Build a Winning Solution Marketing Strategy
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1. Communicate the value proposition in terms of benefits to the customer, not features. Focus on how the solution solves business problems and drives outcomes like higher profits, lower costs, better customer service, and ensuring compliance. 2. Develop tools to quantify and demonstrate the return on investment (ROI) the customer will achieve by implementing the solution. Provide ROI models and value calculators to help customers understand the financial benefits. 3. Consider both the direct costs like purchase price as well as total cost of ownership including implementation, customization, integration, training, and support services when discussing the overall cost to the customer.
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Build a Winning Solution Marketing Strategy
- 1. Build a Winning Solution Marketing Strategy Steve Robins Principal Solution Marketing Strategies May 22, 2010 © Solution Marketing Strategies, 2010
- 2. Agenda Introduction – Solutions – Solution marketing Discovery/research – Segmentation – Personas – Competition Solution marketing strategy – Solutions – Education/engagement – Value – Access Conclusion/Q&A © 2010 p2
- 3. About This Presentation Following are the slides presented at ProductCamp Boston on May 22, 2010. Check www.SolutionMarketingBlog.com for supplemental material. Join the Solution Marketing Community! – Subscribe to the SolutionMarketingBlog (see “Subscribe” on the right):. – Join Solution Marketing Pros on LinkedIn: http://www.linkedin.com/groups?home=&gid=1826720 . Questions? Please contact Steve Robins – see next slide for contact details. THANK YOU! © 2010 p3
- 4. Steve Robins Principal, Solution Marketing Strategies, a strategic marketing consultancy 10+ years in solution marketing Expertise in product, solution and industry marketing Experience: EMC Documentum, KANA, The Yankee Group and more Founder of the top-rated Solution Marketing Blog Inbound Marketing Certified Professional Let me know how I can help you S.Robins [at] SolutionMKT [dot] com LinkedIn.com/in/SteveRobins1 @SteveRobins SolutionMarketingBlog.com SolutionMarketingStrategies.com www.barcamp.org/ProductCampBoston © 2010 p4
- 5. What is a Solution Anyways? © 2010 p5
- 6. Not A Solution to the Customer’s Problem Product © 2010 p6
- 7. Complete Solution to the Customer’s Problem Solution © 2010 p7
- 8. Definition so·lu·tion mar·ket·ing. Noun. The process of defining, educating, and providing access to complete and integrated solutions that deliver customer value by helping customers to solve their problems. © 2010 Solution Marketing Strategies © 2010 p8
- 9. Research and Build Solution Marketing Strategy Discovery Discovery Strategy Strategy Market Solution – Technology adoption curve – Solution maturity – Segmentation – Solution portfolio, top solutions/use cases Segment size Growth Education & Engagement Solution relevance – Message – Personas/voice of the customer – Awareness, lead generation Business goals/challenges – Social media/inbound marketing Requirements – Sales enablement – Competition, SWOT Value Company – ROI models – Top industries, functions, use cases – Pricing – Revenue trends – Win/loss Access – Core competencies (e.g., technical) – Channel enablement © 2010 Solution Marketing Strategies © 2010 p9
- 10. Discovery © Solution Marketing Strategies, 2010
- 11. Solution Technology Adoption Curve The Chasm Main Street Relative % of Customers The Solution Opportunity The Tornado End of Life Early Life Bowling Alley Innovators Early Adopters Early Majority/ Late Majority Laggards Time Technology Visionaries Pragmatists Conservatives Skeptics Enthusiasts Customers want technology Customers want solutions and convenience and performance Sources: E.M. Rogers, G. Moore © 2010 p11
- 12. Segmentation Annual Growth Rate 2008-2009 Gov Retail Software Cons Prod Financial Services Manufacturing Average Revenue/Account ($1000) © 2010 Solution Marketing Strategies © 2010 p12
- 13. Segment Description Segment Overview Segment Strategy Segment Pharma/med device companies Recommended Regulatory submissions solutions New drug discovery Partner management Solution Content management commonly Company value Lower the cost of drug development maturity used prop Streamline processes Extensive integration required Improve hit rate Business Speed approvals Marketing Pubs: Bio needs Speed drug discovery strategy Social media sites: Shows: Bio, DIA Annual Thought leadership: ECM ROI for NDA Most important 21 CFR Part 11 compliance Sales Extensive training required to gain credibility technical Regulatory publishing enablement Use industry experts capabilities Competition Liquent entrenched Channel System integrator OpenText making inroads SharePoint gaining © 2010 Solution Marketing Strategies © 2010 p13
- 14. Personas General Persona #1: The VP/Director of Marketing Typical title VP/Director of Marketing About me Department Marketing Background/experience Matured through the ranks of marketing Leader Personality Aggressive Lead large team Day-to-day job Manage budget What I’m thinking Build and execute marketing strategy Create and maintain a strong brand that generates interest Top business goals Generate leads Challenges Doing it all within a limited budget Clear ROI Solution needs Easy to use Competitively priced © 2010 Solution Marketing Strategies © 2010 p14
- 15. Competition - Capabilities Services Completeness of Solution Smaller B2B Advance Competitors d Smaller-Mid B2B Genera l NA Small-Large Consumer Small-Large Consumer #1 #2 #3 Use Cases © 2010 Solution Marketing Strategies © 2010 p15
- 16. Competition – Marketing Presence (Website) Competitor Threat Score Offers the Solution Solution Case Use The Solution Solution Other Solution Level (out of Solution? Mentione Page Studies Solution’s Capability Capability Solution Partners 10) d on ID’d for Jargon on #1 #2 Features Home this Website Page Solution A Moderate 10 Y Y YY Y YY Y Y Y Y B Moderate 8.5 Y YY Y N YY Y ? Y Y C Moderate 8 Y Y Y Y Y Y Y Y N D Moderate 7.5 Y YY Y N YY Y? ? Y Y E High 7 Y Y Y Y Y Y Y N N F Moderate 7 Y Y Y N Y, barely Y N? Y Y G Moderate 6.5 Y N Y Y Y Y Y N ? H Moderate 3 N N N N Y, barely Y? Y Y N © 2010 Solution Marketing Strategies © 2010 p16
- 17. Solution Marketing Strategy © Solution Marketing Strategies, 2010
- 18. Solution Marketing Strategy Promotion Product P Price P The 4 P’s P Place P © 2010 Solution Marketing Strategies Derived from SIVA model, Chekitan & Dev © 2010 p18
- 19. Solution Marketing Strategy - SEVA The 4 P’s - updated “Where can I learn more Education about it?” “How can I solve Solution Value “What is my my problem?” SEVA total sacrifice Solution Marketing to get this solution?” Access “Where can I find it?” Solution Marketing answers 4 customer questions © 2010 Solution Marketing Strategies Derived from SIVA model, Dev & Schultz © 2010 p19
- 20. Solution Technology Adoption Curve The Chasm Main Street Relative % of Customers The Solution Opportunity The Tornado End of Life Early Life Bowling Alley Innovators Early Adopters Early Majority/ Late Majority Laggards Time Technology Visionaries Pragmatists Conservatives Skeptics Enthusiasts Customers want technology Customers want solutions and convenience and performance Sources: E.M. Rogers, G. Moore © 2010 Solution Marketing Strategies © 2010 p20
- 21. Solution Solution Maturity Model I: Technology Platform Tech Strategy >>> Strategy Toolkit (BIY) Framework Application Components Innovators Early Adopters Early Majority Late Majority Information/ Content Content/data development provided P C/P Content/data management Process-specific: – Partner technologies Higher Level Technologies – UI’s/templates P P C/P – Workflows/templates – integrations Partner technologies Integration API’s Platform Technologies Custom functionality API’s C C C C Platform software Strategy Services Outsourced system admin SaaS Services Services User Training C/P C/P C/P Integration services Development services P Partner C Company Market Maturity Model © 2010 Solution Marketing Strategies © 2010 p21
- 22. Solution Solution Maturity Model II: Go-To-Market Platform Toolkit (BIY) Framework Application Tech Strategy >>> Strategy Innovators Early Adopters Early Majority Late Majority Sales & Marketing Strategy Applications described in terms of business C benefit Use cases focused around solving a C C C Marketing business/industry problem Message Product features C C Platform performance C C Platform capabilities C C C Sell application that solves a problem C Solution Selling - sell solution to a problem C C (not fully out of box) Sales Strategy Sell product features C Sell the vision C C Find first customers C P Partner C Company Market Maturity Model © 2010 Solution Marketing Strategies © 2010 p22
- 23. Solution Complete Solution to the Customer’s Problem People • User interfaces Technology • Training • Applications • Support • Complementary • Best practices technologies • Domain expertise • Hardware and infrastructure Process • Custom coding • ROI studies • Integration services Reengineering • Process optimization – efficiency, Information/Content effectiveness • Data • Content, documents, Services images • Strategy • External data sources • Project management • Data security • Risk management • Data policies • Custom coding • Integration services © 2010 Solution Marketing Strategies © 2010 p23
- 24. Solution Solution Portfolio Oppor- Use Case Profile Business Challenge Solution Benefits Partners Revenue Potential tunity Less than $5 Fast Reg Slow process ABC Company #1 billion Less expensive to $5 mill/yr submissions revenue Unreliable bcD Pharma produce Current tools Fast Reg Top 100 insufficient Less expensive to #2 produce Fyer $2 mill/yr publishing pharma Other tools don’t work with our ECM Expedited review by Need to be able to regulators Safety lock down Comply with Boron #3 Plant safety documents archiving $5 bill departments Abacus requirements © 2010 Solution Marketing Strategies © 2010 p24
- 25. Solution Marketing Solution Solution – Develop the Solution Customer: “How can I solve my problem?” Action - Develop the Solution! – Product – enhancements required? – Partner technologies – Services – strategy, process reengineering, integration, training, support – Beta – partners, prospects and customers © 2010 Solution Marketing Strategies © 2010 p25
- 26. Solution Marketing Education Education – Message Customer: “Where can I learn more about it?” Message – It’s About Relevance – Use language the prospect understands… Industry/function terms Common business issues and challenges Remember – this is all about how your solution solves their business problems – Benefits: business-oriented rather than technical… Higher profits, lower expense, higher revenue, better customer service, ensures compliance © 2010 Solution Marketing Strategies © 2010 p26
- 27. Solution Marketing Education Education - Tuning the Message Technical Message GeekSpeak High Credible “Shortens mortgage cycle time” “SOA architecture enables integration with legacy systems” Business IT Mgr. Business Message Low High “Helps your Janitor CFO company” “Increases profitability” Vague Low Does it exist? © 2010 Solution Marketing Strategies © 2010 p27
- 28. Solution Marketing Education Education – the “Solution Paradox” Customer: “Where can I learn more about it?” Beware “the Solution Paradox” Dang Customer er The customer wants out-of-box Expectations offerings… Message ….but no one company can provide Solution everything out of the box Even a fully integrated and “complete” solution cannot possibly solve all of a customer’s problems due to: Ask: Ask: – Unique environments • • Does the solution meet customer requirements? Does the solution meet customer requirements? – Specific industry requirements • • Is the message backed up by the solution? Is the message backed up by the solution? © 2010 Solution Marketing Strategies © 2010 p28
- 29. Solution Marketing Education Education – the “Solution Paradox” Customer: “Where can I learn more about it?” Beware “the Solution Paradox” Customer The customer wants out-of-box Expectations offerings… Message ….but no one company can provide Optimal Solution everything out of the box Even a fully integrated and “complete” solution cannot possibly solve all of a customer’s problems due to: Ask: Ask: – Unique environments • • Does the solution meet customer requirements? Does the solution meet customer requirements? – Specific industry requirements • • Is the message backed up by the solution? Is the message backed up by the solution? © 2010 Solution Marketing Strategies © 2010 p29
- 30. Solution Marketing Education Education – Create a Dialog Customer: “Where can I learn more about it?” Action – Create a Two-Way Dialog with the Market – “Give customers the right information on the right subject at the right time on their terms” * – Enable prospects to find your solutions – Enable market education – Use Web 2.0 tools – Blogs, Podcasts, Twitter, Facebook, etc. – Provide recent customer references, who are most likely to advocate * Go beyond one-sided “push” promotion * In the Mix (Marketing Management) (Dev & Schultz, 2005) © 2010 Solution Marketing Strategies © 2010 p30
- 31. Solution Marketing Education Education - Sales Customer: “Where can I learn more about it?” SALES – Sales training: Solution selling methodology, consultative selling Business problems, industry/functional issues Business solutions Company and solution messaging Partner engagement models – system integrators, tech partners etc. – Sales tools: Collateral, references ROI models and value tools Pricing © 2010 Solution Marketing Strategies © 2010 p31
- 32. Solution Marketing Value Value Customer: “What is my total sacrifice to get this solution?” Value = Benefit - Cost Research – Identify and place value on significant customer purchase drivers * – Common ROI models/”before-afters” – Purchasing habits – Budget trends Action! – Articulate value in terms of price, ROI, TCO – Develop ROI assessments with consulting/system integrator partners – Reference customers – value achieved * In the Mix (Marketing Management) (Dev & Schultz, 2005) © 2010 Solution Marketing Strategies © 2010 p32
- 33. Value Value = Benefit - TCO Value-Based Pricing Assume that vendor charges fair price for features provided Business Benefit ($) Lost revenue Customer Benefit Benefit Unneeded features Customer Benefit Benefit Price Customer Customer Benefit Benefit A B C D High Value Fair Value Poor Value Fair Value Lost software Price matches Unneeded Price matches revenue benefit features benefit Solution use-case drives benefit and value © 2010 Solution Marketing Strategies © 2010 p33
- 34. Solution Marketing Access Access Customer: “Where can I find it?” Research – Common purchasing channels? – Do they prefer to buy through VAR’s? Through SI’s? Direct? On contract? – Preferred delivery models… Software? SaaS? Business Process Outsourcing? Action! – Enable the customer to purchase the solution through the channels that they want – New channels – beyond the traditional – Marketer provides fastest, least-expensive access – Successfully complete the sale – Ensure customer success through “the last mile” © 2010 Solution Marketing Strategies © 2010 p34
- 35. Ensure Alignment Throughout the Extended Enterprise Suppliers/ Back Front Customers Partners Office Office Tech, SI Manufacturing Marketing Partners Engineering Sales Service Goal: Customers get what they were promised How Do You Achieve This? – Consistent messages across entire company and ecosystem – Sales – longer sales cycles; solution training; specialized sales teams – Support from engineering/product management, services, tech support, consulting teams – Executive support © 2010 Solution Marketing Strategies © 2010 p35
- 36. Conclusion Discovery Discovery Strategy Strategy Market Solution – Technology adoption curve – Solution maturity – Segmentation – Solution portfolio, top solutions/use cases Segment size Growth Education & Engagement Solution relevance – Message – Personas/voice of the customer – Awareness, lead generation Business goals/challenges – Social media/inbound marketing Requirements – Sales enablement – Competition, SWOT Value Company – ROI models – Top industries, functions, use cases – Pricing – Revenue trends – Win/loss Access – Core competencies (e.g., technical) – Channel enablement © 2010 Solution Marketing Strategies © 2010 p36
- 37. Bibliography Dev, Chekitan S., and Don E. Schultz. 2005. “In the Mix” Marketing Management 14, no. 1: 16-22. Business Source Premier, EBSCOhost (accessed February 25, 2009). © 2010 Solution Marketing Strategies © 2010 p37
- 38. Thank You S.Robins [at] SolutionMKT [dot] com Steve Robins LinkedIn.com/in/SteveRobins1 Principal @SteveRobins Solution Marketing Strategies SolutionMarketingBlog.com SolutionMarketingStrategies.com www.SolutionMarketingStrategies.com © 2010 Solution Marketing Strategies © 2010 p38
- 39. Build a Winning Solution Marketing Strategy Steve Robins Principal Solution Marketing Strategies May 22, 2010 © Solution Marketing Strategies, 2010