5 Steps To Create The Perfect Product Marketing Strategy
Whenever a brand releases new products for customers, it is not as simple and straightforward as just ‘selling it’. There are a lot more nuances that are involved in the promotion, positioning, and marketing of that product that meets the eye!
Product marketing is the process of releasing a new product in the market by understanding the target audience, using strategic messaging, and finding a way to boost revenue. It focuses on driving demand and building campaigns that position it as a much-needed product in the market.
How To Create A Product Marketing Strategy
Product marketing is an essential part of any company’s marketing strategy as without it, you wouldn’t be able to achieve your maximum potential. The main target here is to understand the audience on a deep level and create messaging that appeals to them. A complete product marketing strategy encompasses the product’s launch and execution as well as the process used to deploy it.
Your company’s strategy will work as a guide for how to position, price, and advertise your product. Here are 5 steps that can help you create the perfect product marketing strategy for your company.
1. Determine your target audience
Different products have different target audiences, which is why you must find the specific one for your product. By understanding consumers and their requirements as well as pain points, you can find a way to incorporate your product into the market and position it in a way that it adds value to people.
Define your target audience and create buyer personas so that you can easily and efficiently tailor your product marketing strategy to each. This will help your audience resonate and connect with the specific product you are promoting.
2. Define your messaging
Once you’ve determined the challenges faced by your target customers, you can now find ways to position yourself in the market with the right messaging. Define your messaging in a way that it highlights the value your product adds to the market and helps resolve customer challenges.
The right positioning and messaging are what will set you apart from your competitors, who may be offering similar solutions. It should help consumers understand the key features of your products, while answering any questions they may have.
Apart from how the product offers a solution to the customer, also think of how it is unique and different from others, why it is ideal for customers, and why they should trust you. Once you’ve got your answers, turn them into compelling points behind your marketing strategy. Use exciting action words, features and benefits, as well as capture the tone and image of your brand.
3. Set goals in place
Set specific goals for your products depending on your business and marketing strategy. Setting these goals will help you understand what you are working towards. Commonly used milestones and objectives are increasing revenue, improving market shares, engaging with consumers, boosting brand awareness, and such.
Choose ones that apply to you, as well as find more unique goals that work for your product and company. Focus on just a single goal or combine them, as per your requirements.
4. Pick the pricing
Putting the right price on your product is imperative to make sure it is well-positioned in the market as compared to other brands selling similar products. There are two ways to come to the right pricing – Competitive Product Pricing and Value-Based Product Pricing.
Competitive Product Pricing is simple and straightforward as it implies you base the price of your product on how much your competitors sell it for. This works well when your product is similar to the ones already present in the market. If you feel your product offers better features, you may choose to increase that price. To properly evaluate this, you can research financial reports and industry trends over the years.
On the other hand, Value-Based Product Pricing refers to basing the price of your product on the value it has to offer to customers rather than what the market dictates. It may be the more time-consuming option but is offers better profits. It is ideal for businesses introducing a new product in the market or one with exceptionally amazing and unique features.
5. Launching the product in the market
The most exciting and important part of your product marketing strategy is launching the product in the market. There are two aspects of a launch – internal and external. The internal aspect deals with processes that happen within the company while external aspects refer to actions taken outside the company with customers, target audience, and more.
Internally, it is important for everyone on the team to know and understand the product inside out. You can do this by providing your marketing, sales, and product teams with presentations, sources for a knowledge base, as well as sales enablement kits.
On the external front, the main idea is to create awareness and interest in your product among the target audience and consumers. This can be done in person or online through social media websites, blogs, website landing pages, in-store, launch events, product previews, promotional campaigns, and more.
Having run through these steps, you are ready to design your own product marketing strategy and create an impressive one! The key is to constantly update this process as your products evolve and stay up to date and relevant among your customers.