Your Go-To-Market Strategy And How To Take The Client To The End With A Well-Oiled Sales Process.
Brian DeVaultSo then we talk about go to market strategy, our target customer. This is kind of a gut check for who you want your ideal customer to be as a company. Typically, organizations like to focus that around something like a vertical, but it can also very frequently be company size. It's probably not the SMB. SMBs have a tougher, time consuming, managed services and some other organizations. You want to create your target customer so that you have a focus for your sales force to go out and knock down some sales.
Brian DeVaultYou're creating your sales and marketing strategy around your product is important. Obviously the product is paramount there in you developing that strategy, so all these things are sort of prerequisites and dependencies on the previous items. In that marketing content, you can create some additional brochures or things that complement your product documentation. Product documentation itself is probably a little more technical in nature than what the marketing content is. With marketing content, you're looking for high level summary of benefits from the product and what it brings to the table.
Brian DeVaultAnd then branding, obviously productization of a service is a is a complex process that you go through. We've already gone through that process and we allow our white label partners and agents to just assume our branding. So we have product lines that we've attached to each of our managed service offerings that are essentially transparent to Netrio and to the customer so you can very will be you know technical partners inc vigilance or technical partners inc alliance. They can take any of our product brands and white label them with their mission, vision, value and logo and move directly to market.
Mike CromwellThat's important too because we both know Brian, you've got to make it easy and it's also one of the things it's time that would speed to market. If you want to develop that on your own capability in house, there's a whole lot of work that has to get done and it can be a 12 month difference in terms of the difference between doing white label with the right partner versus building your own capability can be a year, and given the market today, that's opportunity cost in terms of missing out on the land-grab that's going on right now.
Brian DeVaultThe whole thing is about speed to market. And really for our service providers, it's about expanding the portfolio of services they offer to include some of the things that we offer and with the ability to white label our documents that we've already got thirty six months in R&D and production to extend that capability to the partner is just very powerful.
Mike CromwellHow many documents, templates, pieces of content do you think Netrio has to date around this product that we hand over to a white label partner that's going to jump into the market knowing the product?
Brian DeVaultAcross the life cycle of these processes that we're going to outline today, including project management, onboarding and ongoing support of the clients, I'd say upwards of 50 different points in this process that will be used. But we'll make reference to some here in a minute as well when we get into the project management process.
Mike CromwellI'm going to dive into the sales components, which are certainly critical. And what we're going to do here, we're going to give the view of the process as if Netrio was going to take a client end-to-end itself without a partner engaged. Now I mentioned before, Netrio formerly had a direct sales focus, now Netrio is one hundred percent channel so, I show this because regardless of whether it's Netrio selling it direct or whether it's sold through a channel partner or whether so white label, the steps are all the same.
Mike CromwellAnd we certainly encourage our partners to follow these. But I broke the sales process in two parts, the first front end is where you qualify, educate and do the design for the solution you're going to present. In the steps there is obviously prospecting for the right client and dialing in that target market is key because you don't want to waste sales resources, time and you certainly don't want to take the solution into the wrong type of client, that's going to cost everybody a bunch of cycles.
Mike CromwellAnd then it's education for depend upon where the client is in their buyer's journey. Then it's assess and evaluate, help the customer define their requirements, nail down at least initial budgetary pricing, certainly under be in tune with what are the business drivers, financial outcomes that the client is trying to engineer to. And then, solution design, technical design as really that first part of the sales process. And once you get to the end of that, you've likely got a client that is far down the path you're engineering towards a proposal.
Mike CromwellAnd that leads us to the next steps which are proposed, negotiate and close. If you're looking at this as a sales process it would be six stages across the top for the purpose of keeping a high level we're condensing it here for you, but at this stage, it's finalize and tweak the proposal. It's an iterative process because you may start off thinking you're going to do one thing and through the education, defining requirements, working on the budget, you adjust the proposal accordingly. Then once you get to final design, then you're papering up the agreement, customer terms, conditions, any financial arrangements if, let's say if you get a procure hardware.
Mike CromwellYou then put together the final paperwork, which includes the order. And by the way all that can take place in six months for a large strategic deal that has hundreds of locations and it can be a lot shorter than that for the customer that wants to move fast. We're seeing a lot of that now. We've seen how many deals where customers are looking and three weeks later, they're moving forward. So they can move fast. And then what happens is paperwork's drawn up, and nirvana for any sales partner, whether you're an agent or selling it white label, Nirvana is whatever you agree to with the client, gets memorialized in the paperwork in the SOW and gets handed off in the form of a package, hopefully with as much complete as possible.
Identify Your Ideal Customer
Before you can get to the sales process for the MSP, we have to start with your go-to-market strategy. The first step of your go-to-market strategy will be identifying who your target audience is. Who is it that you want to be able to sell your services or products to? This critical step acts as a gut-check for your organization to know who you are speaking to and allow you to build the marketing strategy that works well for your desired partners. Typically, we see that organizations like to focus around certain verticals, but it can also very frequently be company size. The goal is to create your target customer so that you have a focus for your sales force to go out, know exactly who they are looking for, and successfully secure sales.
Creating a Marketing Strategy For Your Product
Creating an appropriate marketing strategy for your product is an extremely important step in your go-to-market strategy. The product is paramount in developing this strategy, and everything should be created with that in mind. Check out our other Whiteboard Wednesday Videos which focus on the prerequisites and dependencies that come before the go-to-market strategy.
When it is time to create marketing content, additional brochures or things that complement your product documentation will be vital. Product documentation itself is more technical in nature than what the marketing content is. For marketing content, focusing on a high-level summary of benefits from the product and what it brings to the table is a good place to start.
After the marketing content, branding, and productization of service come next, This is a complex process that your company will need to complete. At NETRIO, we have already completed this process and we allow our white label partners and agents to just utilize our branding. We have created product lines for each of our managed service offerings that are essentially transparent to the NETRIO customer. For example, a white label partner could be called Technical Partners Inc Vigilance or Technical Partners Inc Alliance. Essentially, they are able to take any of our product brands and white label with their mission, vision, value and logo and move directly to market.
The Sales Process
NETRIO utilizes Channel Partners for the sales process, but for this example, we are going to show how NETRIO would take a client through the sales process without a partner engaged. Regardless of whether it’s NETRIO selling it directly or whether it’s sold through a channel partner or the sole white label, the steps will remain the same.
The sales process can be broken up into two parts. The first front end is where you qualify, educate and do the design for the solution you’re going to present. Then it is time to educate the client based on where they are in the buyer’s journey. After that, it is time to assess and evaluate, help the customer define their requirements, and nail down the budget. This is a good time to revisit the clients goals and make sure you are aligned to deliver the desired outcome. After these steps, it is time to design the solution.
The second part of the sales process can be summarized as propose, negotiate, and close. During this stage, you are finalizing and tweaking the proposal. The first step is so important because it allows you to identify what needs to be buttoned up or changed to finalize the proposal. After the design is finalized, it is time to bring up the agreement, customer terms and conditions, and any previously discussed financial agreements. The paperwork is then drawn up and the SOW is created based on the terms discussed in the sales process.
The timeline of the sales process will vary dramatically. Depending on the size of the deal, it can take place in six months for a deal with hundreds of locations, or it can be a lot shorter than that for the customer that wants to move fast.
This blog post is part of NETRIO’s weekly White Board Wednesday series. Follow along on Linkedin and YouTube each week as Brian and Mike discuss use cases, new technology, and trends. The goal is to provide insights for enterprise customers and channel partners, trying to solve complex problems using technology.