Product marketing basics
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Yellow Tail, an Australian wine company, redefined the wine market using "Blue Ocean" thinking by eliminating aspects of traditional wine marketing, reducing complexity, and creating an easy drinking image. They positioned themselves between budget wines and premium wines. This allowed them to own the market.
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Product marketing basics
- 1. productmarketing Ewan McIntosh | w: notosh.com | e: ewan@notosh.com
- 3. what isthesinglemost important thing you need to start a business?
- 4. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
- 5. [yellow tail] Redefining the market to own it “Blue Ocean” thinking Budget Wines Premium Wines
- 7. Eliminate Wine buff jargon The wine’s age Mainstream media marketing Raise Price, compared to cheap, budget wines Reduce Different grapes: oaky flavour only Different wines: red, white, rosé Heritage of vineyard Create Easy drinking image (like beer) Easier choice: red, white, rosé Some fun
- 8. [yellow tail] Redefining the market to own it “Blue Ocean” thinking [yellow tail] Budget Wines Premium Wines
- 9. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
- 10. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
- 11. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
- 12. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
- 15. Knowing the customer Defining a product that solves their pain
- 16. Knowing the customer Defining a product that solves their pain Qualitative value
- 17. Knowing the customer Defining a product that solves their pain Qualitative value Quantitative value
- 18. Knowing the customer Defining a product that solves their pain Qualitative value Quantitative value Business model that makes £s
- 19. Knowing the customer Defining a product that solves their pain Qualitative value Quantitative value Business model that makes £s A plan that creates more advantage over time
- 22. ATTACK! Not Defend Create new markets
- 23. ATTACK! Not Defend Create new markets Market research is executing ideas
- 24. ATTACK! Not Defend Create new markets Market research is executing ideas
- 26. Finding prospective customers Selling Customising Getting customer feedback Looking for new opportunities Building Creating new IP Seeking new tech possibilities Measuring financials Allocating resources Making projections
- 29. Product Customer
- 30. “How will we attract the first five customers?” “How do we get the attention of the first 5000?”
- 32. whichcustomer segmentdo you serve? Mass market | Niche market | Segmented Diversified | Multi-sided markets
- 33. Define your customer • How many customers? • Who are they (name names?) • Where are they? • How do they currently do what you’re proposing? • How will they do what they currently do the way you’re proposing? • What is the value (faster, cheaper, better quality for the same/less)? • What is the cost of switching from the old way to the new way? • What is the individual’s lifespan budget? • What is the likelihood of the user churning?
- 34. Define your advantages • What are the alternatives? There’s always competition. • What technological advantage do you have? • What expertise advantage do you have? • What network/contacts advantage do you have? • What financial advantages do you have - if any ;-)? • What geographic advantage do you have? Does it matter? • Could new competitors arrive faster than you could innovate? • Who do you threaten? What could they do? (NHSChoices, MyPolice)
- 37. What does a tech push company look like? A new IP or new technology is what leads to the company being formed Often found in Universities, with technology-focused founders “We have a great technology”, but use to customer is unclear There’s a need to add to the team with user-focused skills (design/business/sales)
- 38. Why is this tech push? • Founded out of a university (Stanford) • Better IP than anyone else (i.e. better search results) • Focussed, increasingly, on customer need (i.e. cleaner homepages) • No marcoms budget • Changed the product range and business model over time as expertise and IP was added
- 39. What does a market pull company look like? Company formed by a frustrated company (think ‘Dragon’s Den’) First-hand understanding of the user pain Lack of understanding of closeness of competition There’s a need to better understand the tech required to solve the problem There’s a need to add to the team with technology skills
- 40. What does a market pull company look like? Company formed by a frustrated company (think ‘Dragon’s Den’) First-hand understanding of the user pain Lack of understanding of closeness of competition There’s a need to better understand the tech required to solve the problem There’s a need to add to the team with technology skills
- 41. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
- 42. [yellow tail] Redefining the market to own it “Blue Ocean” thinking [yellow tail] Budget Wines Premium Wines
- 43. [yellow tail] Redefining the market to own it “Blue Ocean” thinking
- 45. ______ is the only ____
- 46. ______ is the only ____ for___________________
- 47. ______ is the only ____ for___________________ in ___________________
- 48. ______ is the only ____ for___________________ in ___________________ that _________________
- 49. ______ is the only ____ for___________________ in ___________________ that _________________ at a time when _______ .
- 50. ______ is the only ____ for___________________ in ___________________ that _________________ at a time when _______ . Unlike _______________
- 51. ______ is the only ____ for___________________ in ___________________ that _________________ at a time when _______ . Unlike _______________ we __________________
- 56. newness customisation performance getting the job done brand & status designprice risk reduction cost reduction accessibility convenience
- 58. Low Price
- 62. Customer Intimate: Zappos 1. Deliver WOW Through Service 2. Embrace and Drive Change 3. Create Fun and A Little Weirdness 4. Be Adventurous, Creative, and Open-Minded 5. Pursue Growth and Learning 6. Build Open and Honest Relationships with Communication 7. Build a Positive Team and Family Spirit 8. Do More With Less 9. Be Passionate and Determined 10. Be Humble
- 63. Product Innovation (which became Low Price): Amazon 1. Customer Obsession: We start with the customer and work backwards. 2. Innovation: If you don't listen to your customers you will fail. But if you only listen to your customers you will also fail. 3. Bias for Action: We live in a time of unheralded revolution and insurmountable opportunity- provided we make every minute count. 4. Ownership: Owners think long-term, plead passionately for projects and ideas, are empowered to respectfully challenge decisions. 5. High Hiring Bar: "Will I admire this person? Will I learn from this person? Is this person a superstar?" 6. Frugality: We spend money on things that really matter and believe that frugality breeds resourcefulness, self-sufficiency, and invention!
- 66. Cross The Chasm What happens when you move from geek to grandma? Geoffrey Moore
- 67. Beating On Price Dell, TK Maxx
- 72. What is your product? Features Functions Quantitative value => Avoid cost+ => What’s the value price? How do you sell it? Is the marketing “baked in”? (Building sites no-one has to visit) ToshNo Limited digital media | education
- 73. Segment 1 Segment 1 Segment 1 Segment 2 Segment 2Segment 3 Application 1 Application 2 Application 3 Application 1 Application 2Application 1 Set up your beachhead
- 74. Book Choice Book Choice Book Choice Media Choice Media ChoiceElectronics Books Personalised books Books for giving CDs & DVDs DownloadsCameras Amazon’s beachhead
- 75. Apple’s beachhead? Segment 1 Segment 1 Segment 1 Segment 2 Segment 2Segment 3 Application 1 Application 2 Application 3 Application 1 Application 2Application 1
- 76. Segment 1 Segment 1 Segment 1 Segment 2 Segment 2Segment 3 Application 1 Application 2 Application 3 Application 1 Application 2Application 1 Set up your beachhead