Product marketing strategy is important in selling a new product or service or increasing sales for a product already in existence. Although some products are highly competitive, others have a big opportunity to capture a larger market share.
However, it’s easy to be overwhelmed when you think about developing a product marketing strategy. To help with that, here is a step-by-step guide for you.
6 Ways to Develop a Good Product Marketing Strategy
1. Set Measurable Goals
Your product marketing strategy should be focused on achieving measurable goals. Your goals are what you want your product to achieve. It could be sales, brand awareness, or customer satisfaction goals. They should be specific and quantifiable so that you can measure the success of your efforts.
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2. Analyze the Market
Market research will give you an insight into your ideal customer’s need and demand for your product. It helps you to know the goals, pain points, psychographic traits, and pricing of your ideal customer. You can carry out market research either through qualitative or quantitative research. Regardless of your method, ensure you gather data from competitors and potential customers, analyze your data, and implement the findings.
3. Identify Your Target Audience
According to the survey by Salesforce, 66% of customers expect companies to understand their needs and expectations. Identifying a target audience will help tailor your product marketing strategy to customers’ behavior. You can use tools like google analytics to track your customers or use information from your competitors’ analysis. Developing customer personas that focus on your customer’s mindset, behavioral drivers, concerns, and dislikes is important.
4. Strengthen Your Product Positioning and Messaging
Product positioning gives a perception of what your product is, the problems it solves, the people it helps, and how it is compared to the competition, and it always comes first. On the other hand, messaging is how you communicate the concept that positioning aims to achieve. Your messaging strategy should include your unique selling point (USP), buyer’s personas, brand story, and messaging strategy guidelines.
5. Set Your Price Based on Value
Everyone loves to get the best bang for their buck. By setting prices based on your product’s value, your customer will trust your product and brand and feel happy about the service or product. To do this, you can analyze your buyer’s personas and survey how much customers would be willing to pay for the features and benefits they value.
6. Align Your Team
You should gather all the key players working on your marketing projects. Find out those involved and their roles in the product marketing project. Having everyone on board from the beginning will ensure that everyone has a clear picture of where they fit into the overall picture and how they can achieve them. Also, you can use tools like Trello, Slack, or Asana to promote collaboration and monitor the progress of marketing strategy.
Conclusion
Successful product marketing will require your customer’s needs to be met at every stage of the product’s life cycle. Therefore, you should create a good product marketing strategy and dedicate ample time to researching your market and audience in the early stages of your strategy.