Product Marketing: The Inseparable Part of Your Business
Everytime a car company introduces a new car to its collection, that company got to let the people know about it, show the features and specialities of that car in such a way that attracts new customers. The same thing actually applies for all types of products and services in real life, the more you are efficient in publicizing your new product in the market, the more possibility there is for you to be a successful marketer.
When it was around the 1950s, Volkswagen announced their new bus in the industry, but there was something very special about it. It was an electric vehicle, it was modern and its marketing was absolutely unique, eye-catching and fun. The brand didn’t forget to maintain the “hippie” vibe of the company for the bus as well.
A TV commercial that Volkswagen released then, as the background music, the song “ The Sound Of Silence” was played. As we know that electric cars are mostly silent in nature, this song was a perfect match for the TV commercial. At the end of that commercial, the message that was shown on the screen for the view said, “Introducing a new era of electric driving.”
In the whole marketing process for the bus of Volkswagen, the band was successful in presenting themselves as a company that was contributing to the society’s interest, by producing eco friendly and electric vehicles. And of course it was also related to being a new era bus vehicle.
Now one might ask, what is the necessity for marketing a product in this way? The answer is, unless you are successful in creating content that excites the customers about the new product that you are going to introduce in the market, people won’t be interested in your product and your whole marketing strategy might just fail. And that’s why product marketing is very, very important for a brand when it is going to announce a new product in the market.
What is Product Marketing?
product marketing is the whole process of bringing a new product in the market, then promoting it and finally selling it to a customer. To be able to do product marketing effectively, you have to get involved in understanding the product’s audience that is targeted and you also will have to use strategic positioning and messaging so that you can boost revenue and demand for that particular product.
Now there might arise some confusion regarding the difference between product marketing and conventional marketing. Let’s put some light on it.
Product Marketing vs. Conventional Marketing
Main difference between these two types of marketing is that, when you are doing product marketing, it will be more strategic. On the contrary, while doing conventional marketing, it will be more like all-encompassing.
Product marketing will be focusing on the adoption of products and driving demand for them as well among existing consumers. It will also pay attention to the steps that people take to purchase a product so that product marketers can design campaigns based on that. A product marketer is expected to understand the target customer demographic of a product on a deep level and identify the process that needs to be followed while marketing a particular product so that it can actually seem appealing to the customers.
As for conventional marketing, it is basically based on topics such as lead generation, Search Engine Optimisation, or anything that might be related to converting and acquiring new leads and customers. Conventional marketing promotes the company and the brand as a whole and the promotion includes the products that are sold as well.
Importance of Product Marketing
Product marketing is a very critical part of your marketing strategies since without doing it perfectly, you might not be able to achieve maximum potential among your target customers. If you want to understand your customers better, you have to indulge yourself in product marketing tactics. By doing product marketing, you can target your buyer person effectively.
It also helps you to learn about your competitors, their products and also their marketing tactics. Moreover, it also ensures that your marketing, product and sales teams are all on the same page. Without product marketing, you won’t be able to position the product appropriately in the market. And finally, to boost revenue and improve sales, you must undertake product marketing strategies for your business.
Critical Perspectives to Consider
Just to ensure that you are actually making progress and a difference through your product marketing strategies, you can ask yourself these following questions:
- Are you customers considering your products suitable for today’s market?
- Can your product appropriately serve your customers today?
- How can your customers differentiate your product from the other similar products that are available in the market?
- Is there anything else that you can do to make your product father special and unique than that of your competitors?
So we can see that product marketing will make you observe your marketing strategies from some critical perspectives, to ensure your success among the customers.
Product Marketing Responsibilities
Let’s have a look on the basic six product marketing responsibilities:
- Identifying the buyer personas and targeting the audience for your product
- Successfully design and carry out your effective product marketing strategy.
- Work with and enable sales to attract the right customers for your new product.
- Determine your product’s positioning in the market.
- Ensure that the product meets the necessities of your target audience.
- Keep your product relevant over time.
Product Marketing Strategy
As for the product marketing strategy, the first thing that you need to do is to define the target audience for the product, the people to whom you are going to market your product, and also identify their persinas.
This is really necessary for your business and your overall marketing strategy, because if you cannot do it effectively, then you will have to face lots of difficulties to understand what your target customers truly wants and expects from you as the provider of a product or service, and if course without understanding your customers’ wants and needs, you won’t be able to craft your marketing strategies according to it.
The next thing that you will need to do is to determine the positioning of your product and the message that you want to send to the customers. The more uniqueness your product can offer to your customers, the more acceptable and interesting it will be for them. Try to be different from your competitors, show the people that you serve more than the others.
Then you will be needing to set the goals for your product. The goals might include revenue increase, customer engagement, market share improvement, customer gains from competitors, boosting brand recognition etc.
You have to decide the pricing for the product as well. It can be competitive pricing or value-based pricing. After that, you need to launch the product, which must be very exciting for the customers.
Product marketing is a vital part for any type of marketing strategy. It’s the way through which you can present your product to your customers as unique and different from the others. Once you do it perfectly, you can observe the positive outcome that it brings for your business.