526: 5 Ways Product Marketing Impacts Growth w/ Rachel Krug

ABOUT THIS EPISODE

Description: In this episode we talk to Rachel Krug, Director of Product Marketing at Right Networks.

There's a ton of noise out there. So how do you get decision makers to pay attention to your brand? Start a podcast and invite your ideal clients to be guests on your show. Learn more at sweet fish Mediacom. You're listening to the BAB growth show, a podcast dedicated to helping be tob executives achieve explosive growth. Whether you're looking for techniques and strategies or tools and resources, you've come to the right place. I'm James Carberry and I'm Jonathan Green. Let's get into the show. Welcome back to the B tob growth show. We are here today with Rachel pruge. She is the director of product marketing at right networks. Rachel, how you doing today? Good. Thanks for having me, James. I am really excited to have you. We're going to be talking today, Rachel, about why product marketing matters for growth, and you've got five specific points that that we're going to be talking about. But before we get into those today, Rachel, I'd love for you...

...to explain to our listeners what right networks is and what you're in your team are up to over there. Sure, right networks is a company that takes desktop and legacy accounting applications and move them to the cloud so that DPA firms accounting professionals can connect with SMB clients, share data build better relationships. We really enable accounting software to move to the cloud. I love it so so, Rachel, in your role you know a thing or two about product marketing and and we're going to be focusing this interview on you know why Product Marketing Matters for growth, and the first thing we're going to be talking about is positioning. Can you talk to us a little bit about that? Sure. So, positioning is defined as the place a brand occupies in the mind of its target audience, and a marketing strategy that works and enables growth aims to make a brand occupy that distinct position relative to competing by brands in the mind...

...of the customer. So, for example, at rate networks, I position us as a trusted partner to seepa firms, accounting professionals and small businesses, which is really different than our competitors. We are the market leader in cloud hosting for quick books, desktop and other accounting based applications because we understand our customers needs more deeply than other people and we realize that promise through a solutions oriented sales team and enhanced on boarding experience and unparalleled technical support. So I think not only is it is it positioning and kind of where you want the brand to stand in your prospects and customers mind, but then is living into that vision through how you interact with prospects, how you interact with new customers and how you support existing customers through their life cycle. Got It, and so that positioning was really was it was that established by you as the product marketer on the team. That's correct. So to establish that positioning, I...

...pulled together stakeholders from customer success, sales operations a product to really dig into what it is that right networks does and why we're different. So it was certainly collaborative and group process. We spend about five hours together, honestly, in a workshop type format, and then I came away from that workshop with key takeaways distilled it into our value proposition and dart pillars so that we all on the same page about how we talked about networks and what it was that we were really doing. Love it. I love it, okay. So so, moving past positioning, the other thing that is is crucial for growth. That falls in the kind of in the product marketers wheelhouse is competitive intelligence. Can you talk to us about that? Sure? So competitive intelligence is another key task of a product marketer that also enables the drivers of growth, acquisition, retention and revenue. In my experience it's pretty clear competition never stand...

...still and other companies are always exploring new initiatives which you need to anticipate and at times mitigate. For example, I was at a small college in Hampshire. You know as a previous work experience, Franklin Pierce University and there was a constant price war going on between competing universities to win student deposits after they were accepted for admission. So you'd accept the student for admission to Franklin Pierce, but then you know another college would offer them more financial aid and there's really this competitive dynamic going on. So I hoped the team come up with value based messaging and new academic programs to entice the students to come to the college for value, like helping to start the school's First Health Sciences Program. Okay, that makes a lot of sense. This this third piece, Rachel, that we're going to they we're going to talk about is is messaging. What's the product marketers role as it relates to messaging? So the product marketer...

...does the positioning, they do the key messages then work with the team to make those messages customer facing. And in my experience in product marketing it is always dramatically impactful for growth how you how you state your message. So I have ample experience running a b tests and you know, I've seen just a tweak in one or two words have a dramatic impact on something like a click through rate, which, you know, depending on your product, might be something on your website that's creating a lead or click through rate might be a step in your product that you're trying to get more people to do. So really just how you're encouraging people through that funnel, through your through the product journey, and how you're talking to them makes a huge difference. Okay, and and is that? Is that messaging? Yeah, I'm assuming that that messaging is is happening across several channels. It's the messaging that's that's going out,...

...you know, via the email to users. It's the kind of the the INAPP messaging is or is there a specific channel that you're referring to. Know, you're right that it's multiple channels and I think the job of the product marketers to keep that message consistent across the channels. For example, at right networks we have messaging on our website, we do email communications with customers, we have a solutions oriented sales team that talks to prospects. So keeping people aligned on on that value prop how we are that positioning and then, you know, what are the key messages that we want to be communicating to prospects and customers, again, really so that we make sure that they're going to find value in our product, that they are finding value in our product. So, Rachel, This fourth piece that we're going to dive into today has to do specifically with driving revenue, and there are obviously a lot of different ways that are product marketer can do this, but can you talk to us about what what this looks like for you and share the example that that...

...we talked about offline, for how you know how a product marker specifically drive revenue? Sure, so, I think that so the growth levers acquisition, retention revenue. In terms of revenue, I think there's a couple things that products marketing can be thinking about. The first is to make sure that the the offer for your prospects has value for them. So it does it have the right features, the right benefits that is really going to entice people to buy that product. Then you know, once you've established your product, how do you package it? So is there an opportunity to put higher value features in in a higher value package? And really, then how do you price it? So I'm pricing is, I think, a critical growth lever that at times can be overlooked by companies. So so what is the right price for that understanding? You know, are you a value brand? Are you...

...a bargain brand? How does that how does that work with your with your prospects customers, so that that's your core offer, I'd say. Then I think another way that product marketing can add value by providing companies with revenue is thinking of additional offers that make sense for your customers. So is there a certain segment in your customer base that might benefit from a partner offer? And and just really always keeping in mind that you want to be offering a core product that has value and then any other adjacent products that really have value for your customers. And who are you work who else are you working with on the team to come up with those things that you know that are that are really focused on driving or every there's that fall primarily under your product marketing team. Are you working closely with other folks on making those calls? So I think it's at right networks. It's certainly a really collaborative effort between sales, marketing and customer success. So it is a group effort, but team at...

...right networks. That, you know, supports our efforts in in content, customer communications, operations and partnerships. And this last piece that we're going to be talking about today, this role of the product marketer as it as it relates to growth, is really the product marketers ability to influence the product road map. Can you talk to us about that? Sure? So that ties into our last point where we were talking about, you know, revenue and features of our product. I think that as a product marketer is really in touch with prospects and their needs. They hear things about market dynamics or market needs that evolve over time and can communicate those needs to a product owner who can then put them on a fields. So I think that, you know, a product marketer is in touch with their prospects. They collect data around what features are relevant for prospects and then and then use that data to influence...

...a product roadmap to really be building the best product they can be. Rachel, this has been fantastic. We had not talked about product marketing a whole lot on the show and so I really appreciate you diving into it with us today. If there's somebody listening and they want to stay connected with you or they want to learn more about right networks, what's the best way for them to go about doing that? So, to learn more about right networks, feel free to visit our website, www dot right networkscom. To connect with me to learn more about product marketing and growth. Please do so on Linkedin. It's Rachel Kruk, and then I also have a twitter at Rachel a cruke. Love it awesome. Rachel, thank you so much for your time today. I really appreciate it. Thank you, James. By to ensure that you never miss an episode of the B Tob Growth Show, subscribe to the show in Itunes or your favorite podcast player. This guarantees that every episode will get delivered directly to your device. If you'd like to connect with B...

...tob executives from all over the world, make sure to join our private facebook community. There are some incredible conversations happening inside this group. To Join, Visit Bob Growth Showcom FB. Thank you so much for listening. Until next done.

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