Mark Sutton on Bringing a Tech Product to Market @ techSAV lunchfunction 101

Mark Sutton has started, grown and led (for profit) SaaS based technology companies that provide fundraising technology to Non-Profit Organizations. This session will focus on the tactics used in bringing these products to market: Go to Market execution, getting your first sales, refining product-market fit, finding your ideal customer profile (ICP), sales vs marketing – where to spend $, LTV and CAC in the early days and other realities of brining B2B2C technology products to market.

Transcript

1. Go To Market Tactics & Strategies B2B Product Rollout & Ongoing Efforts
2. Mark Sutton Mark@hullspeeddesigns.com
3. Peer to Peer Fundraising for Non-profit Organizations
4. Go to Market 30,000’ View • Product Market Fit • Prospect interviews • Beta sales • Started Selling • 1 on 1 sales • List mining • Database selling • Started Marketing • Targeted Account Based Marketing • Inbound & Content • Advertising & Promotion
5. Finding Product Market Fit – Test your hypothesis • Understand the customer Pain vs Gain? i.e. time & efficiencies vs raise more $ • Understand the BENEFIT provided: cost savings, time savings, adding a new capability • Focus - Which customer type to focus on – calls/meetings with various prospect types to really understand where the fit is and how you will focus/target. • Ask for $ - Until you do, you won’t understand the real objections Needed to provide tangible and repeatable value to customers. Rinse. Repeat.
6. So, we selected Non-Profit Organizations as the focus. And ignored the rest. We could only focus on one. We then proceeded to talk to as many Non-Profits as possible. We wanted to understand which were the best fit.
7. Messaging & Positioning – What it does vs How it works • What is it? Frame the category • Online peer-to-peer fundraising • What does it do? • Zero in on the Use Cases • What it does vs how it works • Simple & understandable • What is the Benefit • For FG: Easy to use fundraising tools We are launching XYZ and are looking to learn more about the needs of the market and to get some honest feedback and input on what we have built. Could we schedule some time where I can show this to you and get your guidance. • Which one is yours? • Easy, Most Configurable, Inexpensive, Fastest, Most Reliable, Best Support • Understand the competitor’s strengths and weaknesses • Where do you win? • Build ‘battle cards Focus vs Broad • Craft you demo flow
8. FirstGiving is an online fundraising platform that enables your fundraisers to register, form teams and raise more. It’s super easy for your NPO and is priced so you only pay when you succeed.
9. Big Customers vs Markets • Distinguish bell weathers vs frustrated product managers • Build the product for markets not (single) customers • Expand to ‘like’ customer sets - Type & Geography • Core sample - Once you find the veins of ore, call into these to validate. Then get lists. Now the fun starts. VS. Have a product ethos, find and follow the bell weathers.
10. Define your Ideal Customer Profile (ICP) • Use Cases • Vertical • Size • Why you win • Buyer Persona FORCE FOCUS. Say ‘No’ (for now) to non-ICP. Example: • NPOs who run P2P events (walks, rides, runs, any athon event • Medical/Health, Animal Shelters/Rights, Human Services • $100k - $5m in annual operating budget • Easy to use – no tech knowledge required, Reasonably priced ($300/year plus 5% trans fee), 80% of functionality of more expensive versions Next Step: Go get your ICP Lists & Engage them
12. List Mining Playbook 1. Identify groupings of ICP prospects • Directories, advanced google searches, conference lists, etc… 2. Directories, google advanced searches, Competitor customers 3. Walk thru process to map out what you need captured • Create instructions - Exact titles, no info@ email addresses, event month, event type • .xls spreadsheet to be populated • Get 50 records back for accuracy (make tweaks if necessary) & Procced 4. Send Intro email with clear opt-out action 5. Add to CRM & Marketing Platform - Basis for calling and nurture campaigns 6. Prioritize prospects who open emails or click links Offshore ICP Customer Lists Creation
15. Sales & Marketing Tools Used
16. Marketing KPIs Understand what is working and what isn’t Super easy to spend marketing $ quickly – not easy to see corresponding revenue lifts
17. Sales Observations • Building the sales function: 1) Find a great sales rep (or 2 if $ permits) 2) Hire BDRs to get more out of these sales reps 3) Hire another great sales rep • Find people with a nose for revenue vs. process diligence • Sales: Don’t Educate – find those who understand • Sales should have a strong influence in messaging/positioning • Sales rep KPIs: Opportunities created, Pipeline, Bookings, Revenue • Needed materials and resources for selling to the BoD or senior level • Inertia is a tough competitor - find ways to create urgency • Customers seem to move quicker to remove ‘pain than’ add ‘gain’
18. Thank you! Mark Sutton mark@hullspeeddesigns.com m.sutton@scorevolunteer.org