Marketing Strategy For New Product Example

Marketing Strategy For New Product Example – With the rise of a customer-centric approach, B2B and B2C companies have begun to see the product as their most important asset. As a result, product marketing is becoming increasingly important.

In fact, only 5% of product marketers believe their role is fully understood, according to the Product Marketing Alliance’s State of Product Marketing Report.

Marketing Strategy For New Product Example

Well, this explains why the internet is full of articles trying to explain what product marketing is.

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Is a strategic process of product promotion and sales to the customer. Product marketing is also the link between product development and increasing product awareness in the market.

Product-oriented marketing works with cross-functional teams: product, marketing, sales, and customer support to improve the product and ensure it meets the expectations of the go-to-market groups.

This may be one of the most frequently asked questions on this topic. How can a small word change the marketing category?

Michael Shipper, who spent 18 years at Google as a product marketing manager (PMM) for mobile ads, had this to say about the definition of product marketing:

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Having worked in software and digital for a long time, the product in that space is almost like a building that is constantly under construction. It’s not over yet, there are always improvements that can be made, and I think that’s what differentiates product marketing from other types of marketing.Michael Shipper

Although “just marketing” is also incredibly dynamic, it shows a more general view of the company’s strategy for increasing traffic and sales. Within the “conventional” approach, marketing campaigns always promote the company as a whole.

Product marketing, on the other hand, prioritizes the strategic process of product development and positioning in order to promote it and increase demand among target audiences.

The scope of product marketing is more specific and as a result, is very closely related to customer support and salespeople.

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What about product management? If product management and product marketing teams are the same as product development, what’s the difference?

You could say that product management focuses on product engineering, while the primary outcome of product marketing is customer success.

Oversees product development by guiding it through the development process and providing regular advice to engineers and designers.

Product marketing, on the other hand, is more customer-oriented in its scope. Product marketers always ensure that the company as a whole understands customer needs and aligns with product positioning.

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Furthermore, product vendors create a unique launch plan for each product and monitor internal KPIs as well as external metrics to determine product value.

Let’s imagine your company spent a lot of time and effort, not to mention money — to develop an absolute gem of a product. The whole company is ready for the big day. Finally it arrived, the product started working and… no one wanted to buy it.

Well, if you threw a birthday party and didn’t send out invitations to your friends, would you be surprised that no one came?

That’s exactly what happened with the product in this situation — it didn’t reach the target audience it was intended for, so there was no interest in buying it.

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That’s why product marketing is important—it acts as a spokesperson for the product. Without it, you only risk failure.

Answering these questions allows you to create a specific go-to-market strategy (GTM) that will enable the product’s marketing team to:

If you are going to put marketing a new product on the road map, the bottom line is that you must have a specific strategy. This brings us to the next point.

A product marketing plan operates in four distinct cycles—together they create the entire life cycle of a marketing product. Let’s break it down and explain what product marketing strategies do with each one.

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In the pre-launch phase, the role of product marketing is to shape the product according to its specific features and how to communicate them to new customers.

This part involves a lot of research, so the main role of the product marketers is to test the previously launched version of the product on a certain group of users.

To do this, product marketing managers (PMMs) need to promote the product to test audiences, administer the tests, and translate the results into constructive feedback.

Once the research is complete, the product vendors return to the product team with information about the test audience and their responses on specific features and functionality.

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Thanks to this process, it becomes clear which features of the product need to be improved and in which direction the product will develop. At the same time, by planning promotions and reaching new audiences, product marketers are already increasing product awareness.

The second phase of the product marketing life cycle begins when you launch the product. Now you are working to expand your user base as quickly as possible with the help of targeted marketing campaigns (this can be content marketing, social media or webinars, depending on the product).

It is also often at the beginning of the second phase that companies publish white papers about the problem their product solves.

At this stage, the role of feedback becomes really important, as it comes from a larger customer base. When you have a large audience, you can quickly gather valuable information that can provide useful insights to the product team.

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More customer insights means more repeats. -> Repetition brings more product development and promotion -> More promotion expands the product’s target market and reaches more customers.

As long as your target audience can be satisfied with your product, you need to keep up with their needs. This is the stage where you will face a lot of competition.

This means you need to keep your marketing and sales activities at the top of your game to constantly remind your customers that your product is best in class.

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In today’s market, unsatisfied customers move on to your competition faster than you can say “product life cycle” out loud.

This part focuses on reviewing the cost structure and sales, as well as deciding on one of three possible strategies:

The decline stage of a product’s life cycle is the point at which sales begin to decline. It may not be possible to manufacture a particular product at this time.

From a business perspective, this is an opportunity to find new opportunities for growth, either by relaunching the product with new features or by investing time and money in more profitable products for your company.

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Given competitive and economic circumstances, a product life cycle model can be used as a rough guide in predicting how sales trends will play out. Overall, this is a useful model, but not a guarantee of any kind.

According to Harvard Business School professor Youngme Moon, the concept of the product life cycle has been very successful for a reason, but it has led marketers to believe that there is only one path to success.

As a result, product marketing teams follow similar strategies at every point in the product life cycle and miss opportunities to generate original ideas.

This is why it is so important to set up a product marketing strategy that is tailored specifically to your product.

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Creating a product marketing strategy will be different for each product. However, we can identify 5 main steps that are consistent with standardized product life cycle marketing.

First, you need to identify your target demographic and develop unique buyer personas. It is important to note that different products are likely to have different target audiences.

Thanks to this process, you can tailor all aspects of your product marketing strategy to your potential customer base.

Maybe you have an amazing product and support team that are the definition of great customer service. However, none of this matters; if you don’t explain what your product does to customers. This is where messaging and positioning come into play.

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Once you have the answers to the questions above, you can work on your GTM (go-to-market) messaging and positioning of your product and share it with product, sales, marketing and customer support teams.

Once the message is set, it is very important to set specific goals for your product. These will always vary depending on the product itself, the company and overall marketing priorities, however you can prioritize them based on type:

This step also often determines the price of your product, so you can calculate expected revenue and sales trends.

It is important to understand that a product launch marketing plan usually requires the full attention of all teams involved in its development. Not surprisingly, it’s the product salesperson’s job to make sure all teams are primed and ready to go.

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And if your product is going to be launched in the digital space, you also need to make sure the website and demo are up and running.

Once you have your teams ready, you can focus on the external aspects of the product launch. It will come as no surprise that creating a successful launch plan is important to