Are you on the verge of releasing a new product or service? If yes, you’re probably faced with the same problem haunting many marketers today. How should you promote a product? Well, there’s no universal answer to this question because the same method doesn’t work for different brands. But the least you can do, especially if you’re a novice marketer, is to discover the world of product marketing. After all, without a proper promotion, you can’t expect wonders.
Indeed, your product may be the most innovative solution for your customers, but how can they know that if they haven’t heard about it? We think you catch our drift. In 2020, it’s all about promoting and understanding the market. Only like this will you reach a wider audience and beat your competition to the punch (metaphorically speaking, of course).
So, we’ve prepared a guide to product marketing to help you navigate your way through this dog-eat-dog industry. After all, the evolution of this process is one of the newest and most important trends in marketing today. Therefore, it’s crucial that you understand it and know how to apply it to your company.
Just an FYI, here’s what we’ll go over in this article:
Let’s dig in!
Product marketing refers to the process of bringing a product to the market, promoting it, and selling it to a consumer. This branch of marketing looks to find the right customers for a particular product and make a pitch that will influence their purchasing decisions. Basically, you need to understand your target audience. Once you do, you can use strategic positioning and messaging to increase revenue and boost demand for the product.
What’s more, product marketers rely on a combination of advertising, design, and research to ensure a product’s success. They have a lot of responsibilities and need to work closely with product teams to get the best results for their companies. But more on their responsibilities later.
If you’re like us, you’re probably now wondering why this branch is important. Well, sit tight because we have the answer to this question.
Using digital marketing, promoting a product, reaching a wider audience, increasing brand awareness, and now understanding product marketing. Is there something that isn’t important for today’s market? Well, not really if you want to be head and shoulders above your competition. And we presume that you do. But why is this process of promoting and selling a product that essential?
Easy. Without this process, your product can’t really reach its maximum potential. Regardless of what you offer, be it a software or a book, you want it to resonate among your target audience. This is what will make them order your product online or wait in lines to buy it.
Now, let’s see how product marketing helps you:
In essence, product marketing is a complex process and it involves a lot of questioning and reflecting. Before you make any decision, you should find the answers to the following questions:
So, an experienced product marketing manager needs to look at the product from all perspectives to determine whether it will be successful in today’s market. This might seem overwhelming, but with a right team, everything will be easier.
Now, let’s mention the specific responsibilities you have.
Product management comes with various responsibilities that may vary based on industry, company, and products. However, there are still some common responsibilities shared by those working in this branch of marketing. And we’ll examine them now.
As we mentioned, product marketing helps you create buyer personas. Expect that your main role will be to define a target audience for each product. By understanding your customers and their needs, you’ll adjust your product marketing strategy to them. For instance, 72% of customers want to discover your product by watching videos. So, giving them text-based content won’t do you any good. It’s all about knowing and delivering what they want to see. In this way, your product and content will resonate among your consumers.
A good product marketing strategy helps you create, manage, and execute campaigns. In the end, this will encourage prospects and existing customers to buy your product.
Another responsibility is maintaining a relationship with the sales team. Namely, you’ll work closely with this team to identify and attract the right customers for a particular product. However, this isn’t your only obligation here. Sales enablement sounds familiar? Don’t worry if it doesn’t, we’ll explain it.
Sales enablement is the process of providing your reps with information and content that help them sell more effectively. Your sales team should be able to answer any question a customer might have about the product. So, you need to ensure they know the product inside and out, and that they’re ready for any scenario.
Don’t forget about product positioning. Use this process to determine how to best communicate and show your product’s features, but always keep your customers’ needs in mind. Our advice is to approach this process in terms of storytelling. To position that product, you need to tell a compelling story on your available channels. By all accounts, video is the best marketing tool for storytelling. Why? Because it’s engaging, versatile, and popular among customers (78% of them watch it every week).
But before you make a video, you and your product marketing team need to go over the following:
Once you and your team brainstorm, creating a video will be a piece of cake. Don’t forget though, you need a reliable video platform to host and manage that video. In that respect, we suggest checking out Brid.TV as it is one of the best solutions today.
Remember the first step? You’re supposed to research and determine your buyer personas. Now, let us tell you why this step is important. Basically, it informs the whole product marketing process. Without knowing who your target audience is, you can’t create a successful strategy or determine your product’s positioning. And you certainly can’t know whether your product meets the needs of your consumers.
So, while you’re researching your target audience, discover their pain points and problems you want to solve with your product. It’s pretty simple. If your customers don’t need your product, they won’t buy it or choose it over your competitor’s.
Product marketing strategy is crucial for every business. It’s like having an advisor who helps you with positioning, pricing, and promotion of your new product. If you follow your strategy to the letter, you’ll go through different stages with ease — from development to launch. With this in mind, we’ll mention three steps that can come in handy when optimizing your product marketing strategy:
Now, let’s see what all this entails.
It goes without saying that you need to determine what you want the new product to do for your company. Simply wanting to add something new to the market won’t cut it. You need to establish specific goals and work on achieving them. To give you an idea, we’ve prepared some common goals marketers have:
Furthermore, you don’t need to focus only on one goal — combine several of them and present them to your team. However, it’s important that each of these target are:
Yes, as a product marketer, you’ll also participate in the discussion regarding the price of your product. Base your prices on the following two pricing strategies:
We’ll start with the first one.
Competitive pricing means you’re researching the competitor’s prices before setting the price of your product. Of course, you’re looking at similar products your competitors offer to see how much money customers set aside for them.
In the end, you might decide to set a higher price because your product has unique features. However, before you decide this, always evaluate financial reports and industry trends.
On the other hand, there is value-based pricing. It can be a bit time-consuming to establish when compared to competitive pricing. Nevertheless, we suggest taking both pricing strategies into consideration.
Value-based pricing means that you base your product’s price on its value for your customers. So, you’re not researching the industry and market trends, or your competitors here. Quite the contrary, this pricing strategy is customer-focused, meaning that the price reflects your customers’ opinion about your product.
And now, we can finally move to the most exciting aspect of product marketing: the launch of your product. What you need to do is sit down and think how you can market the product launch. You need to select channels your customers are using and start spreading the word about the great product you’ve created.
Here are some of our suggestions for channels that are helpful for your product launch:
Congrats! You’ve reached the end of our guide to product marketing. Don’t forget, you need to constantly examine, update, and adjust this process to every new product. As a product marketer, you’re in charge of the strategy whose task is to successfully promote and launch a new product.
The good news is — you don’t need to go through this process by yourself. You can rely on your product marketing and sales teams along the way. But remember, you need to ensure that every team is on the same page with the new product, its benefits, and features. So, start working on your product marketing strategy and follow the tips we gave in this article. Good luck!