36 hours of lectures on Product management in 25 Minutes

1. 36 hours of lectures on Product management in 25 Minutes

2. Most new products and services will fail … • they fail is because: • we get lost in the thick of thin things • we build products and services no one cares about • worse yet, product successes are getting smaller • too much incrementalism • formula driven marketing vs. inspired marketing Product Marketing Bryan Cassady

3. Building successful ideas and successful brands is hard work • A study by Nielsen 862 packaged goods promotions. 50% no impact, less than 1 in 10, plus 10% • 90% of new products fail • Few companies have proven their advertising works Product Marketing Bryan Cassady

4. My personal view on marketing • I think there are 3 types of marketers • Risk takers (they like the macho bit) • Risk reducers (they like getting house odds), but scare to act • Risk reducers ready to act… • A good marketer will build a strategy that increases odds of success from • 10% • to 20% • to 50% A great marketer will also do lots of stuff that fails Product Marketing Bryan Cassady

5. “Let’s make sure we follow the books…A typical Marketing MBA

6. An interesting book… Counterintuitive Marketing Studying brands in 48 categories

8. Out of 48 product categories, Brand Equity scores are: • Decreasing in 39 • Stable in 5 • Improving in only 4

9. M.B.A. stands for “Murderer of Brand Assets” In a connected world, little incremental steps are the slow death of a brand

10. “Learn not to be careful.”—Photographer Diane Arbus to her students (Careful = “The sidelines,” per Harriet Rubin in The Princessa)

11. Target ROI for a VC company

12. “Let’s make a dent in the universe.”Steve JobsApple Computer

13. 10 Class Summary Thoughts to leave with

14. 1 Meaningful differentiation Is there something that makes you special Normal = nothing !

15. 3 Laws of meaningful differentiation • Law # 1: An overt benefit • 1 maybe, 2 things better than anyone • Law # 2: Real reason to believe • Credible, honest, memorable • Law # 3: DRAMATIC difference • Not itsy bitsy differences, but something that sticks in people’s brains Example: Student applications and the 10,000 pound cookie Product Marketing Bryan Cassady

16. Dramatic Difference is a the best predictor of success Dr. Robert Cooper Factors of Successful New Products #1 Unique Benefit (Dramatic Difference) #2 Fit with Company (Resources, skills, abilities) #3 Large &/or Growing Market McMaster University Hamilton, Ontario, Canada 218 142 100

17. 2 Clarity in communication Your advertising needs to be as good as your best salesman

18. Every day YOU are bombarded by up to 4,000 ads

19. Quick test...What is it?

20. Clarity Confusion is not a good strategy for success.

21. Golden Rule of Clarity Let a customer say NO because what you offer doesn’t apply to them. But NEVER let a customer say NO because they don’t understand what you’re offering.

22. Overt Benefit Level Probability of Success Low Overt Benefit 13% Medium Overt Benefit 26% High Overt Benefit 38% First Law of Marketing Physicssource: 2002 Eureka! Institute • Overt Benefit • You TRIPLE the effectiveness of • your marketing efforts by OVERTLY • communicating your customer benefit Product Marketing Bryan Cassady

23. Reason To Believe Story 3 Chefs - 3 Years - World Cooking Competition Medalists

24. 3 Everything Sells Are you offering, value, innovation or service(you need to choose ! )

25. Everything you do with a brand is selling…

26. 1 + 1 + 1 + 1 = Beauty1 + 1 + 1 + 0 = Failure

27. What… Good Marketing is about [part 1] Dramatic differences Clarity in communication Everything Selling

28. 4 Be Real Candor Counts !

29. Why Candor counts… • People want authentic brands • They don’t trust advertising • 93% of consumers do not have confidence in the advertising messages of major corporations. (Yankelovic) • Hated brands can win ! (polarization is good !) • Build a brand consumer hate, and there is a good chance you’ll build your bank account Product Marketing Bryan Cassady

30. If you lie, consumers will punish you. (Dell Hell = 366,000 hits !)

31. 5 Be connected Good advertising = nice Good word of mouth = Great !

32. The Law of 250 • Every person knows at least 250 other people. • Each of your contacts knows at least 250 people. So that’s 62,500 at your 2nd level. • Each of your 2nd level contacts knows 250 people - and that’s over 15,000,000 Product Marketing Bryan Cassady

33. Corollary to Law of 250 • It is typically not your first level contact that eventually hires you - in fact, you’ll probably find that the hiring contact may be 2, 3 or 4 levels deep. • Some sociologists have found that “acquaintances are more likely than family members to give individuals direct information and to recommend them for opportunities.” (Mark Granovetter, “The Strength of Weak Ties” Product Marketing Bryan Cassady

34. These are the contacts likely Key to most success You 4 Layers of Separation Level 2 Contact Level 3 Contact Level 4 Contact Level 1 Contact Your Friend Alice Alice’s Uncle Bill Bill’s Friend Carol Carol’s Boss David

35. Gain exposure to the envelope of serendipity: go to parties

36. 6 Don’t be fooled by the experts ! Develop gut feelings Talk to non-experts

37. Wisdom of crowds in action • Who Wants to Be a Millionaire? 15 questions = $ 1 million Phone a friend vs Audience 61% vs 91% accuracy Product Marketing Bryan Cassady

38. An example • What makes new products successful • A better product • Market potential • Market synergy All the things covered in the article, winners and losers… Product Marketing Bryan Cassady

39. Yes Yes Source: New products what separates winners from losers Cooper & Kleinschmidt 2 out of 10 real differences, the rest statistically significant

40. Personal opinion:All the success criteria identified in the winners/losers article are relevant. But what makes a product a success isAn exceptionally high score on 1 criteria or more likely…A good score on a range of criteria

41. 7 Have fun If you enjoy what you do… you’re likely to do it well If you believe you’ll do it even better

42. • Increase the quality of life • Right a wrong • Prevent the end of something good

43. 8 Expand your horizons Good marketing is about business and people. Understanding business is easy… understanding people takes lifetime

44. Make it your job to learn • What you should be learning… • Organizational behavior • Psychology • Design • Collect stuff • Cool advertising • Great product ideas • Beautiful design Product Marketing Bryan Cassady

45. Fun Re-imagine The Cluetrain Manifesto All marketers are liars Paradigms Funky business Influence: The Psychology of Persuasion A Mind of Its Own: How Your Brain Distorts and Deceives Quasi-Academic The Black Swan or Fooled by Randomness Linked Academic Judgment Under Uncertainty: Heuristics and Biases The Difference: How the Power of Diversity Creates Better Groups, Firms, Schools, and Societies Not fun, but worth reading The Pyramid Principle A few good books Product Marketing Bryan Cassady

46. But remember…Your education is what you remember long after what you have been taught is forgotten…Make it yours, make it fun …

47. Good Marketing is about [part 2] How… What… Be Real Be connected Don’t be fooled Have fun Learn Dramatic differences Clarity in communication Everything Selling

48. 9 Share of customer Never think you own your customer… you earn them every day

49. A traditional view of the market Product Marketing Bryan Cassady

50. The reality "Our buyers" Product Marketing Bryan Cassady