Marketing Strategy Example Product – Learn about the power of product marketing, how it can increase profits and influence the success of your products.
Make sure your entire team adheres to the four planning and internal support patterns for your next product launch.
Marketing Strategy Example Product
Product marketing is essential even if you only sell one or two products in your organization. But what is product marketing? How do you market a product and how does it differ from traditional marketing strategies? Let’s find out. What is product marketing? Why is product marketing important? Product Marketing Responsibilities Product Marketing Strategy Product Marketing Examples What is Product Marketing? Product marketing is the process of bringing a product to market, promoting it, and selling it to a customer. Product marketing involves understanding the target audience of a product and using strategic positioning and messaging to increase revenue and demand for the product. What makes product marketing unique? How is it different from regular marketing? Unpacking the differences. Product Marketing vs. Traditional Product Marketing Product marketing is strategic, while traditional marketing is all-encompassing. Product marketing is considered an integral part of conventional marketing. In fact, if you look at the seven pillars of marketing, you will see that product marketing is one of the most important aspects of a business’s marketing efforts. Featured Resource Marketing Go-To-Market Kit Fill out this form to access your free kit. Product marketing is all about understanding the audience of a particular product in depth and developing that product’s positioning and messaging to engage that audience. It covers aspects of launching and delivering a product in addition to the marketing strategy of a product, so the job of a product marketer is at the center of a marketing, sales, and product business. Conventional marketing focuses on broader topics under the auspices of marketing such as lead generation, SEO, and everything related to attracting and converting new leads and customers. We are talking about the promotion of the company and the brand as a whole, including the products sold. These marketers ensure that all company content has a consistent brand message behind it. To better understand this, let’s look at the goals of product marketing. Product Marketing Goals Product marketing aims to stimulate demand and acceptance of a product among existing customers. It focuses on the steps people take to buy your product, so marketers can create campaigns to support that work. Usually product marketing has several goals: 1. Better understand your customers. When you implement a product marketing strategy, your target audience can see the value of having that particular product in their lives. Understanding how many customers your product attracts allows you to conduct customer research. 2. Effectively target your customers. In addition to understanding your customers, you can determine the type of buyer you will target in the future. Knowing the exact needs of your target audience can help you as you innovate your product to better meet their needs. 3. Learn about your competitors (products and marketing tactics). When you sell your product, you can compare your strategy and results with your competitors. What features and benefits of their products are asserting themselves in the market? What ideas did they not explore? What does their product offer that yours doesn’t? You can use this research to your advantage when developing your product marketing strategy. 4. Make sure marketing, product, and sales are on the same page. Making your product offering as clear as possible for customers and employees is mutually beneficial. Each team working together in your business can better understand the purpose of the product and communicate it better in their work. 5. Place the product correctly on the market. In product marketing, you want your product, image, and brand tone to be consistent and evoke the right feelings that are meant for your audience. When brainstorming your brand position, the following questions need to be considered: Is this product right for today’s market? How is this product different from our competitors? Can we further differentiate this product from our competitors’ offerings? Are there any products we have sold in the past that we will not sell or sell again? If yes, then why not? 6. Increase revenue and improve sales. There are also questions that you, as a marketer, will need to ask yourself and think about your product. By asking yourself these questions, you can ensure that your product will be a hit with your customers. Is this product suitable for today’s market? Is this product right for our customers today? How does this product differ from similar products of our competitors? Is there a way to further differentiate this product from the competition? Are there any products we have sold in the past that we would not promote or sell ever again now that we look back? If yes, then why not? As you can see, product marketing requires you to take a strategic look at your products to make sure they are successful with customers in your current market. Why is product marketing important? Product marketing is an important part of any business’ marketing strategy. Without this, your product will not be able to realize its maximum potential among your target audience. To illustrate its importance, let’s take an example of successful product marketing. In the 1950s, Volkswagen sold buses. Although the bus is now considered a classic vehicle, decades later, the bus remains the symbol of the car company. Cool part? Volkswagen has announced its new VW Bus, which is electric and has a sleek, modern style. Volkswagen’s marketing for the car is engaging, unique and fun, and it adds to the original “hippie” vibe that the company was once known for. The Volkswagen image source has also released a TV advertisement for the bus, which is smart, minimalist and in line with the brand. It introduces the new car with The Sound of Silence playing in the background (hint: electric cars are silent) and ends with a short on-screen message for the audience to read: “Using a new era of electric driving.” This opinion stems from the fact that Volkswagen promotes public interest in electric, environmentally friendly cars. This also applies to the fact that this is a new era for buses. This is why product marketing is important: because it sets the product apart, not the company, ensuring longevity in the marketplace. But who is working on this kind of marketing? Who helps create content that engages consumers with new and updated products like the Volkswagen bus? Who motivates consumers to make purchases? Product marketers. Now let’s look at the specific responsibilities that product marketers (or product marketers) face in their typical day. Answers to questions on product marketing Determine the buyers and target audience of your product. Successfully create and execute your product marketing strategy. Collaborate and secure sales to get the right customers for your new product. Determine the position of your product in the market. Make sure the product meets the needs of your target audience. Keep your product up to date over time. Your responsibilities as a product marketer may vary slightly depending on the industry, company, products, company size and resources. If you work for a startup, you may be a marketer who also helps create content that the broader marketing team produces due to limited resources and budget. As the business grows, you may move into a team whose only job is to market the product. Let’s take a look at six common product marketing responsibilities. 1. Determine the buyers and target audience for your product. You need to define the buyers and audience for your product so that you can target customers in an engaging way that will get them to buy. This will allow you to tailor your product and its features to meet the needs of your audience. Pro tip: Use templates to create buyer personas for your business. Getting a real sense of who you serve can help bring the different teams in your business together and better position your product in the market. 2. Successfully create, manage and execute your product marketing strategy. A product marketing strategy (which we’ll cover shortly) allows you to create, create, and run content and campaigns—this supports the steps that will lead your customers and customers to make a purchase. 3. Work with sales to get customers for your new product. As a product marketer, you have a huge direct bearing on sales. You will work with the sales team to identify and attract the right customers for an existing product, and provide reps with sales promotion materials to ensure they understand the product inside and out and its function. This way, you and your teams are on the same page in terms of customer communications, allowing you to provide a consistent, branded experience for everyone who comes into contact with the product. 4. Determine the position of your product in the market. One of the most important parts of your job is to determine the position of the product in the market. Think of this process in terms of storytelling—your positioning requires you to create and tell your product story. As a product marketer, you will be working with the broader marketing and product team to tell that story.