Product Marketing is a new term. This is the reason why finding an exact definition of it is very difficult even if you search on Google. In some businesses, the responsibility of a product marketer is positioning for products. However, at other companies, product marketer only focuses on supporting sales and promoting customer demand. So, what is the exact definition of product marketing? How to implement a Product Marketing strategy? Let’s find out with Enosta through the article below!
What is Product Marketing?
Product Marketing is the process of bringing a product to market, promoting it, and selling it to customers. This process includes researching the product’s target audience, positioning, and conveying messages. Then determine goals, pricing, and launching your product to increase revenue and market demand
To understand this process in detail, let’s go to the next part of the article!
5 steps to Implement a Product Marketing Strategy
The Product Marketing Strategy is an orientation for positioning, pricing, and promoting new products. It helps you to follow from the product development stage to the product launch and provides insight about target audiences and the market.
Research target audience and buyer personas
One of the first steps you need to take is to research your customers and target market. You need to determine the target audience and create a buying persona for your product (each kind of product will have a different target customer).
By understanding your customer and their needs, challenges and pain points, you will be able to reach them easily. Customer and market research is crucial to ensure that the next steps in your Product Marketing strategy are right for your target audience.
Product Positioning and conveying messages
After completing step 1, you could identify customer’s challenges and pain points. Now, you can think about how to highlight the solution your product is able to give them.
Do not misunderstand that this can set you apart from your competitors in the market. Basically, your competitors could have products that can solve the same customer needs and problems as yours.
There’s one way that you can differentiate your product is by positioning and conveying the message. Answer questions that your customers may concern about. Make your customers realize what makes your product unique compared to competitors in the market.
The responsibility of Product Marketers is to ensure that target audiences can approach product information without spending too much time learning (or making assumptions) about it. Some questions customers maybe ask about your product are:
- What makes your product unique?
- Why is your product better than your competitor’s?
- What do customers get when they buy your product?
- Why should customers trust and pay for your product?
After you have the answers to these questions, you can combine them into a positioning statement and your messages. To do this, you can follow these steps:
- Turn the answers become the positioning and messaging for your product
- Use CTAs to excite your customers
- Make sure the tone of your position and messages captures your “brand voice”
- Focus on the benefit of your product as a whole (not just one specific feature).
Pro tip: Make sure that all members of the Marketing and Sales team or all staff in the company are aware and well understood your product. This helps to keep the content or information shared with customers consistently.
Setting goals for your product
The next step you need to take is setting goals for your product. The goal for each kind of product is different that depends on product properties and the overall marketing goals. However, there will be some common goals in product marketing that most marketers want to achieve such as:
Interacting with customers
Improve market share
Attract customers from competitors
Increase brand identity
Pro tip: Cleverly combine some of these goals or just choose one goal to focus on. You can set goals according to the Smart model according to the criteria as specific, measurable, attainable, relevant, and time-based.
Pricing your Product
Considering, and discussing to come up with a suitable price for the product is one of the next things that product marketers need to do. Depending on each company, the decision on the price of a product can be decided by the Marketing offered or through many different departments. You can choose the price for your product in two ways: pricing according to competitive vs. value-based pricing.
Competitive pricing: This is a method that helps you choose a price for your product based on the prices of similar products that your competitors sell. If your product is better and more unique than your competitors’ products, you can choose a higher price for your product. One tip for you to apply this valuation method well is to carefully study the financial statements and industry trends.
Value-based pricing: If your product is unique or one that has very few competitors in the market, you should choose value-based pricing. This is the method that will help you maximize your profits. However, compared to competitive pricing methods, this method will take more time to decide on a suitable price.
Launching your Product
After completing all the steps above, it’s time to launch your product. This is the most interesting part if you are a Product Marketer. Typically, a product launch will have two main parts: internal launch and external launch.
Internal launch: As mentioned above, all departments in the company, especially the Marketing and Sales department, need to have a deep understanding of the product. This helps customers to receive product information in the most consistent way. Therefore, for the internal launch you need to deploy to the members of the company following information:
What is the product goal?
The benefits of the product
User manual of product
Target customer and buying persona
What is positioning and the message to convey to customers?
External launch: There are many ways you can get your product to approach potential customers. First, you need to identify the main channel for you to launch your marketing activities. You can refer to some channels below (You can choose one channel to focus on or select several channels depending on the resources of the business):
Product launch event
Landing page, website SEO
You should carefully plan for this stage because it’s really important. This is the turning point to mark the birth of a brand or a new product in the business process. A successful launch campaign will make it easier for your product to break into a market
All-in-one Product Marketing Solutions
After learning about Product Marketing strategy, you certainly see that this is complicated to execute, is it? To implement a product marketing strategy according to the right process, you need to spend a lot of resources.
As a companion with Startups for many years, Enosta understands the problems that your business faces. So, let us help you find a comprehensive solution for product marketing. Our Product Launch solution can help you to cover every step in the process from Website Development to Digital Marketing, Branding and Pitch Deck design. We not just help you to bring the product to the market successfully, but also build a strong foundation for your product to grow in the future!
Stop wandering around, all you need for your business is here!