Our expert practitioner today is a Chief Technology Officer who knows a thing or two about the science of understanding buyer behavior to accomplish a product-market fit. To follow along, download our 10th annual workbook, How to Make Your Number in 2017. Turn to the Product Strategy section and flip to the Product-to-Market phase on pages 126 – 129 of the PDF.
This is a very exciting show today because we get to speak to an executive who has led product development teams who have delivered products that fly off the shelves, literally. It’s no coincidence that success has followed our featured guest who leads the product development team that has powered the technology success story, BeyondTrust. Furthermore, I’ve seen firsthand how today’s guest interlocks with functional peers and sales, and marketing to achieve the corporate goals.
Making the number can be tough at times for sales and marketing leaders. It’s even harder when you don’t have a partner in the product team that’s giving you products that people want to buy. If you’re interested to learn more about how product development and sales can work better together to make your number, this show is for you.
Today’s topic is a demonstration of how to understand buyer behavior to accomplish a product to market fit. Joining us for this demonstration is Brad Hibbert, the Chief Technology Officer for BeyondTrust. In the world we live today, all organizations struggle with protecting their technology environments from external attackers or insiders misusing or abusing the privileges. Brad and his team built a platform that enables companies to have proactive ways to reduce the attack surface across assets through Privileged Account Management and Vulnerability Management. Then, if bad things do happen, BeyondTrust provide mechanisms to quickly respond and mitigate or contain those breaches. BeyondTrust’s security solutions are trusted by over 4,000 customers worldwide, including half of the Fortune 100.
Brad is uniquely qualified to demonstrate how to understand buyer to accomplish a product-to-market fit. His team is responsible for everything from product strategy, to product management, to product engineering. Product strategy is about talking to customers, understanding what we need to build. Product management is how we’re going to actually execute against those product strategies. Product engineering is delivering those capabilities to market, and then providing product support to make sure we build those relationships with customers over time. I have seen first-hand how Brad interlocks with sales and marketing to provide products that customers can’t live without.
Watch as Brad and I dive deep into the process for understanding buyer behavior to establish a strong product-to-market fit. We begin by providing context to the audience on the problem that BeyondTrust is trying to solve. In the use-case we discuss how to observe the problem and produce evidence of the problem. From there, we connect the product to the problem by identifying how the product solves that problem and the benefits that will motivate customers will buy.
Why this topic? Revenue growth will disappoint if your products do not address an urgent problem of a specific buyer that he or she is willing to pay to fix. And your product must do this better than the alternatives. Sometimes product leaders build products that produce customer benefits that don’t address the buyer’s evaluation criteria. This results in poor win rates, wasted resources and poor revenue performance.
In the second segment of the show we discuss how to prioritize which buyer problems are worth solving. This involves a deep understanding of how buyers are already investing time, energy and money to solve the problem. Finally, Brad walks us through how competitive solutions solve the buyer’s problem, and how we beat the competition. This is an area where Brad’s advice is a must watch for product, marketing and sales leaders to interlock.
The final segment of the show involves how to test the product-market fit within sub-markets. Brad describes the approach to testing and how to understand how buyers are adopting your products and features. We wrap up the show discussing how these insights help to guide the product management process and even help sales forecasting.
If you would like to spend time with me on this topic, come see me in Dallas at The Studio, SBI’s multimillion dollar, one-of-a-kind, state-of-the-art executive briefing center. Bring your executive team, particularly your product, marketing and sales leadership in for a workshop. Sessions at The Studio are experiential and are designed around the principles of interactive exercises, hands-on innovation, and peer-to-peer collaboration. The Studio is a safe-haven for learning and after just a few days clients leave with confidence and clarity on how your product road-map can help you grow more revenue.