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Transcript
Entrepreneurial Marketing
Ted Finch
Chief Marketing Officer
Titan Solutions Group
Overview
•
•
•
•
•
Objectives
Background
Marketing defined
The marketing organization
A Plan of action
– Strategy
– Tactics – 4 p’s
– Operation
Objectives
• To explain how to setup marketing at a high-tech
startup, which positions and tripwires for when.
• Startups can be external (started from scratch), or
internal (started from existing company with handpicked team).
– External startups usually require self-funding, friends &
family, angel investors, VC, or public funding.
– Internal startups are usually new divisions or new
companies funded internally—and are often spun off
(like my current company).
– All startups use a similar marketing process
•
By the way, these slides will be a little “text heavy” so you can refer back to them later
Background
•
•
21 years of marketing. 7 years consumer marketing in entertainment industry. 14 years
high-tech marketing. Sold the company—was acquired five times.
First high-tech external from scratch startup in ’89, VP of sales and marketing, original
13 people grew to over 4,000 people. Sold company.
–
•
•
•
•
•
•
Executed over 400 product launches from over 150 companies (Sony, Microsoft, Ashton Tate,
Compaq, Adobe, Lotus, IBM, Citrix, Aldus, Corel, Autodesk, HP, Intel, Canon, plus many
more). Industry mercenaries – launched entire categories. Sold company.
Later formed an internal startup—”publishing” software. Helped launch a category
called the Internet. Four world-wide top sellers, including Netscape Navigator and AOL.
Sold company.
Formed another internal startup (1/2 owed by us, and ½ owned by Tom Clancy)--Red
Storm Entertainment. Sold company.
Senior VP at Metrowerks, sold to Motorola. Sat on 7 person marketing board, headed up
$2 billion division. Headed marketing at internal startup division.
VP of Marketing at $130 billion GE, highest % growth sector. Responsible for rebooting acquired company marketing.
Chief Marketing Officer at Titan Solutions Group. Currently creating a software startup
division—intend to take public.
Founder of “Chanimal – The Ultimate Resource for Software Marketing” at
www.chanimal.com. 8 years old and over 53 meg and 250+ pages of content.
Marketing Defined
• Often marketing is referred to as advertising, pr,
collateral – the promotional arm of the company
• Marketing is providing satisfaction. To provide
that satisfaction, marketers study their target
customers to find out what they want, design
products or services to satisfy those wants,
appropriately price, promote, distribute, and
support that offering, and monitor customer
satisfaction to fine tune their product (and then
start all over again with the next release).
• Basically, marketing is finding a need and filling
it.
Marketing Defined
• Marketing includes strategy (determining what to
do) and tactics (determining how to do it)
• The four P’s of the marketing mix is an easy
framework to remember
– Product (definition, validation, profitability)
– Price (margins, positioning)
– Placement (sales, distribution)
• Sales is a subset of marketing
– Promotion (PR, ads, events, online, etc.)
Organization
• Always start with the marketing – period (even before engineering – so
you know what engineering must do and can hire accordingly)
– Initially you must have product marketing/management to define,
validate, position, price and profitably drive product through development,
promotions and sales into the market
– Too often the product is created first, by engineering (usually an
engineering founder with an idea), before the first marketing person is
hired. Marketing then applies “reality therapy,” promotes what they’ve
got, and soon starts the real process over to properly refine it – hence the
usual better 2nd release
– Engineering driven companies use “field of dreams” marketing. If you
build it…
– Market driven companies ask, “What do you want (and are willing to pay
for), and then they build it”
• The following org charts show a standard marketing organization, the
stages of startup/marketing dept. development and tripwires
Marketing Organization
VP Marketing
Director, MarCom
Director, Product Mgmt
Product Definition, Price
Channel Marketing Mgr
Markeing Alliance Mgr
Promotion
Admin
Admin
Event Marketing
Product Marketing Mgr
Marketing Operations
Build, buy, align
International Marketing
Product Marketing Mgr
Trade Show House
Product Training Mgr
Marketing Research
Public Relations
PR Agency
On-line Omsbudsman
Ads / Direct Response
Research Assistant
Research Firm
Webmaster
Mgr, Creative Services
Chart represents functions that exist within a marketing
organization.
Production / Traffic
In startups, multiple functions are handled by one person.
Graphics Designer
As the organization grows, and the workload increases, each
area is handled by a specialist. Areas “plump” from this point
on depending on the # of products, channels, international, inhouse work, etc.
Outside Design
Copywriter
Early Organization
Titan Solutions Group
Titan Solutions
Titan Pro Services
Titan Software
Engineering
Titan Solutions & Pro
Support
QA
Docs
Product Manager
(Product) 1
Product Marketing
Research, Bus Intel
1.
2.
3.
4.
5.
Get the product defined, validated and into
development
Wordsmith positioning, collateral (packaging, on-line,
copywriting)
Start pre-sales
Formal alliances to ensure complete product
Setup channel kit, define program, early recruiting
Hiring order
Marketing
Sales
(Direct Sales) 3
MarCom
(Promotions) 2
Marketing Alliances
(Product/Promo) 4
PR
On-line - Web
Direct Response
Advertising
Events
Graphic Design
Copywriting
Agency Mgmt
Channel Marketing
(Channel Mgmt)
Next Stage Organization
Titan Solutions Group
Titan Solutions
Titan Pro Services
Engineering
Titan Solutions & Pro
Support
QA
Docs
Product Manager
(Product) 1
Product Marketing
Research, Bus Intel
Titan Software
Marketing
MarCom
(Promotions) 2
PR - 6
On-line/Web - 7
Sales
(Direct Sales) 3
Marketing Alliances
(Product/Promo) 4
Direct Response
Advertising
Events
Graphic Design
Copywriting
Agency Mgmt
5. Additional sales to pre-sell product and start long sell-in
6. Start analyst meetings, prepare for press release, product launch
7. Setup on-line presense, product information, line up promotions,
setup portals (press, reseller, customer)
8. Start recruiting in mass
Definition, setup and initial promotions come first. The rest of the
positions are filled as the product is launched.
Sales Person - 5
Channel Marketing
(Channel Mgmt) - 8
This is a self-funding model.
External funding may accelerate the
process (but actually shouldn’t –
unless entering a hyper competitive
market)
Sage Tip: Organizational Chasm
• Having personally gone through this stage six times (and having
consulted multiple companies), I have found that the marketing
generalist (wearing multiple hats) stage typically changes when the
company transitions between 12-20 million and between 75 to 110
people.
• At this time, the workload is usually too great for the initial marketing
individuals. The team must diversify and specialist must be hired (or
be ready to step up internally).
• This is also the time that the original entrepreneurial “do it all” skills
may bottleneck the company growth if they don’t evolve, or let go (of
2-3 roles) for the group to specialize.
• I have seen some companies move all the way to 50 million and then
stick there like glue, until they get through this transition so they can
move to the next level.
Observations
•
•
•
•
•
Marketing has a mixed reputation—often deserved. Management seems to know the
least about the roles of marketing and typically fill the department with engineers,
customer support, sales, accounting, interns, you name it. To top it off, they throw in a
graphic artist, since this position has to be specialized.
Also, most VPs of Marketing that I work with, don’t know much about marketing
(having no formal marketing education (school or books), having come up through the
ranks with similar non-marketing backgrounds).
At Motorola Semi-Conductor Sector, with about 400 marketing people, only a handful
had any marketing training.
At multiple GE divisions (industrial systems – not consumer goods), most of marketing
was from support and engineering—with only 1 business degree within the entire group.
Other “marketing” VP’s were technical lightweights, and usually only knew marketing
communications--no formal pricing, product marketing, alliances or channel marketing
background. Best background, technical undergraduate (or aptitude), graduate degree
with marketing emphasis. Plus, sales and consumer marketing experience—to apply to
technical products.
“Real” marketing professionals, that are skilled (and practiced) at all 4 of the marketing
P’s are rare. However, they can chew up a market and eat competitors for lunch and can
easily recognize big holes to capitalize to help their startup succeed. They can also train
and mentor existing folks with templates, processes and example. I’ve spent much of
my time mentoring teams—many became world class (such as the team that launched
Netscape Navigator, the oldest had been out of college for 18 months).
Overview – Plan of Action
• Setup (equipment, hook up, create plan of action, internal assessment)
• Strategy
– Situational analysis – market strategy
• Market environment (competition, economy, regulations, etc.), Market
segments, Product offering
– Organizational strategy (adoption cycle, growth strategy)
– Market size, share (forecast), growth potential, product positioning
• Tactics
– Product (product & company, build, buy, align, positioning, , naming,
branding approach)
– Pricing (objectives, strategy, structure, levels)
– Placement (direct, indirect, OEM, channel)
– Promotions (PR, on-line, ads, events)
– Collateral
• Operations
– Goals, budget, organization, support – summarized in Marketing Plan
Start with a Plan of Action
• In a start-up (internal or external), I always start with a
plan of action. Personally, and require it of each team
member.
• This is a high-level action plan that sets the framework for
how you are going to proceed. It helps level set the team
and establishes the stages and high-level target deadlines.
• The 2nd step estimates the time frames, could go into a
Gantt chart, and proceeds to the business and marketing
plan (with a lot of definition/validation work up front).
• I will take you through my actual plan of action for actual
live work (nothing confidential, but this is the “real”
process – you are seeing how it is done, line by line)
• Note: it contains information to level set the executive
team on terms and processes
Setup & Plan of Action
• Done. Setup laptop, network, password, access,
filing system
• Done. Initial assessment. Competition, market
size, alliances, budgets, organization, collateral
• Done. (need to review & sign-off). Plan of action.
Identify and sequence most of the marketing,
sales, training, support, and product action items
to create a commercial software division.
• Done. (setup meeting). Hook up with John to
parse out Business Plan deliverables. Prepare
w/Plan.
Strategy
• Identify the “uncontrollables” (competition,
economy, regulations, market demand,
market size, existing segmentation), and
decide how to address them with the items
we can control (product positioning,
marketing mix (4 “P’s” (product, price,
placement, promotion) to achieve our
overall financial objectives (including
sustainable financial growth).
Formal Plans
• Business Plan
– Marketing plan is a subset of overall business
plan covering the market section.
– I will work internally to further delegate so we
can meet our timeframe.
– Marketing plan will dove tail with financials
and projections.
Situational Analysis
• Market environment
– Define our current and future space (hi-level, where do we want to
play now, where should we play later)
– Competition
• Identify current and potential competitors - ranked
• Review product (install, timing, usability, features—everything a
prospect would see), price, distribution and sales, promotions,
alliances, OEM’s, supply chain. Identify holes.
• SWAT analysis
– Technological issues
• Preferred platforms (.net versus Notes), latest technical options, trends
– Economic issues
• State of the economy, current impact on home sales, dynamics of
sales to software systems adoption
– Social political issues
• New regulation that will help, hurt us (financing, security installation,
etc.)
Situational Analysis
•
Market size
–
–
•
Compile list of top 10, 25, 100, 1000 to evaluate size and
characteristics
Compile secondary research (reports) to validate sizing
Market segments – 5 questions to evaluate
–
–
–
–
–
Smaller homogeneous subsets of overall heterogeneous market
(will one product satisfy the wants of everyone within the
market? (size, sophistication, platform)?
Easy to identify and characterize?
Easy to reach, find and promote to?
Individual segments large enough to be profitable?
Are all buyers in same segment responsive to similar
promotions?
Organizational Strategy
• Growth or Consolidation
– Consolidation strategies
• Determine course of action for existing product
(harvesting, pruning, retrenchment, divestment)
– Growth strategies
• Market penetration – better ingress into existing
markets
• Product development – change product or
perception
• Market development – find growth in new markets
• Diversification – introduce new products
Strategy - Growth Potential
• Market share
– Percentage - justification
– Gaining
• Sales forecast
–
–
–
–
By product
By segment
By region
By distribution
Product/Company Positioning
• The APEX of strategic analysis – how do
we expect to compete and grow in this
space?
• What is our product’s key differentiators,
unique value and positioning?
• What is our company’s key differentiators,
unique value and positioning?
Marketing Mix – 4 P’s
• Product
– Product type, name, features, benefits, competitive positioning, buy/build
or align
• Price
–
–
–
–
Objectives (marketshare, ROI, sales growth, long-term profit)
Strategy (22 options – floor, penetration, parity, cross-benefit, etc.
Structure (which products, by account, time & conditions)
Levels (volume break points, site license, by product, service and
peripherals)
• Placement
– Direct or indirect
• Promotions
– PR, advertising, direct response, on-line, alliance, events
Product
• Review current product (install, learn, demo)
• Product definition
–
–
–
–
Existing product fixes (usability, bugs, enhancement request)
Competition (more detailed analysis – summary)
Review, evaluate and contact potential alliances (align or build)
New product research (or shortcut and summarize any existing)
• Decisions – if we believe we know most of the requirements based on
previous product, we can proceed until we receive early validation and then
move into Market Requirements Document (MRD)
• Secondary – reviews and reports
• Primary – qualitative and quantitative (to validate frequency)
– Competitive matrix
– Internal assessment (engineering, support, QA, sales)
– Current customers (CIO, roundtable (person, phone, webinar), test for usability,
installation, platform, features
– Analyst, consultants and resellers
– Prospects
»
Focus groups, trade show meetings, roundtables, phone calls, webinar
– Survey prospects, analyst, resellers and have them prioritize suggested features
Product
•
Product definition
– Summarize customer business case
•
•
•
•
Identify major problems we need to solve
Evaluate which can be solved currently
Create roadmap to address overall needs
Quantify our savings and $ in pain
– Positioning (transfer this info to strategy section)
– Finalize our build, align, buy strategy
– Market Requirements Document (MRD)
• Formal as necessary to create the product (less formal, less time, more hands-on)
–
–
–
–
–
–
Functional characteristics
Use case scenarios
Usability requirements
Performance capacity, speed, concurrency
Interface/integration requirements w/3rd party hardware and software
Prioritized according to a phased roadmap
– Name product (review naming conventions, follow 5 step process). Not necessary
until the product is defined. Warning: Never release name until press release.
– Name division (review naming conventions, follow 5 step process)
– Create brand identity (name, logos, messaging, look and feel, usage guidelines)
Product
• Brand identity
– Not necessary to name the product, division, etc. until the product is
defined (have not even solidified its positioning until then—which may
come into play with the naming). Always use code name. Never release
name until the press release (or we don’t have “news”).
– Name product (review naming conventions, follow 5 step process).
• Review naming conventions (budget, abstract/descriptive/suggestive (etc.),
positioning, tag lines)
• Brainstorm for names (that meet objectives and finalized conventions)
• Narrow the list and do basic name search
• Conduct basic and quick acid test with prospects/customers
• Decide final name candidates, prioritize and conduct advanced name and
trademark search
• Finalize name – do not publish until press release
– Name division (review naming conventions, follow 5 step process)
– Create brand identity (name, logos, messaging, look and feel, usage
guidelines)
Product Development
• Get alliance or OEM agreement w/timeline for
anything we align, versus build
• Review and validate our architecture to ensure
modularity, standards, expandability
• Review product specification to ensure it maps to
MRD
• Formal sign-off (as needed)
• Setup beta sites for testing, pre-sales
• Setup initial usability and benchmarking review
• Product sign-off meeting
Price - Strategy
• Price distinguishes our offering from the competition and
similar products. It communicates our value proposition
and influences buying behavior.
• Review pricing for competitive and similar like products
• Review prospect’s cost for home grown and alternative
application (how have they been getting the job done)
• Review cost for the entire system (looking for ways to
reduce the overall price, not ours)
• Understand the overall cost (software, customization,
support, maintenance)
Pricing
• Pricing objectives
– Marketshare, return on investment, sales growth, short/long-term profit,
etc.
• Pricing strategy
– Floor pricing, penetration, price taker/maker (pariy), premium, crossbenefit (razor/blade – software vs. customization), etc.
• Pricing structure
– Which products need to be priced
• Software, professional services, installation, support, maintenance
– Time and conditions
• Pricing levels
– New customer matrix, competitive upgrades, update price matrix, alliance
pricing, OEM pricing, sample (NFR) pricing, reseller discounts,
international pricing, gratis items, exception policies
• Price sales dialogues – price savings build-up, reduce to simple, price
versus “cost”
Placement - Sales
• Direct vs. Indirect – trip wires
• Direct sales – company initiative
–
–
–
–
–
Hire a “hands on” sales director/manager
Setup sales compensation, commission, bonus program
Recruit appropriate sales people and/or hire rep firm
Prepare sales kits (see collateral)
Train sales people (product, market, customers, sales
training)
– Setup field systems (contact mgmt, etc.)
– Create and populate field database
– Setup field sales lead dissemination and follow-up
system
Placement - Sales
• Indirect
– Program setup
• Program definition – reseller levels w/benefits and requirements
• Setup co-op, mdf policies and guidelines
• Reseller kit w/program descriptions
– Intro letter, Reseller PowerPoint, checklist, reseller application and agreement,
levels, contact information, reseller prices, part numbers, customer PowerPoint,
training requirements, collateral samples, product reviews, etc.
– Recruit resellers
•
•
•
•
Setup distribution agreements (Ingram, Tech Data)
Identify target resellers (size, type, markets)
Setup contact database and compile list
Setup initial reseller database (password protected, overview of program,
product info, bbs—collaboration, lead dissemination and follow-up
• Contact and recruit (PR, alliance resellers, direct mail, VARVision, roadshow,
temp firm, reseller-centric events)
– Reseller training (certification, training materials, physical and/or on-line
training)
– Reseller promotions and Co-op/MDF management - ongoing
Promotions
• PR (1/7th the cost, 15 times more believable – always start with PR!)
– Setup
•
•
•
•
•
•
•
Determine objectives and measurement
Company positioning statements
3-5 key talking points division and product
Company backgrounder
Internal media training (what to say, cautions)
Establish policies (flaming, spokesperson, routing)
Setup crisis management process
– External PR – hire PR firm
– Internal PR
• Build target list, database and calendar
– Identify and compile industry influencers (analyst, consultants, organizations)
– Identify and compile target publications
– Identify target trade events
• Create master calendar
• Create reviewer’s guide
Promotions
• PR
– Internal PR
• Proactive campaigning
–
–
–
–
–
–
–
–
–
Setup interviews with analyst and key executives
Follow-up with executives to stay in contact with press as experts
Issue press releases
Setup press tour (preferably at trade events)
Speak at trade show events – as the industry expert
Write ghost stories and submit to freelance writers
Create white papers to validate company’s unique value
Place success and case stories
On-line ombsbudsman
• Follow-up and tracking
– Read, correct all mistakes
– Setup clipping service, clip books, bulletin board – communicate
– Calculate response and value (Media Quality Quotient Analysis)
Promotions
• On-line marketing
– Definition stage
• Solidify objectives, consistent look and feel,
PR/reseller/alliance portal, buy domain name
– Building stage
• Setup lead portal, product information, plan-o-gram and ecommerce
• CD-ROM version, site stats, on-line surveys, search engine,
Web policy
– Promotion stage
• Metatags & key search words, submit to search engines, link
to/from alliances, organizations, op-in list, announce on-line
forums, affiliate program
Promotions
• Alliance marketing
– Setup & definition stage
• Define objectives
• Identify potential alliances based on product, complimentary sales contacts,
etc.
• Prioritize alliances into top 10 (most of your time spent), top 25 and self-serve
(compile contacts)
• Define the levels, benefits and requirements
• Create alliance policies (screening criteria, process)
• Setup “self-serve” alliance info for non-top 25 and above
• Alliance kit
– Intro, benefits, agreement, NDA, logo usage, hi-level roadmap, calendar, order
form, contacts, workshop agenda, alliance PowerPoint, Titan sales script and
presentation (cross-selling), alliance portal
– Recruiting stage
• Contact top 10, sign agreement, setup workshop dates, contact next 25
– Development, sales and promotions stage
• Complete alliance workshop, issue alliance press release, link web sites, add to
alliance portal, exchange demo software/training materials, prepare an alliance
promotions plan and follow-up
Promotions
• Advertising
– Determine objectives
– Review competitor’s campaigns (if any) – Adscope, personal
clippings
– Determine target audience (buyers, influencer, resellers)
– Media selection (order trade pubs, review demographics and
editorial schedules, initial media selection)
– Create ad concept, copy and design (Z format, direct response
w/offer)
– Determine frequency, negotiate placement, submit ads
– Create on-line direct response landing page
– Measure and evaluate media, message and response
Promotions
• Event marketing
– Roadshow for resellers and prospects
• Prospects 1st half, resellers 2nd half
– Trade shows
• Attempt to exhibit in alliance booth
• If own:
–
–
–
–
–
–
–
Determine who will coordinate
Booth size
Rent or buy a booth
Pre-show activities
Post-show follow-up
Lead dissemination and follow-up
Show report
Collateral
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Price list and matrix
Customer PowerPoints
Reseller program PowerPoints
Alliance PowerPoints
Alliance kit
Product demo script
Folders w/sticker space
Product packaging
Product slick
Sell sheet (resellers)
Family brochure (if applicable)
Press reprints
Customer testimonials
Business plan - investors
•
•
•
•
•
•
•
•
•
•
•
Demo CD-ROM / Video
Case stuides
White paper
Sample RFI and RFQ templates
Competitive matrix (sales
version)
3rd party add-on book
Branded give-away items
PR Reviewer’s guide
35 mm slides, Web versions
Hi-res .jpg of key executives
and products
Logo usage guidelines
Marketing Budget
• To be added, depending on programs and
ability to use existing resources
• Process, first we create the promotions with
the expected ROI, then we get sign-off
• Note: Be prepared to sell your budget, by
first selling and getting agreement that your
promotions are needed. Under funding
(and over funding) is death to your product
– you must cost justify
Budget Summary – Expense/ROI
•
•
•
•
•
•
Channel Marketing – recruit new resellers, sell more through existing resellers
(increase recommendation rate). Expense: $160k + Channel Mgr Return $4.9
million.
Advertising – new product announcements, generate leads for sales and resellers.
Expense: $416k (50% new verticals) Return $1.8 million.
Promotional PR – generate leads, credibility and awareness. Expense: $144k + PR
Manager (contractor). Return $2.3 million.
Events – generate leads, customer, consultant, reseller and press meetings—only
ASIS ‘03. Expense: $338. Return: $513k
Customer & Reseller Conference – customer, consultant and reseller support, presell on-going releases. Expense: $320k ($320 CASI, $110 other divisions).
Collateral – product catalog, price lists, CD’s (support material), reseller sales kits,
data sheets, etc. Expense: $394. Return: Cost. Required to sell the products.
Channel Marketing
• Promotions
– Direct Response
• 2,000 targeted locations – $8k
– ROI: 2,000 x 5% response = 100 leads x 10% conversion = 10 resellers x
$100k/reseller/1st year = $1 million
• Reseller database list - $5k ROI: Needed to run campaign
– Events
• Reseller Roadshow (10 cities, $80k less contribution) - $25k
– ROI: 10 cities x 25 resellers/each x 10% conversion = 25 resellers x
$100k = $2.5 million
– Reseller Collateral ((brochure, binders) (2,000 x $50/ea)) $100k
• ROI – Necessary to run the program.
Summary
• This process is exactly how products like Netscape Navigator were
published and launched.
• This process helped create the world’s largest services company
(launching over 400 products and over 1 million promotions)
• This process helped companies like HP, Corel, Microsoft, Motorola,
and GE
• There is still a lot of expertise involved in knowing how to execute
each phase of this plan and get a high-tech startup off the ground. The
process is not secret, and not particularly brainy (besides, it was
condensed), but it works and should be helpful in jump-starting your
future startup efforts.
Resources
• To find out more, visit my industry resource, Chanimal – The Ultimate
Resource for Software Marketing at www.chanimal.com. It has over
53 megabytes and 250+ pages of FREE real-world startup tips and
tricks (sample marketing plans, packaging guidelines, examples of
how to do product research, budget templates, etc.). It is compiled
content from some of the best high-tech marketing folks in the world
and is all free.
• Also, check out practical, real-world books like, “The Product
Marketing Manager’s Handbook for Software Marketing” by Rick
Chapman.
• Also, check out “In Search of Stupidity, 20 years of high-tech
marketing disasters.” Some of us lived through many of the mistakes
this book references. We can all learn a lot from seeing what didn’t
work.
Any Questions?