Product Strategy Example Marketing Plan – In this article, you’ll learn all the key components of a product marketing plan with expert advice.
On this site, you can learn about free downloadable templates, the key elements of a product marketing strategy, and how product marketing fits into a company’s growth strategy.
Product Strategy Example Marketing Plan
To help you implement your product marketing plan, download the free, ready-to-use templates below to help you plan, strategize, and track your product marketing plans.
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Once you’ve mapped out the key elements of your product, it’s time to create a go-to-market plan that outlines how it will be promoted and sold. This startup plan covers everything from developing product pricing and messaging to creating training materials for your sales force. It keeps everyone on the same page and makes sure your team is ready when the product is ready. It also defines the schedule, publication schedules, resources, and issues.
You can design a product’s marketing plan or marketing mix using the four Ps: Product, Price, Place, and Promotion, developed by E. J. McCarthy in 1960. In 1981, Bernard Booms and Mary Bitner added three more components: Process, People, and Evidence. To learn more about the Four Psalms, read The Ultimate Guide to Strategic Marketing Planning. Here are some of the elements you need to start creating your marketing plan:
Product: If you list the unique design, features, services, and other elements that describe your product, your marketing plan includes more than just the details. This is a positioning statement that defines what makes your product different.
Price: There are several factors to consider when determining price. First, you know how much it costs to produce your product. Next, you need to know how customers will rate your product. Consider market conditions: Is your product in high demand? Are there many competitors who will respond with a pricing strategy? What discounts, sales, payment terms or other terms can you add to your prices? The bottom line is that your product is only worth what your customers are willing to pay, so make sure you understand the market value of your product.
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Place: Place can mean the physical store where customers find your product, but it also refers to all the distribution channels you use to get your product to your customers. (For example, a software startup typically sells online.) Delivery methods vary by product, but the goal is to get your product to market.
Advertising: This may seem like the most natural part of product marketing. Advertising encompasses all the channels and methods you will use to reach customers about the value of your product. Tactics include advertising, sales, events, email marketing, content marketing, social media, and more. Every aspect of advertising is focused on communicating your product.
Action: Think of it as a pipeline for your product. This is especially important if you are a service provider. A first-to-market product has many advantages for a startup. First, market your product. You will then learn how to develop your own business by further developing the product. For any job, this process always reveals your strengths and opportunities for improvement.
People: The people behind your product are the key to selling the product. From engineers and product development teams to sales and support, your success depends on your people. Do you have enough staff to launch and execute the product? Have you given your sales team what they need to explain what makes your product different?
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Physical evidence: Successful product marketing creates a superior user experience. How does communication shape the perception of your product in-store or online? Customer experience can be your product’s biggest differentiator.
The four P’s are business oriented and product marketing is customer oriented. To adapt product marketing and put the customer before the seller, the Four C’s approach was developed in the 1990s: Customer, Price, Convenience and Communication.
By working on your marketing mix, you’ll define the differentiators and details of your product. This is the information your sales team needs. Another responsibility of product marketing is to turn these positioning statements into materials that help the sales team sell your product and achieve the company’s revenue goals. Your sales pitch should focus on your product’s features rather than price:
In addition to your sales manual, you should develop fact sheets, training materials, and other collateral that your sales team can use to market your product to your audience.
How To Build A Go To Market Strategy, With Template & Examples
Product development and product marketing must work together so that both are ready at the same time. Imagine releasing a product and not letting your customers know it’s in the market – you won’t sell much and you won’t be able to create false marketing statements about the product’s features and benefits. Either way, you’re alienating your customers. Customer satisfaction is your ultimate goal, which can be broken down into departments to help you achieve it.
Time is the most precious resource. Don’t waste time by working independently of other departments or dismissing key stakeholders. Create a marketing brief at the start of your business and use it for regular updates throughout your organization. Project Description:
A product marketing strategy is combined with a product strategy – a plan that defines and defines what you want to achieve. A good strategy keeps everyone (from the CEO to engineering to sales and customer support) moving in the same direction. So you focus on your customers and the market. Your guide to working together on what matters most.
The product starts with your organization’s vision. The product should clearly contribute to the organization’s strategic vision. This type feeds product development and gives your customers energy and enthusiasm. It describes what your customers need and how you will address those needs. You can even get a feel for the product’s life cycle, what it can become and what it can reach in its final stages.
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You have something you want to do. Now we need information to turn this vision into reality. Here are some key areas:
You may have a rough idea of how you want your product to work. Armed with these insights, you can identify all the details that will delight your customers and drive your business forward. You can confidently negotiate specific product features that meet consumer needs – from features and colors to additional services and warranties. A product description describes how the product meets customer needs.
Few products last forever. From the very beginning of your product, you must be prepared for growth, maturity, and decline in demand. At some point, sales will decline. Competitors will offer a comparable product. Concepts are key to determining your product’s ranking. Always monitor the lifecycle of your product and be ready for improvements, updates, or new products that build on top of existing products. (For example, even though cell phones are hard to come by today, they still have the same problem they once solved, and have been replaced by cell phones.)
Management guru Peter Dreyer often says, “You can’t manage what you can’t measure.” This doesn’t just apply to the C-suite, it applies to every product and department in your company.
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Once you’ve defined your product, it’s time to define what you want to achieve. Without a goal, how do you know if your product is successful? Use simple, clear, and specific goals (whether it’s improving your market share, re-engaging customers, or increasing revenue). Note that product goals are not self-explanatory. They should align with your company’s strategic and business goals. After all, your product is part of your company’s success. For more information on writing SMART (Specific, Measurable, Attainable, Relevant, Time-bound) goals, read this article.
Finally, ask how this product fits with the company’s initiatives. Your product could be a better mousetrap. It meets the needs of customers by making them feel safer with mice. (They buy a solution, not a product.) The product also addresses the company’s initiative to move into new districts, regions, or regions. You can map your product features to your company’s larger initiatives.
The main purpose of product marketing is to connect your consumers with your products. Product marketing requires not only a deep understanding of your customers, but also an understanding of your product and how to market it to a mass market. As a product marketer, you are responsible for the success of your product. Key findings include:
As mentioned earlier in this article, product marketing began as brand management and works directly with product development. Although the two roles work together, they have different areas of responsibility: product management focuses on the product and its features and requirements, and product marketing.