How product marketers can get a seat at the pricing table

Transcript

1. Contents of this presentation are confidential.
   HOW PRODUCT
   MARKETERS CAN
   GET A SEAT AT THE
   PRICING TABLE
   Axel Kirstetter, VP Product Marketing,
   Content Marketing, Pricing
   March 21, 2019
   Product Marketing Summit
   

   View Slide

2. 2
   AGENDA
   • Pricing ownership
   • What is pricing
   • Areas PMM can influence pricing
   • Starting with pricing in your org
   • Summary
   • Polling, QnA - Use Sli.do - #PMM
   

   View Slide

3. Pricing ownership
   

   View Slide

4. 4
   POLL #1
   Who owns pricing in your organization
   - Finance
   - Product
   - Sales
   - Marketing
   - Other
   Join the conversation: Sli.do - #PMM – to respond to the poll and ask questions
   

   View Slide

5. What is pricing
   

   View Slide

6. 6
   PRICING IN CONTEXT
   Product
   All about the
   offering
   Promotion
   How are benefits
   communicated
   and buyers
   enticed
   Place
   Channel to
   market choices
   Price
   Cost buyers are
   willing to pay
   Process
   Systems and
   processes that
   bring 4Ps
   together
   People
   Intellectual
   Capital behind 4
   Ps
   Price is to be seen
   alongside 4 Ps
   Applies to B2C and
   B2B
   Marketing
   Mix
   

   View Slide

7. 7
   PRICING IN ACTION
   Cost
   Structure
   Sales
   Promotion
   Positioning
   Pricing
   Policy
   Monetization
   Type
   Competitive
   Pricing
   Different pricing
   according stage
   (early, growth,
   mature)
   Pricing ≠ deal
   making
   Pricing
   

   View Slide

8. Areas PMM can influence
   

   View Slide

9. ASSETS TOUCHED ON BY PMM
   Prospect Lead Close
   Consideration Research Selection Purchase Delivery
   Awareness
   Search Engine
   Marketing (Organic &
   Paid)
   Vertical Search Engine
   Marketing (Organic &
   Paid)
   Trade/Industry Events
   Partner Assets
   Community Programs
   Research analyst
   Events
   Technical Exchanges
   Marketing Promotions
   Contextual Banner
   Marketing
   Speaking Engagement
   Website
   Micro Site
   Social Networks
   Partner
   Events/Programs
   Blogs(Topical and
   Industry)
   Webinars/Webcasts(bra
   nd & partner)
   Viral Marketing
   Online media Programs
   Online media
   Programs(industry-
   specific)
   Sales Guide
   Playbook containing best practices, strategies, resources, references and guided-selling processes
   Demos
   Case Studios
   Whitepapers
   Analyst Reports
   Competitive Analyses
   Product Data and
   Factsheets
   Technical and
   Architectural Papers
   Application Scenarios
   and Journal Articles
   Company Brochure
   Service Collateral
   Partner Collateral
   Trials
   Customer Reference
   Program
   Community Programs
   Analyst Reports
   Executive
   Sponsor/Briefing
   Customer Advisory
   board
   User Group Programs
   AFIs/RFPs Customer Reference
   Program
   Customer advisory
   Board
   WW, Regional and
   Local User Events
   Training and
   Educational Programs
   Installation, Service and
   Support Programs
   Contracts
   Pricing
   Customer
   References
   Customer Advisory
   Board
   

   View Slide

10. 10
    PRICING TOUCHPOINTS
    Audience
    Insight
    Buyer
    Research
    Funnel
    Mgmt.
    Proposal &
    Packaging
    Mgmt.
    Performance
    Reporting
    Influencer
    Mgmt.
    PMM
    

    View Slide

11. Tools
    • Willingness to pay analysis
    • Market sizing
    • Opportunity definition
    • Trade-offs / preferences
    1
    Audience Insight
    TOOLS & ACTIVATION
    AUDIENCE INSIGHT
    • Profit / Revenue Maximization
    • Go / No-go decision
    • Business case development
    • Packaging / Tiering
    Activation
    Audience Insight
    Path to success Create your own research community
    • via panel management vendors
    • customer success department
    • or user experience management process
    

    View Slide

12. 12
    EXAMPLE
    

    View Slide

13. Tools
    • Persona Definition
    • Segmentation
    • Value perception
    2
    Buyer research
    TOOLS & ACTIVATION
    BUYER RESEARCH
    • Value Persona
    • Website content
    • Buying journey mapping
    Activation
    Buyer Research
    Path to success
    Update persona documents annually
    • via field research
    • conduct win/loss interviews
    • Validate with CRM data
    • Validate with sales reps and customer success reps
    

    View Slide

14. 14
    EXAMPLE
    Reference: https://www.priceintelligently.com/blog/quantified-buyer-personas
    

    View Slide

15. Tools
    • MQL / SAL
    • Trial / conversion
    • PQL
    3
    Funnel management
    TOOLS & ACTIVATION
    FUNNEL MANAGEMENT
    • Website purchasing journey
    • A/B testing
    Activation
    Funnel management
    Path to success • Work with digital teams
    • to map buyer persona and stages in web page conversions
    • in buying journey ensuring ongoing feedback around drop-off
    • Test pricing and price point communications at different point in journey
    

    View Slide

16. 16
    EXAMPLE
    Source: https://www.slideshare.net/Aptrinsic/accelerate-growth-with-product-qualified-leads-pqls
    

    View Slide

17. 17
    POLL #2
    What is current pricing situation like. Do you experience:
    - Pricing power
    - Pricing presence
    - Pricing pressure
    Join the conversation: Sli.do - #PMM – to respond to the poll and ask questions
    

    View Slide

18. Tools
    • Proposal
    • SOW
    • Packaging
    • Add-ons
    • Promotions
    • Discount
    4
    P & P Mgmt
    TOOLS & ACTIVATION
    PROPOSAL AND PACKAGING MANAGEMENT
    Work with:
    - Marcoms team on design
    - Product team on packaging
    - Legal on SOW
    - Finance on rev. rec. impact
    Activation
    P & P mgmt
    Path to success
    Redevelop proposal
    • Turn it from Word doc to PPT or Infographic
    • Write intro paragraphs for Sales
    • Positioning to match proposal to match SOW
    •
    

    View Slide

19. 19
    EXAMPLE
    

    View Slide

20. Tools
    • Win/losses
    • Avg Ticket price by cohort, term,
    competitor, territory
    5
    Performance Report
    TOOLS & ACTIVATION
    PERFORMANCE REPORTING
    • Quarterly Business Review
    • Steering committee
    • Dashboard
    Activation
    Performance Report
    Path to success Every month spend 4 hrs going through CRM:
    • Analyze the data in CRM
    • Create quarterly review of facts and figures and overall performance levels
    • Review with your steering committee made up of sales, PM, Finance
    

    View Slide

21. 21
    EXAMPLE
    

    View Slide

22. Tools
    • Analysts
    • Blogger
    • Influencers
    6
    Influencer mgmt
    TOOLS & ACTIVATION
    INFLUENCER MANAGEMENT
    • Source of competitive intel
    • Data, facts and figures
    • Offers
    Activation
    Influencer mgmt
    Path to success
    Identify top 3 opinion-makers in your space. Ask them
    • About your company’s value reputation and where it comes from
    • Price benchmarks for offering / industry
    • Substitutes offerings
    

    View Slide

23. 23
    EXAMPLE
    Source: https://www.prmention.com/blog/heres-how-to-rule-media-with-this-influencer-marketing-strategy/
    

    View Slide

24. 24
    POLL #3
    Which area will you attempt to influence going forward?
    - Audience Insight
    - Buyer Research
    - Funnel Management
    - Proposal & Packaging Management
    - Performance Reporting
    - Influencer Management
    Join the conversation: Sli.do - #PMM – to respond to the poll and ask questions
    

    View Slide

25. Starting with pricing in your organization
    

    View Slide

26. 26
    DISCOVER VALUE FOR YOUR OFFERING IN YOUR ORGANIZATION
    1. Conduct qualitative interviews to identify value
    1. Conduct win/loss interview. Pick the ones that were lost due to price
    2. Listen for common value proposition challenges
    2. Conduct quantitative study [A] to identify feature preference by segment
    1. Qualify in and target right audience
    2. Ask which value proposition works best
    3. Ask for relative feature preference OR ask for pain point trade-off
    3. Conduct quantitative study [B] to identify price point
    1. Screen audience (ask the right audience)
    2. Show video, screenshots, testimonial, description of offerings
    3. Ask what price points someone would pay for offering
    

    View Slide

27. Summary
    

    View Slide

28. 28
    PMM OWNERSHIP OF PRICING
    Prospect Lead Close
    Consideration Research Selection Purchase Delivery
    Awareness
    Search Engine
    Marketing (Organic &
    Paid)
    Research analyst
    Events
    Marketing Promotions
    Website
    Micro Site
    Competitive Analyses Trials
    Community Programs
    User Group Programs
    Installation, Service and
    Support Programs
    Contracts
    Pricing
    Sales Guide
    Playbook containing best practices, strategies, resources, references and guided-selling processes
    PMM ownership
    Path to success
    · Persona definition · Website content · Email design
    · Campaign content · A/B testing · Proposal creation
    · Quarterly business review · ROI calculator
    · Customer interviews / case studies
    

    View Slide

29. QnA
    +@axlki
    

    View Slide