In selling software as a service to a global law firm who should a PM speak to
Buyers, Users, B2B >>> In selling software as a service to a global law firm who should a PM speak to >>> The Business of Product Management I
1.
Question 1
In selling software-as-a-service to a global law firm, who should a PM speak to? (Select all that apply.)
1 / 1 point
Speaking with the CIO can make him an advocate of your product
The executive committee
Speaking with the executive committee can give you the political power to purchase your product
The regional IT department heads
Speaking with the regional IT department heads can make them advocates of your product
The finance committee
Speaking with the finance committee can give you insight into what sort of cost savings your product represents
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8.
Question 8
Answer the remaining questions based on this case study:
Famous cybersecurity researcher Brian Krebs alerted a city’s officials of ransomware being deployed on their network. According to Brian, “My call was transferred to three different people [in city IT], none of whom seemed eager to act on the information. Eventually, I was routed to the non-emergency line for the city’s police department. That call went straight to voicemail.”
This indicates:
1 / 1 point
Brian Krebs did not understand the city’s customer journey
Brian Krebs did not reach out to enough decisionmakers to sway a purchase decision
Brian Krebs did not overcome the tendency of city officials to prioritize trivial matters
Brian Krebs did not demonstrate enough elements of value
Correct! The city officials were exhibiting bikeshedding, and allowing a complex issue blossom into an emergency.
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2.
Question 2
In 2018, Justin Kang (who founded the B2C company Twitch.tv and sold it to Amazon for $1 billion) wrote “B2B Customers know what they want, while B2C products are a shot in the dark” and “B2B Customers will actually pay for your products.” During the time he wrote this, he founded B2B startup Atrium Law, which offered subscription corporate legal services and attracted $75 million in funding. By comparing Justin Kang’s writings to Nancy’s lecture, we can reasonably infer:
1 point
Justin Kang understands what makes B2C products successful
B2C companies make more money than B2B companies
Atrium Law is successful
Atrium Law has failed
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9.
Question 9
15 days later, the cybercriminals activated the ransomware. As a result, the city’s mayor told the local news that the city’s computer systems were down, but there was no indication of ransomware.
This indicates (select all that apply):
1 / 1 point
The police never informed the mayor of Brian Krebs’ tip
Likely. Or else why would the mayor be uninformed?
The 3 people Brian Krebs initially called never informed the mayor of Brian Krebs’ tip
Likely. Or else why would the mayor be uninformed?
The mayor was adequately prepared to speak to the press
A window of time existed for action, but that window had closed
15 days to attack the ransomware
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3.
Question 3
According to Bain & Co., what is the best way to drive business-to-business sales?
1 / 1 point
Deliver a product on time and under budget
Listen to the customer
Focus on doing one thing well
Deliver a product that provides value in multiple ways
Correct! This is the concept behind Bain’s Elements of Value pyramid.
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6.
Question 6
According to Bain & Co., what is a good way to distinguish your product in the minds of B2B customers?
1 / 1 point
Remove middlemen to require direct customer interaction with you
Copy competitors’ features your product lacks
Ask existing customers for positive social media mentions
Hire Bain & Co.
Correct! Bain recommends PMs directly interact with customers.
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7.
Question 7
What is the best way to create a customer journey map for business-to-business sales?
1 / 1 point
Study competitors’ products and their value differentiation
Study the potential customers’ decisionmakers and their different objectives
Study the past decisions of similar customers
Study user pain points by using your own product
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10.
Question 10
4 days after the mayor’s initial statement, the mayor admitted that the city’s systems were infected with the ransomware, and the city was working to pay the ransom.
This indicates (select all that apply):
1 / 1 point
City officials engaged in bikeshedding
Correct! Bikeshedding is prioritizing trivial, easy-to-understand work while ignoring complex issues that blow up into emergencies. This is a tendency that enterprise PMs often encounter with their customers and must overcome.
The city needs to perform more work at higher cost than if they acted earlier
Correct! This is one of the results of bikeshedding.
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4.
Question 4
According to Bain & Co., how many elements of business-to-business value are there?
1 / 1 point
1. Just product quality.
6
40
Potentially infinite
Correct! There are 40 elements of value, according to Bain
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5.
Question 5
According to Bain & Co., how many elements of business-to-business value are most needed to lock-in repeat purchases?
1 / 1 point
40
6 or more
More than your competitors
What is Bain talking about?
Correct! This raises repurchase intention from 21% to 43%, according to Bain.