Learning about product marketing can help your bottom line and the can have a positive influence on the success of your products.
- Ecommerce growth statistics show that sales worldwide are expected to reach $4.8 trillion by 2021. (Statista)
- There are expected to be nearly 2B digital buyers in the world in 2019. (Statista)
- By 2040, around 95% of all purchases are expected to be via ecommerce. (Nasdaq)
- Ecommerce retail sales are expected to account for 13.7% of global retail sales in 2019. (Statista)
- By 2040, around 95% of all purchases are expected to be via ecommerce.(Nasdaq)
What Is Product Marketing?
The system of introducing an item to market, endorsing it, and selling it to a customer is known as product marketing. It involves identifying the product’s target audience, using strategic positioning to improve the profit and demand of the product.
Product marketing is unique and different from conventional marketing. In fact, it is part of conventional marketing. One of the essential parts of the marketing efforts of a business is product marketing. Product marketing covers the marketing strategy for the product as well as its launch and execution side.
Conventional marketing focuses on the overall promotion of the company and brand. It involves broader topics including lead generation, SEO, and anything related to acquiring and converting new leads and customers.
Why Is Product Marketing Important?
Any business’s marketing strategy is incomplete and ineffective without product marketing. Your product can only achieve its maximum potential in the market if there is good product marketing in place.
You can target your buyer personas using product marketing as it helps you to understand your customers. It informs you about competitors, their products and marketing tactics. It makes sure that your sales teams and company’s marketing, product are all on the same page. It is helpful in improving profit and sales as well as positioning your product in the market.
You have to approach your products from a strategic perspective so that they’re successful among customers in the market.
What are your responsibilities as a product marketer (or product marketing manager)?
Your responsibilities can differ depending on the industry, company, products, and company size and resources. If you’re working for a start-up, it is possible that in addition to being a product marketer you also help to create the content. It can be due to limited resources and budget that a start-up has. When you work for big business as a product marketer, your only job is product marketing.
You have to recognize the buyer personas as well as the target audience for your product. You have to form and execute your product marketing strategy. You have to enable sales in a way that appeals the right customers for your new item and determine its positioning in the market.
How To Market A Product
1. Define Your Product’s Target Audience and Buyer Personas
The first step to marketing your product is to identify the target audience and buyer personas for the particular item being sold. It will help you to personalize all aspects of your product marketing strategy for that target customer and persona which will make the product and the marketing content resonate with your audience.
2. Determine Your Positioning and Messaging to Set Your Product Apart
Customer research will help you to learn about your audience. You will be aware of their needs and challenges and you can show them the ways your product can help them eliminate those challenges. What will set you apart from your competitors is positioning. It is an effective method to set your product apart.
3. Set Goals for Your Product
Set goals for your product – specific, measurable, attainable, realistic, and time-bound. These goals will depend on various factors such as your particular product, the kind of company you work for, your general marketing goals, and more. In other words, your goals will be specific to your business and situation. You can combine different goals or just focus on one at a time.
4. Price Your Product
As a product marketer, you have to give serious consideration to the price of your product. Whether it is your solo decision or you have to work with a team on this part of the strategy, you can consider competitive vs. value-based pricing. If you sell a similar product that your competitors are also selling then you might want to go for competitive pricing. If your product is unique with distinct features, then you can go for value-based product pricing which means your product will be pricy than the other similar products available in the market. Value-based pricing is a bit time consuming but it allows you to maximize your profit. You can study financial reports and industry trends to evaluate the fairness of the pricing of all of your competitors.
5. Launch Your Product
Launching the product is the most exciting as well as an important part of the whole process of product marketing. A product marketer has to focus on two main parts of the product launch – the internal launch (what happens within your company as you launch your product) and external launch (what happens outside of your company, with customers and audience members, upon launching your product). Your job as a product marketer is to keep the entire organization on the same page about your product so that your customers get consistent and correct information about the product. Learn about the external aspects of a product launch so that your customers know about your product.
A product marketer is at the center of the company’s marketing, sales, and product teams. The success of a product depends a lot on the strategies adopted in product marketing. Work on your product marketing strategy and develop it in such a way that your product becomes a success among your target audience and customers.