There were many businesses that started with a very special and new idea. They developed their product step by step, but unfortunately could not properly introduce themselves in the market. To solve this problem, a department called product marketing gradually started operating in businesses. This marketing method helps businesses to complete the process of bringing their product to market with a proper and accurate strategy and finally be able to continue to grow faster. As a result, good marketing in businesses today is evolving and growing, and more attention is being paid to this area to increase sales and return on investment than in the past.
What is Product Marketing?
Product Marketing enables customers and in-house sales teams to have sufficient knowledge about the product and its role in the market. Consumer marketing focuses on customer needs and how the product can meet customer needs. In a way, it can be said that technical performance makes the product an attractive feature for the customer. Product performance is located between product management, marketing, and sales. Product management and marketing management have interactive functions. They are trying to create new customers.
Product management focuses on developing and creating new capabilities for the product. At the same time, product marketing focuses on the benefits of using the product. In fact, the two work together to sell the product successfully. Marketing of goods is evolving in the field of modern capitalism and technological advancement, But in general, it focuses on product management.
Let's say that product marketing is a "strategy", the science and art of bringing a product to market and building a sustainable business based on it. Consumer marketing is a holy grail for businesses. Like a bridge that helps you cross the river, product marketing helps you bring the product to market. The task of the product marketer is to collect and analyze data from different channels, in-depth customer demands, and spreads a deep understanding of the product among its audience.
It is important to understand that goods marketing is not just about discussing the value or position of a product. Rather, it is about creating the whole strategy of your product. Product marketing is the process of bringing a product to market and introducing it. This process includes stabilizing the product in the market and differentiating with competitors, launching a new service or launching a product in the market, gathering customer feedback, and placing the reason for the product in the minds of business audiences.
The important point is that the product marketing process does not end when a business's product enters its target market. This process is always ongoing and the task of people active in this field is to establish more interaction with customers. Those who are in charge of marketing a business product should make sure that people are well aware of the product being offered. In addition to brand awareness, it must be ensured that customers know how to use the product properly. Also, a business in the field of marketing its product is trying to increase the quality of its product by collecting comments and criticisms from customers.
Product Marketing Responsibilities
In the first place, goods marketing provides all the important capabilities of the product to the customer and the sales team. This can increase the demand and usability of the product. It does not matter what kind of service or products a company offers. With the help of powerful and principled consumer marketing, any product and service can be successfully promoted.
Product marketing will be more effective, especially when you use a marketing strategy. Of course, all of this shows part of the importance and application of marketing of goods. Commodity marketing is crucial for products that have already entered the market, as well as for products that are just trying to gain a foothold in the market. It is very difficult to do because it requires a deep understanding of the audience and their needs. Goods marketing gives you insight into how unique you are, reveals customer problems, and fittingly defines the story of your products. So the question that arises here is what is the responsibility of the product marketing manager?
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The product marketing manager has a duty to analyze competitors and identify buyers' personalities in order to create the best way to market the product.
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Creating a plan to bring the product to market and coordinating different activities to create new customers.
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Ensure that the customer has an effective relationship with the support and sales team. The sales and support team must have enough information about the product to be able to provide the information that the customer needs.
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Collaborate with other marketing teams to implement various programs such as webinars and marketing programs.
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Make sure your product meets the needs of your audience. You also need to make sure that your products can meet the needs of your target customers and audience. Through research to identify buyers' personalities and target audiences, you should have been able to identify the pain points and challenges you are trying to address with your product. If your product does not meet the needs of customers, they have no reason to buy the product and choose it over competitors.
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Keep your products relevant over time (keep up to date). Your products need to stay relevant over time. As needs, challenges, and expectations change over time, it is your job to make sure that your product marketing strategy and the products themselves remain relevant to customers. This means that you have to manage small changes in your goods marketing strategy or modify the products yourself.
Product Marketing Strategy
A product marketing strategy is a structure that defines the overall product cycle. It is a program that determines all the dimensions of the tasks and goals of this section, from the methods of attracting more customers to the program of unveiling new features or products. Having the right initial strategy helps a lot in business growth.
In addition, a professional product manager is always looking to improve the strategy according to customer feedback. This strategy determines the audience, the market, and the value of the product. While it is important to have an initial strategy, a good product manager is always looking to align the strategy with customer feedback. Now that you know everything, one more question remains: What distinguishes product marketing from traditional marketing? Aren't the two the same?
In short, no, they are not the same. Traditional marketing focuses on gaining and converting customers. Traditional marketers focus on strangers: perspectives and leadership. They also promote a company and its brand and ensure the consistency of its marketing message. Marketing of goods, on the other hand, focuses on customer marketing, needs management, and acceptance, all to create satisfied and successful customers. Your product marketing strategy is a great guide to pricing and launching new products. This marketing method, as one of the most important branches of digital marketing or digital marketing, helps you to present your products based on customer and market needs.
Here are five simple steps for you to take to begin the process of preparation and making a strategy for goods marketing of your goods.
● Identify the target audience and the buyer's persona
As a product marketer, you need to be able to identify the target audience and buyer persona of each product separately. Note that each of your company's products has a different audience. Knowing the target audience and the buyer persona is the first step in creating a product marketing strategy. By recognizing customer needs, challenges, and understanding their problems, you can implement a comprehensive product strategy.
● Use messaging and positioning to see distinctive products
After researching your audience and customers, you will gain a thorough understanding of their needs, the challenges they face, and their weaknesses. From now on, you need to present your product to your customers in such a way that they believe that this product can solve their needs and problems. The key here is to differentiate, position and message. Customers always have questions about your brand and product. You need to answer these questions, and this is the key to your consumer marketing strategy. It's your job as a product marketer to make sure your audience can find the answers to all of these questions and not have to use different sources to find the answers themselves.
● Set a goal for your products
Third, you need to target your products. This goal depends on the type of product, the scope of the company, and the overall marketing goals of the company. Your goals should be in line with the type of activity of the company and its position. However, there are several common goals in the field of goods marketing that we will introduce to you in the following:
- Increase revenue and profits
- Customer interaction
- Increase market share
- Get customers from other competitors
- Creating a comprehensive knowledge of the brand
● Pricing on the product
As a product marketer, you need to provide effective feedback on product pricing. Depending on the type of company you work for, the pricing will either have to work alone or you will have to meet with different teams and reach a single result. Just remember that in any case, pricing should be based on both the competitive price and the actual value of your product. Competitive pricing means that you price your product based on the price of your major competitors' products. This pricing method is very suitable for companies that produce similar products with several different companies. In contrast, pricing based on product value increases your profits. Of course, in this method, comparing the price with the competitive price of other companies will be a little time-consuming. This pricing method is suitable for companies whose products have very few competitors or are not similar in the market. In a product value pricing method, you need to determine the value of the product based on what the customer thinks is valuable.
● Offer your product
A product marketer must pay attention to two issues when presenting his product. The first is intra-organizational supply and the second is extra-organizational supply. Intra-organizational supply is all issues related to your organization and external supply will be related to customers and audiences.
Product Marketing Examples
Let's look at some great examples together.
● Brand Burbn (Instagram)
Have you ever heard of the Burbn brand? The answer is probably no. Burbn was a social yet very complex application. The app allowed users to share schedules, share photos, schedule with friends, and earn points. When Burbn co-founder Kevin Systrom analyzed the behavior of people who used the app, he found that image-sharing was a very popular and widely used feature.
At the time, an app called Hipstamatic was gaining traction among people because of the cool filters it applied to images. But he did not consider any way to share the images on other social networks, including Facebook. Quinn saw an opportunity that others had not missed. He and his partner Mike Krieger removed all the features of the application from the program except uploading images, comments, and likes. Then they changed the name of the application to Instagram. On the first day of Instagram, 25,000 users started working. At the end of 2010, Instagram had a large number of users, and you can see its continued success today.
● WhatsApp Brand
The brand was founded in 2009 by two Yahoo employees, Brian Acton and John Com, and now has 1.5 billion users. He achieved this success in a very short period of time. What exactly makes WhatsApp the world's largest messaging platform? First of all, its founders realized how much people hated annoying ads in apps, so they made it free of any ads. They both hated advertising, so much so that John even wrote a note on his desk saying "No advertising! No games! No tricks!" Second, the idea of the app was very simple and clear: it allowed people to connect with relatives, friends, and family wherever they were. In addition, it focused on the younger generation who did not want to incur the additional costs of SMS. The original idea was initially:
- Advertising is prohibited
- Satisfactory experience
- Privacy (WhatsApp did not save messages)
- In addition, WhatsApp is completely free. No restrictions on messages or calls.
John and Brian had a clear vision for their product. They were both on the same track and knew what their product was and what it was supposed to be.
Conclusion
We hope this article gives you a better idea of the importance of product marketing, and how it affects your business. As mentioned in the article, using the right tools in this regard can make life easier for you and grow your business faster. We believe, by using the Bitrix app, you can achieve all these goals. This tool will allow users to communicate, gather all accounts in different apps in one place, and make marketing strategies. It is easy to share, design, and teamwork. Having said that, creating the right consumer marketing strategy and reviewing some examples in this regard can help you and your business to improve faster and easier.
