The Power of Full-Stack Approach and Product Marketing in Winning the Market

Glasp

Hatched by Glasp

Jun 30, 2023

3 min read

0

The Power of Full-Stack Approach and Product Marketing in Winning the Market

Introduction:

In today's digital landscape, companies strive to create successful products by implementing various strategies. This article explores the differences between wireframes, mockups, and prototypes, as well as the story of how Qualtrics triumphed over SurveyMonkey through their unique approach to product marketing and a full-stack strategy.

Wireframes, Mockups, and Prototypes:

When it comes to web development and app design, wireframes serve as the skeleton or basic structure of a website or application. They provide a visual representation of the layout and functionality. On the other hand, prototypes offer a high-fidelity representation of an app, allowing users to interact with it as if it were the final product.

Product-Led Growth's Failure:

Despite having all the elements of modern go-to-market theory, SurveyMonkey failed to beat Qualtrics in the market. Qualtrics took a different approach by being full-stack, encompassing not only the basic survey tool but also visualizations and a services layer. This shift allowed Qualtrics to focus on selling outcomes rather than just software tools.

The Power of Full-Stack Approach:

Qualtrics strategically positioned itself as an experience management company rather than just a survey software provider. By doing so, they were able to target the C-suite directly, offering a comprehensive solution that included salespeople, process structuring, industry expertise, visualizations, and simplified narratives. This approach resonated with powerful enterprise buyers, ultimately leading to their success.

Product Marketing and the Sales Advantage:

Qualtrics invested significantly more in sales and marketing compared to SurveyMonkey. They recognized the importance of having a strong sales team that could effectively communicate the value of their product to potential customers. While SurveyMonkey focused on product features and growth loops, Qualtrics hired entry-level sales representatives who cold-called executives, emphasizing the importance of insights and experience management.

The Impact of Product Marketing:

Qualtrics' positioning and product marketing empowered their sales teams to win the market and satisfy customers. Despite having a more expensive product with similar capabilities to competitors, their unique approach allowed them to stand out. Even if SurveyMonkey replicated Qualtrics in every way, they would still likely lose because they are perceived as "just surveys."

Actionable Advice:

  • 1. Embrace a full-stack approach: Consider expanding your product offering to provide a comprehensive solution that meets customers' needs beyond the core functionality.
  • 2. Invest in product marketing: Build a strong sales team that can effectively communicate the value of your product and target decision-makers directly.
  • 3. Focus on selling outcomes: Shift your perspective from selling tools to selling the desired results and overall experience for customers.

Conclusion:

The story of Qualtrics and SurveyMonkey teaches us the importance of adopting a full-stack approach and investing in product marketing. By repositioning their offering, Qualtrics was able to appeal to powerful enterprise buyers and secure their position in the market. By implementing the actionable advice mentioned above, companies can increase their chances of success and generate great returns by focusing on what truly matters to customers.

Hatch New Ideas with Glasp AI 🐣

Glasp AI allows you to hatch new ideas based on your curated content. Let's curate and create with Glasp AI :)