strategy Target Markets Positioning Competitive Strategies Messaging Platform Alignment to Business Drivers Market Analysis VOC Competitive Analysis Ecosystem Analysis
- 9. PM2 Levers of Control™ Copyright 2013 - 2015. The Lûcrum Group, Inc. 9 Executional Levers Product •Define Whole Product •Effective Requirements Price •Value-Based Pricing Place (Channel) •Sales Tools •Sales Enablement •Channel Programs Promotions •Product Marketing Tools & Content •Product Marketing Programs Go-to-Market Strategy Target Markets Positioning Competitive Strategies Messaging Platform Alignment to Business Drivers Market Analysis VOC Competitive Analysis Ecosystem Analysis
- 10. Poll Question 2 What is the most important starting point for a messaging platform ? a) Selecting the most critical product features to communicate b) Feedback from the sales team on what messages work the best c) Product positioning d) Alignment with senior executives Copyright 2013-2015. The Lûcrum Group, Inc. 10
- 11. PM2 Levers of Control™ Copyright 2013 - 2015. The Lûcrum Group, Inc. 11 Executional Levers Product •Define Whole Product •Effective Requirements Price •Value-Based Pricing Place (Channel) •Sales Tools •Sales Enablement •Channel Programs Promotions •Product Marketing Tools & Content •Product Marketing Programs Go-to-Market Strategy Target Markets Positioning Competitive Strategies Messaging Platform Alignment to Business Drivers Market Analysis VOC Competitive Analysis Ecosystem Analysis
- 12. PM2 Levers of Control™ Copyright 2013 - 2015. The Lûcrum Group, Inc. 12 Executional Levers Product •Define Whole Product •Effective Requirements Price •Value-Based Pricing Place (Channel) •Sales Tools •Sales Enablement •Channel Programs Promotions •Product Marketing Tools & Content •Product Marketing Programs Go-to-Market Strategy Target Markets Positioning Competitive Strategies Messaging Platform Alignment to Business Drivers Market Analysis VOC Competitive Analysis Ecosystem Analysis
- 13. Messaging Platform Structure Positioning Key Messages / w Evidence Tagline Talk Track Product Descriptions FAQs Copyright 2013-2015. The Lûcrum Group, Inc. 13
- 14. Guides All Other Tools & Programs MessagingPlatform Marketing & Sales Tools Marketing Campaigns Public Relations Product Demos Copyright 2013-2015. The Lûcrum Group, Inc. 14
- 15. Messaging Platform Structure Positioning Key Messages / w Evidence Tagline Talk Track Product Descriptions FAQs Copyright 2013-2015. The Lûcrum Group, Inc. 15
- 16. Positioning Decisions 1. Target Market(s) 2. Key Problems Solved 3. Most Important Value Proposition – What we do for our customers 4. Key Points of Differentiation – Why us Copyright 2013-2015. The Lûcrum Group, Inc.
- 17. Target Markets • Messages must resonate with target audience – Corollary: it will not (& shouldn’t) resonate with all • Key Personas – Buyers, Influencers, Users – What do they care about – What language do they use – Typical profile/characteristics Copyright 2013-2015. The Lûcrum Group, Inc.
- 18. Key Problems Solved • What are the buyers motivations (per buyer persona)? – Need, pain, goal, challenge, ideals – Personal & business – Articulated & unarticulated – What do they need to know to make a decision – How will they evaluate & use your product? Copyright 2013-2015. The Lûcrum Group, Inc.
- 19. Value Proposition • What we do for you! • Benefits & value your customer will realize from purchase and use of your product • Relative to customer’s other viable alternatives • Sources of value: – Reference customers, industry expertise, internal processes, partnerships, innovation, IP, delivery methods, geography, social, business model, personnel, features, guarantees, brand promise, core competencies, etc. – Speaking to your customers Copyright 2013-2015. The Lûcrum Group, Inc.
- 20. Differentiation • Why us! • What makes your product stand out • Meaningful value to the customer • Sources of differentiation: – Reference customers, industry expertise, internal processes, partnerships, innovation, IP, delivery methods, geography, social, business model, personnel, features, guarantees, brand promise, core competencies, etc. – Speaking to your customers Copyright 2013-2015. The Lûcrum Group, Inc.
- 21. Positioning Statement • For [target end user] • Who wants/needs [compelling reason to buy] • The [product name] is a [product category] • That provides [key benefit]. • Unlike [main competitor (s)], • The [product name] [key differentiation] Copyright 2013-2015. The Lûcrum Group, Inc. Adapted from: Geoffrey Moore - Crossing the Chasm
- 22. Messaging Platform Structure Positioning Key Messages / w Evidence Tagline Talk Track Product Descriptions FAQs Copyright 2013-2015. The Lûcrum Group, Inc. 22
- 23. Key Messages • Per target buyer persona • 2 to 4 messages per persona • In customer’s language – Avoid meaningless words – Not advertising language • Support positioning Copyright 2013-2015. The Lûcrum Group, Inc.
- 24. Messages Are Benefit Statements • Too many market messages are about features or technology • Changing to benefits – Why is a feature important (so what?) – What does it mean to the customer – Use “So That” • Example – 4 inch Retina display – “So that” you can view photo quality images and still use it effectively with one hand Copyright 2013-2015. The Lûcrum Group, Inc. 24
- 25. Supporting Evidence • You stated a message, but why should someone believe the message? – Reason to believe • 2 to 4 points of evidence per message • Sources – Customer testimonials, unbiased testing, distinguishing features, third party validation, facts & statistics, etc. Copyright 2013-2015. The Lûcrum Group, Inc. 25
- 26. Message Alignment Strategic Increase plant profitability Get new customers / Gain market share Increase customer loyalty Managerial Reduce maintenance costs Responsive to customer orders Focus staff on higher value activities Reduce staffing costs Operational Reduce Process Upsets Reduce Time to handle process upsets Faster transitions between grades More time for process improvement Copyright 2013-2015. The Lûcrum Group, Inc. 26
- 27. Reduce Process Variability Reduced Plant Upsets Less Off-Spec Product Less Stress, Great Job Satisfaction Less Wear & Tear on Plant Reduced Maintenance Costs Functional Benefits Plant Operators Maintenance Supervisor Reduce Transition Time Between Products Shorter Product Runs Predictive Models Real-time OptimizationFeatures Benefits Map Copyright 2015. The Lûcrum Group, Inc. 27
- 28. Reduce Process Variability Reduced Plant Upsets Less Off-Spec Product Less Stress, Great Job Satisfaction Less Wear & Tear on Plant Reduced Maintenance Costs Functional Benefits Plant Operators Maintenance Supervisor Reduce Transition Time Between Products Shorter Product Runs Predictive Models Real-time OptimizationFeatures Benefits Map Copyright 2015. The Lûcrum Group, Inc. 28
- 29. Reduce Process Variability Reduced Plant Upsets Less Off-Spec Product Less Stress, Great Job Satisfaction Less Wear & Tear on Plant Reduced Maintenance Costs Functional Benefits Plant Operators Maintenance Supervisor Reduce Transition Time Between Products Shorter Product Runs Predictive Models Real-time OptimizationFeatures Benefits Map Copyright 2015. The Lûcrum Group, Inc. 29
- 30. Reduce Process Variability Reduced Plant Upsets Less Off-Spec Product Less Stress, Great Job Satisfaction Less Wear & Tear on Plant Reduced Maintenance Costs Functional Benefits Plant Operators Maintenance Supervisor Reduce Transition Time Between Products Shorter Product Runs Predictive Models Real-time OptimizationFeatures Benefits Map Copyright 2015. The Lûcrum Group, Inc. 30
- 31. Reduce Process Variability Reduced Plant Upsets Less Off-Spec Product Less Stress, Great Job Satisfaction Less Wear & Tear on Plant Reduced Maintenance Costs Functional Benefits Plant Operators Maintenance Supervisor Reduce Transition Time Between Products Shorter Product Runs Predictive Models Real-time OptimizationFeatures Benefits Map Copyright 2015. The Lûcrum Group, Inc. 31
- 32. Benefits Map Copyright 2015. The Lûcrum Group, Inc. 32 Less Stress, Great Job Satisfaction Reduced Maintenance Costs Increased Production Lowered Costs of Operations Increased Revenue Sell More Product Plant Operators Maintenance Supervisor Operations Manager Sales Plant Manager Greater Customer Satisfaction Gain Market Share Faster Delivery on Important Orders Win New Orders Increased Profitability
- 33. Benefits Map Copyright 2015. The Lûcrum Group, Inc. 33 Less Stress, Great Job Satisfaction Reduced Maintenance Costs Increased Production Lowered Costs of Operations Increased Revenue Sell More Product Plant Operators Maintenance Supervisor Operations Manager Sales Plant Manager Greater Customer Satisfaction Gain Market Share Faster Delivery on Important Orders Win New Orders Increased Profitability
- 34. Benefits Map Copyright 2015. The Lûcrum Group, Inc. 34 Less Stress, Great Job Satisfaction Reduced Maintenance Costs Increased Production Lowered Costs of Operations Increased Revenue Sell More Product Plant Operators Maintenance Supervisor Operations Manager Sales Plant Manager Greater Customer Satisfaction Gain Market Share Faster Delivery on Important Orders Win New Orders Increased Profitability
- 35. Copyright 2015. The Lûcrum Group, Inc. 35 Reduce Process Variability Reduced Plant Upsets Less Off-Spec Product Less Stress, Great Job Satisfaction Less Wear & Tear on Plant Reduced Maintenance Costs Increased Production Lowered Costs of Operations Increased Revenue Sell More Product Functional Benefits Plant Operators Maintenance Supervisor Operations Manager Sales Plant Manager Greater Customer Satisfaction Reduce Transition Time Between Products Shorter Product Runs Gain Market Share Faster Delivery on Important Orders Win New Orders Increased Profitability Predictive Models Real-time OptimizationFeatures
- 36. Exercise Product Name: SmartCredit Target Market Small to Medium Size Credit Card Issuers VP of Cards Must grow total outstanding balances from a reduced number of prospects Looking for promotion to top executive in cards or other line of business Wants to avoid all potential confrontation with Feds over marketing tactics Middle age, male, MBA, full career in credit card services Key Problems Solved Risk management platform Must grow portfolio size while maintaining portfolio risk. Must profitably compete against the top 10 card issuers for new cardholders. Low capital investment (can’t afford multi-million dollar investment) Value Proposition • Compete cost effectively and take market share from top 10 competitors • Profitably grow outstanding balances without increasing delinquencies and write-offs Differentiation • No capital investment and quick implementation (less than 3 months). Key Messages • Achieves the same risk management power that the large competitors have. • Delivered as a service with no custom development and capital investment. • Allows you to quickly adapt new risk management strategies as market conditions change Evidence • Bank X increased portfolio size by 25% while reducing delinquencies by 10% • No software to install, monthly subscription fees • Bank Y was able to create and test new risk management strategies in less than a week (v. 3 months with traditional systems) • Bank Z was operational within 4 months of contract (v 18 months with major competitor) Copyright 2013-2015. The Lûcrum Group, Inc.
- 37. Poll Question 3 Who in your organization is responsible for defining the market messages? a) Marketing Communications b) Executive Management c) Product Management d) Product Marketing e) Everyone f) No One Copyright 2013-2015. The Lûcrum Group, Inc. 37
- 38. Messaging Platform Structure Positioning Key Messages Tagline Talk Track Product Descriptions FAQs Copyright 2013-2015. The Lûcrum Group, Inc. 38
- 39. Tagline • Succinctly communicates the essence of your brand promise in a memorable way • Creates a first impression • No Tagline versus a bad Tagline • Memorable taglines – Just Do It – Because so much is riding on your tires – 1000 songs in your pocket Copyright 2013-2015. The Lûcrum Group, Inc. 39
- 40. Talk Track • Guides the initial conversation • Leads to a longer conversation (sales call/presentation) Copyright 2013-2015. The Lûcrum Group, Inc. 40
- 41. Developing Talk Track 1. Sales Opener (Elevator Speech) - 30 seconds to get attention – What your company/product does – Key problem addressed for that target market – Key benefits received 2. Talking Points - another 2 minutes to lead to longer discussion – 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 longer conversation Copyright 2013-2015. The Lûcrum Group, Inc. 41
- 42. Product Description • Boiler plate product description • Various lengths – 50, 100, 150, 200, 250 words • Use in press releases, news articles, SEO, tradeshows, etc. Copyright 2013-2015. The Lûcrum Group, Inc. 42
- 43. FAQS • Answers most common questions from prospects/customers/press • Can address questions on competition • Keeps “market facing” personnel on message Copyright 2013-2015. The Lûcrum Group, Inc. 43
- 44. Summary • Messaging platform ensures consistency of message. • Must be owned by Product Marketing (or Product Management) • Key element to feed all other marketing facing tools and programs • Validate with your target markets Copyright 2013-2015. The Lûcrum Group, Inc. 44
- 45. Go-to-Market Webinar Series http://compellingpm.com/go-to-market-webinar-series-with-dfw-product-group/ Webinar Title Date The Strategic Role of Product Management & Product Marketing in Driving Product Revenue & Success Apr 23 Developing a Deep Understanding of Your Target Markets – The Starting Point for Great Product Marketing June 11 Define a Powerful Go-to-Market Strategy That Sets Your Product Apart June 25 Great Requirements Form the Foundation for Successful Products July 16 Profitable Products Sell Value: Why Value-Based Pricing Wins August 13 From Messaging Nightmare to Messaging Delight: How to Create a Powerful Messaging Platform Sept 17 Create Effective Sales & Marketing Tools That Actually Get Used By Sales & Prospects Oct 15 Nothing Happens Until Someone Sells Something: Enabling Your Sales Channel to Success Nov Driving the Marketing and Sales Funnel to Close Deals: What Product Marketers Must Know and Do Dec Copyright 2013 - 2015. The Lûcrum Group, Inc. 45
- 46. Next Webinar Create Effective Sales & Marketing Tools That Actually Get Used By Sales & Prospects Oct 15, 2015 Copyright 2013 - 2015. The Lûcrum Group, Inc. 46 http://compellingpm.com/go-to-market-webinar-series-with-dfw-product-group/
- 47. Upcoming Austin PM2 Training • Optimal Product Management & Product Marketing – Sep 21 – 23 – Dec 7- 9 • AIPMM Certifications – Certified Product Manager (CPM) – Feb 16 – 17 More dates/locations - www.280group.com Copyright 2013 - 2015. The Lûcrum Group, Inc. 47
- 48. Free 1 Hour PM/PMM Consult • First ten to submit information on form • http://compellingpm.com/freeonehour/ • Please include background on topic or issue • Must include company info (no Gmail) Copyright 2013-2015. The Lûcrum Group, Inc. 48
- 49. Thank You! Tom Evans CompellingPM tevans@compellingpm.com @compellingpm www.compellingpm.com Copyright 2013-2015. The Lûcrum Group, Inc. 49