Product marketing efforts differentiate winning products from losers. However, even with the best products on the market, it can be a real hassle generating sales without a solid product marketing strategy.
Probably, you’ve done market research, and you know well what your target audience needs. On top of that, your competition analysis is epic, and your product fills in the gaps left by your competitors.
Or maybe, you’re the only one in your niche offering the said product. Nonetheless, when you have no idea how to put the products before your target audience or what to say, making sales can remain a dream.
For ultimate sales revenue, you need a system that helps you reach out to your audience and creating content that excites them.
If you’re wondering what that is, that’s where product marketing comes in handy. In today’s post, we’re going to look at this concept in-depth.
We care about your bottom line and are ready to do everything in our power to help. So, with that being said, let’s get started!
What is Product Marketing?
The product marketing process involves:
- Putting out a product (physical or digital) into the market.
- Promoting it, and
- Selling it to your target audience.
The process requires a deep understanding of your product and how it can transform the lives of your target audience.
Marketing is broad and involves product identification and development, price determination, place of distribution, and a promotion strategy. Why do I need product marketing? You could be uncertain and looking for a good reason.
Here’s the thing: combine these 4Ps of marketing, and you have a solid strategy you can use to influence your business bottom line.
In the next section, we’re going to delve deeper into why product marketing is important and why you need to embrace it regardless of the size of your business.
So, let’s get going!
Why Product Marketing is Important
You need to understand your customer avatar inside out. If you’re going to influence a buying decision, you got to know how your target audience thinks.
Therefore, it’s in order to know their pain points, struggles, values, and goals. Besides, you’ll want to know their role in the purchase process.
Stakes are high you could be placing your product before customers who don’t make a direct purchasing decision. In many cases, they have to consult with a higher authority.
When you know the difference, it can determine the success or failure of your product marketing efforts. But does it mean you shouldn’t target non-decision makers?
Nothing can be further from the truth. However, it’s best to focus more on key decision-makers. Knowing your product in relation to what your competitors are offering is the first step to successful product marketing.
The second thing is knowing your prospect in detail—the demographics, role in the purchase process, psychology, and behavioral tendencies.
Lay the foundation with this information, then begin creating marketing content that excites your target audience. You’ll also want to create content around new products you’re bringing into the market or any of your updated products. This works so well in SaaS products.
Most importantly, the marketing content should be versatile and with the ability to create awareness, drive traffic, stuck engagement, lead to conversion, sales, and customer retention. When you follow all these, there’s no way your product marketing campaigns should flop.
Lastly, product marketing requires a captain. How do we mean, you ask? See, like a ship in the middle of the sea, so is your product in the market.
Without proper strategies, the product can sink to the bottom of the sea. That’s why you need to be a savvy product marketer.
Before anything else, you need to ask yourself some critical questions in regards to your product. This is your main role as a product marketer. So, what are the questions?
- Is the product suitable for the market?
- Is the product relevant to your customers?
- What’s the product’s unique defining feature?
You can handle your product marketing solo or with a marketing team, depending on the organization’s size.
But trust us, you don’t want to walk down this road alone since a lot is at stake, and it can drain you. But that’s only a scratch on the surface!
So, with that being said, how best should you approach your product marketing efforts? That’s what we’re about to look into. Read on!
Product Marketing Strategy
A product marketer plays several important roles in the marketing process, and product marketing strategy happens to be one of them. So, what’s a product marketing strategy? You could be asking.
A product marketing strategy is the development and implementation of product marketing campaigns. Do you remember the 4PS of marketing? Good!
The 4Ps are like a skeleton. However, when you incorporate the product marketing strategy, you add flesh and life to the skeleton.
How can you come up with a product marketing strategy that works? Let’s find out in a few!
1. Define your Target Audience, and Customer Avatar
Your role as a product marketer is to define a specific target audience. In the beginning, you want to avoid the temptation of targeting everyone to make high sales.
As a rule of thumb, your targeting should be laser-focused to a segment within a market. This will help you reach out to people who need the product to transform their lives.
When niching is out of the way, you want to understand the persons you’re targeting. Therefore, this is where a customer avatar comes in handy.
For starters, a customer avatar is a simple profile detailing who your target audience is. It involves creating a typical imaginary customer following set criteria.
The customer avatar or buyer persona should include the name, gender, estimate annual income, role in the sales process, pain points, challenges, goals, and values.
Lastly, you can always create more than one customer avatar worksheet targeting different personas within your chosen market. For example, if your product targets mothers, you can target young mothers or slightly senior mothers.
This is because they have different interests. Once you know your target audience quite well, you move to the next stage of coming up with core marketing messaging information.
2. Determine your Core Marketing Message
What’s a core marketing message, you ask? Well, this is what moves the needle for your digital marketing efforts. It’s about knowing what your buyer person wants and giving it to them.
It’s about articulating a transformation from a less desirable before state to a more desirable after state. If your prospect is struggling with something, your core marketing message should revolve around helping them transform the situation.
In other words, the prospect is the hero with a problem, while your product is the solution that helps them solve the problem and become more victorious. However, if you position your product as the hero, your prospect may never identify with your message.
One thing leads to another, and you’re left with a failed product marketing campaign. So, here’s the bottom line: your core marketing message should be value-based and unique from what your competition is using.
3. Come Up with Smart Product Marketing Goals
Without smart goals, it’s almost impossible to meet your product revenue projections. So, for example, if you’re targeting more revenue, it would be helpful to be more specific with the goal.
The good news is, setting smart goals can help you with this. These goals are specific, measurable, achievable, realistic, and timely. For example, more revenue goals can be modified to $ 300M in a year, then set the plan of action to realize the goal.
For your product marketing efforts, your goals should be something like
- Increasing revenue by X factor in Y months.
- Engage with customers on X platforms, Y times a day or
- Boost brand recognition and awareness on X platforms, Y times a day.
4. Set the Price
When you know your target audience quite well, setting the price for your product shouldn’t come as a real hassle. To start you off, you can consider competitive pricing by checking what similar products on the market sell for.
Secondly, you can price the product based on the value your product offers. If you believe you’re bringing in tons of value, you can always price the product above the market average.
Most importantly, the price should be within the range of what your prospect can afford to pay.
5. Launch the Product
Now that all is set, it’s time to launch the product by placing it in front of your target audience. This stage involves launching the product internally within your organization and, two, externally to the public.
Whichever way, make sure the product offers a relatable solution. If you have a product marketing team, ensure all team members know the product comprehensively.
Final Thoughts: Best Product Marketing Software
There are two ways to carrying out product marketing. First, you can opt for the traditional method that’s manual-based, tedious, and a pain in the flesh at best. Unfortunately, this is considered the hard way.
The easy way involves product marketing software. Huh! What does a product marketing software do, you ask?
The software is meant to take the handwork out of the equation and replace it with software for automating the entire product marketing strategy.