Marketing Strategies For A Product - An Introduction
An organization puts a lot of effort into creating a product but only the one that invests mind and money on marketing takes the product to a lead edge and hits the market. Therefore marketing a product owns equal cerebral opportunities as making a product does, this article depicts the wholesome of product marketing, its importance, various adoption of marketing strategies for a product, and a few more important elements. Wanna excite your customer? read the article completely and make way for the business hit.
The strategies including the release of the product into the market, attracting the attention of the customer, promoting the product sale are called Product Marketing. Effective product marketing involves perfect targeting of the audience, customized messages to the customer, and boost the revenue.
Often people compare Product Marketing with Conventional Marketing, but the fact that people forget to notice is, the product marketing is one of the components of conventional marketing. The 7 P's of marketing holds a huge weightage for product marketing, this is considered to be the most important aspect in business growth.
Conventional Marketing Vs Product Marketing
Conventional Marketing is a wide topic that covers all the marketing strategies that help in generating leads like, SEO, SEM, Manual, Cold Calls, in short, anything that can convert the leads into a customer. Here, they don't only focus on increasing sales but also building the reputation of the organization as a whole.
Whereas in Product marketing, the work starts by identifying the right audience for the product, creating a demand among them, and encouraging the audience to adopt the product through the marketing campaign. Here the product marketing stresses its point right from the product launch to proper execution toward the targeted audience by following fine-tune marketing strategies for a product. Product marketing lies at the heart of the marketing, sales, and product funnel, it covers all the mentioned elements on execution.
Why Product Marketing Is Important?
For any product to reach its maximum potential, product marketing is the only way left out in this era. Let us see the ways it helps us,
- To understand the competitor
- Understand customer better
- Focus on the buyer persona effectively
- To find the positioning of the product in the market
- Ensuring the core marketing, sale, and product is streamlined together
- And, of course, to boost revenue
As a part of product marketing, a few questions should always revolve in your mind- Is the product suitable for today's market? Does the product address the current problem? Does the product stand unique from the competitors? Does the product have the wow factor to beat the competitor? Question the longevity of the product and the scope of future updates.
More On The Details
1. Targeting The Right Audience
One of the vivid responsibilities of the product marketing team is to identify the buyer persona, essentially that's the key route to encourage the targeted audience to buy the product. Understanding your audience can help you to tailor a product feature as per your customer problem.
2. Maintaining The Flow
The Product Marketing team should create the campaign in a way that it only attracts potential customers, be it a new targeting or remarketing, the center should be on the lead generation and sales. Also, enable A/B testing module to keep the track of the most successful campaign. Maintain the flow of the campaign and just show the right things to the customer.
3. Train Up
Agree that the Dev community/manufacturers know the in & out of your product but it's high time for the Product Marketer to know the complete insight of the product. Remember developers are not going to communicate with your customers, so knowing and raising questions with your development team would help you to convince your customer more easily.
4. With Sales Figure
The Product Marketing team should maintain a direct relationship with the sales team to know the whereabouts of the sales. Understanding the sales figure and analytics would help you to formulate and streamline the process in the right direction.
5. Product Positioning
As a Product Marketer, you should be aware of the product position in the market, the reach of the product after the release, the acceptance ratio by the customer, in short, the feedback. Consider your customer feedback the most prioritized one before optimizing your product updates.
What is so best about your product? Is your product price so reasonable? Do you provide offers often? answers to these questions are also important for your successful product marketing campaign.
Few Examples On Creative Marketing Strategies For A Product
No one care what you can do
Everyone cares what you have done for them.
Talk less about your product
More about the value your product brings.
Think “Call-to-Value” not “Call-to-Action”
Buttons that amplify “value” over “action” perform better.
Speak with Convictions
Don’t say “we help” say “It’s how”.
To Sum Up
The product marketing team forms the heart of the marketing, sales, and product funnel, when a product receives appreciation and success, its sure that the revenue of the organization will skyrocket.
Concentrate on the areas where you want to focus your marketing strategy like Social media, In-store, Product launch, Event, Blog, Website landing page. In short, if you own a idea and if you want to reach a global audience then don’t hesitate to various marketing strategies for a product.
Also Read, Penetrating Deep into Website Ranking