Product Marketing in 2022

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Product Marketing is the process to bring products to market, promote them, and sell them to customers. Understanding your product’s target audience and utilizing strategic positioning and messaging will increase revenue and demand for your product.

How is product marketing unique? What makes it different from conventional marketing? Let’s examine the differences.

Product Marketing

Conventional Marketing VS. Product Marketing

Conventional marketing is all about encompassing, while product marketing is all about strategy.

A component of conventional marketing is product marketing. According to the seven Ps of marketing, product marketing is one of the most important aspects of a company’s marketing efforts.

The goal of product marketing is to drive existing customers to adopt a product. Product marketers can use this to build campaigns around the steps people take to purchase your product.

Product marketing involves understanding a specific product’s audience and developing the product’s positioning and messaging to appeal to that audience. Product marketing includes the launch and execution of a product, as well as the marketing strategy for the product – which is why product marketers sit at the center of a business’s marketing, sales, and product departments.

Conventional marketing focuses on a broad range of topics under the umbrella of marketing, such as lead generation, search engine optimization, and anything that is related to acquiring and converting new leads and customers. Basically, it’s about promoting the company and brand as a whole, including the products that are sold. Marketers make sure all of the company’s content is on-brand and consistent.

What is the importance of product marketing?

Marketing products is a vital part of any business’s marketing strategy. Your product won’t reach its full potential among your target audience without it. Consider the goals of product marketing to gain a better understanding of its importance.

Marketing goals for products

Improve your understanding of your customers.

Your target audience will see the value of having that particular product in their lives when you implement a product marketing strategy. By knowing how many customers gravitate toward your product, you can conduct customer research.

Identify your buyer personas effectively.

In addition to understanding your customers in general, you can figure out the type of buyer persona to target in the future. By knowing the exact needs of your target, you can innovate your product to better meet those needs.

Learn about your competitors’ products and marketing strategies.

Your marketing strategy and results can be compared to those of your competitors. What are the features and benefits of their products that are making a statement in the market? What ideas haven’t they explored yet? How does their product compare to yours? Information like this can be very useful when developing your product marketing strategy.

Make sure that the marketing, product, and sales teams are working together.

It is mutually beneficial to make your product offering abundantly clear for both buyers and employees. Each team in your company can better understand the purpose of the product and communicate that better within their operations.

Ensure that the product is positioned appropriately in the market.

Your product, brand image, and tone should be consistent and evoke the right emotions for your audience in product marketing. Think about these questions when brainstorming your brand positioning:

One. Does this product fit today’s market?

Two. What makes this product different from our competitors?

Three. Would it be possible to differentiate this product further from our competitors’ offerings?

Four. Were there any products we sold in the past that we wouldn’t market or sell again? If so, why not?

Increase revenue and sales.

As a product marketer, you will also have questions to ask yourself and reflect on. If you ask yourself these questions, you can make sure your product is a success with customers.

One: Is this product appropriate for today’s market?

Two. Does this product meet the needs of our customers today?

Three. What makes this product different from similar products from our competitors?

Four. Would it be possible to further differentiate this product from those of our competitors?

Five. What products have we sold in the past that we would never market or sell again now that we look back? If so, why?

You can see that product marketing requires you to think from a strategic perspective about your products to make sure that they are successful among customers in your current market.

Now let’s look at the specific responsibilities you have as a product marketer (or product marketing manager).

As a product marketer, your responsibilities may vary somewhat depending on the industry, the company, the products, and the size and resources of the company. In a startup, you might be a product marketer who also produces marketing content due to limited budgets and resources. As the business grows, you may be moved to a team that is solely responsible for product marketing.

Product Marketing Strategies

One. Create buyer personas and target audiences for your product.

Two. Develop and implement a successful product marketing strategy.

Three. Work with and enable sales to target the right customers for your new product.

Four. Identify your product’s market position.

Five. Ensure your product meets the needs of your target market.

Six. Ensure your product remains relevant over time.

Determine your product’s target audience and buyer personas.

Identify your buyer personas and audience so you can target customers in a way that’s convincing and makes them want to buy. As a result, you will be able to tailor your product’s features to meet the needs of your audience.

Developing, managing, and implementing a product marketing strategy that is successful.

You can create, build, and execute content and campaigns with the help of a product marketing strategy (which we will review shortly). It supports the steps that will lead your buyer personas and customers to buy your products.

Work with sales and enable them to attract the right customers for your new product.

As a product marketer, you must maintain a direct relationship with sales. You will work with sales to identify and attract the right customers for the product at hand, and you will provide sales enablement materials to reps to ensure they understand the product inside and out, as well as all of its features.

Position your product in the market.

Positioning the product in the market is one of the most important aspects of your job. Think of this process in terms of storytelling – your positioning calls for you to tell the story of your offering.

In your role as a product marketer, you’ll work with the marketing team and the product team to tell this story by answering questions such as:

  • What was the purpose of making this product?
  • To whom is it directed?
  • How does it solve a problem?
  • How does it differ from others?

Ensure that your product meets the needs of your target market.

Your product must also meet the needs of your customers and target audience. During the research conducted to determine your buyer personas and target audience, you should have identified pain points and challenges your product is trying to solve.

When your product does not meet your customer’s needs, they have no reason to purchase it or choose it over your competitor’s.

Ensure your product remains relevant over time.

Over time, your product must remain relevant. It is your job to ensure that your product marketing strategy and the products themselves remain relevant to customers as their needs, expectations, and challenges change and evolve.

It means you may have to manage slight changes in your product marketing strategy (which we’ll discuss next), or updates to the product itself (you’ll probably work with the product team to do this).

Product Marketing Strategy

Your product marketing strategy will guide the positioning, pricing, and promotion of your new product. This tool can be used to take your product from development to launch, as well as to find new audiences and markets to market to.

Now let’s look at five steps you can take to optimize your product marketing strategy.

Identify your product’s target audience and buyer personas.

As a product marketer, you have the responsibility of defining a specific target audience and creating buyer personas (different products will have different target audiences). The first step to marketing your product is defining your target audience.

As a result of understanding your customers and their needs, challenges, and pain points, you will be able to ensure that all aspects of your product marketing strategy (i.e., the remaining steps we will describe below) are tailored to that target customer. In this way, your product and the marketing content you create will resonate with your audience.

Establish the positioning and messaging that will make your product stand out.

You will have identified their needs, challenges, and pain points after conducting customer research and learning about your audience. As a result, you can think about the ways your product resolves these challenges for your customers.

You may have differentiated yourself from your competitors, but that doesn’t mean you have. Since they solve your customers’ needs in a similar way to you, they are your competitors.

Positioning (which we discussed earlier) and messaging are keys to setting your product apart. Ultimately, positioning and messaging answer key questions your customers might have about your product and what makes it unique, then turn those answers into the main points of your marketing strategy.

Your job as a product marketer is to ensure that customers and audiences have the answers to these questions without having to search for (or make assumptions about) them.

To develop your product’s positioning and messaging, you will need to answer the following questions:

  • How is our product unique?
  • What makes it better than our competitors’?
  • In what ways does our product appeal to our target audience?
  • What will our customers get from our product that they cannot get from our competitors’?
  • Why should they trust and invest in us and our products?

You can compile the answers to these questions into one powerful, shareable statement that summarizes your positioning and messaging. To do this, follow these steps:

  • Create an elevator pitch based on the answers to the positioning and messaging questions.
  • Excite your audience with action words.
  • Make sure the tone of your statement reflects your brand’s personality.
  • Consider the benefits of your product as a whole (not just a single feature).

You should ensure that the sales, product, and (the broader) marketing departments also understand your positioning and messaging around the product so they can communicate the same information to prospects and current customers.

By doing this, you can ensure that the entire company shares the same content and information about your product. Additionally, if you think it’s necessary, you might provide this information to your support team, who may be handling support calls and working with your customers who’ve already invested in the product.

Your product should have goals.

The next step is to set goals for your product. This will vary depending on your specific product, the type of business you run, your marketing goals, and more – your goals will depend on your business and situation. Here are a few common goals product marketers aim to achieve:

  • Increasing revenue
  • by engaging customers
  • to increase market share
  • and win customers from competitors
  • by boosting brand recognition

You can combine several of these goals or just focus on one – every company and product will have its own goals. This means they need to be specific, measurable, attainable, realistic, and time-bound.

Set a price for your product.

You will also need to contribute to the discussion of the price of your product as a product marketer. It might be a job for you and fellow product marketers, or you might work with other teams on this. Both competitive and value-based pricing can be considered.

Competitive vs. value-based pricing

By competitive pricing, you’re comparing the price of your product to that of your competitors. It’s ideal for companies that have created a product similar to one sold by multiple companies.

Your unique features may warrant a significantly higher price than your competitors’, so you may choose to price your product above similar products on the market. Analyzing financial reports and industry trends can help you determine whether the pricing of your competitors is fair.

You can maximize your profit with value-based pricing, but it is more time-consuming to set up than competitive pricing. The feature is perfect for companies selling products with very few competitors or those with exceptionally unique features.

Your customers will be able to relate the value of your item to their profitability by using value-based pricing. Your product’s price can be set based on its value to your customer instead of what the market, industry trends, or your competitors say.

Bring your product to market.

We’ve reached the most exciting part of your role as a product marketer: launching the product you’ve been marketing.

A product marketer should focus on two main parts of the launch process: the internal launch (what happens inside your company upon launch) and the external launch (what happens outside of your company, with customers and audience members, upon launch).

A Product Launch’s Internal Aspects

As previously stated, your role as a product marketer entails making sure the entire organization is on the same page about your product. As a result, your customers will only receive accurate information about the product.

Your company’s marketing, product, and sales teams should be aware of the following:

  • Benefits of the product
  • Demo information if available
  • Details about how the product is used
  • and the positioning and messaging
  • regarding the buyer personas and ideal customers
  • What the goals for your product include
  • What your product’s features are
  • The pricing of your product
  • How your product is being introduced to customers

You might be wondering how you can provide this information to marketing, product, and sales. Which channels are best for sharing these details with your colleagues?

A Product Launch’s External Aspects

You can market your product launch externally in various ways so that your current base of customers, prospects, and target audience learn about what you’re offering.

Decide where to focus your product marketing efforts. The following are some examples of places and channels where you can do this (you may choose several of them or just one to focus on based on your needs, goals, and resources).

  • The social media
  • store
  • held a product launch event
  • Blog
  • Website landing page
  • – exclusive product preview (prior to launch)
  • A promotional event or campaign (in person or online)

Wherever you decide to focus your product launch marketing efforts, you need to provide prospects and customers with relevant product content (focused on positioning and messaging) so they can learn more about your product and why they need it. Include your product’s features, what makes it unique, pricing, demos to customers, training to customers, and any other materials you have created.

Market Your Products

Marketing is the process by which a company introduces a product to the market. A product marketer (or product marketing manager) is at the center of your company’s marketing, sales, and product teams.

You are an integral part of the success of your product, not only because you create and manage the marketing strategy, but also because you serve as a liaison between all three departments, making sure everyone is on the same page regarding your product, its features, and its capabilities. So, begin developing your latest product’s marketing strategy to ensure it’s a success with your target audience and customers.

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