Did you know that 60% of newly developed products don't make it to the market?
Scary enough. The problem is that many product owners don't realize the importance of product marketing and what it is.
In fact, one in every five product marketers does not communicate with their target customers at all.
The successful marketing of your products online is not just about aesthetics — it is also about planning, organizing, and distributing your products to your target audience.
Today, we will discover trending product marketing strategies to help you position your products on the market, attract potential customers, and enhance your sales rates.
Let’s dive in!
Product marketing strategy is a tactical approach to advertise and sell a product to a customer.
This strategy includes handling teams, product, marketing, sales, and customer support to guarantee that the product meets the target market's requirements.
Furthermore, product marketing is a link between product creation and increased market awareness.
But why is it important?
Now that we know what value product marketing strategy can bring us, let’s discover how to utilize it.
To help you better understand the overall notion of product marketing strategies, we have broken them into three parts. Here they are:
A product marketing strategy's creation phase begins with planning.
To determine what demands for your product are, you need to get insights into customer needs.
You can achieve this by analyzing research data divided into two primary types:
Here you can get US and Europe-based information about trade, economics, demographics and production.
On the other hand, if you want to find out who your competitors are and how they sell their products, conduct competitive and social media research.
Well-thought-out research will help you determine the ideal customer for your products. This leads us to the next step:
To target customers effectively, you must determine a buyer persona and audience for your product.
A buyer persona is the most crucial element of the product marketing strategy because it helps you persuade and encourage future buyers to interact with your brand until they finally make a purchase.
This tactic will enable you to customize your product's features to address the problems your target market is experiencing.
Now that we know how to target our customers, it is time to set up goals for our products.
For most marketers, sales rate is the #1 goal that measures their business success.
Although sales are a relevant factor for your business, let’s not forget strong brand recognition and high customer satisfaction as equally important goals your products should achieve.
The SMART framework can help you set realistic goals for your products without going overboard with unrealistic expectations.
If your products positively impact all three of the previously mentioned objectives, you can say that you have developed an effective product marketing strategy.
Now that we wrapped up the Phase #1, we can proceed to the Phase #2.
After you have finished your consumer research and established your product's goals, what's unique about the solution you offer to your customers?
To position your product on the market, you need to develop storytelling of your offerings — what is the story of your products?
Here is a set of questions to start with:
The main concerns your customers might have about your products are your key features to win the competition.
Ensuring that consumers and audience know the answers to their questions and concerns about your products is an important aspect of being a successful product marketer.
Pro Tip: Professional marketers utilize AI writing tools such as TextCortex for repetitive tasks.
For example, TextCortex rewriter extension has a Blog body feature that you can use to transform features of your product into a compelling product description.
All you need to do is to list your features, select the text, click on the logo, and choose the blog body feature. Here is what that looks like:
By implementing AI writing tools in your writing process, you can reduce your writing time and produce product descriptions within seconds.
Contributing and determining the best price for the company's product is one of the curtail tasks of a product marketer.
And according to Hubspot, there are 2 types of pricing models you can use for your product marketing strategy. They are:
For example, Volkswagen produces cars that aren't bad but aren't spectacular either — many other car manufacturers provide similar vehicles.
In that case, Volkswagen's pricing is primarily influenced by the competitive side of the argument -- the element that distinguishes them from the competition.
On the other hand, Rolls Royce is well-known for its high-end luxury vehicles. And what characterizes that brand are handcrafted cars tailored to unique customers.
If your products have something that competition can hardly provide, that will open an opportunity to pursue value-based pricing.
You can use numerous strategies to market your product launch so that your existing customer base, prospects, and target audience learn about what you're selling. Here are some of them:
Whatever channel you choose to launch your products, make sure to add all relevant product information.
That will help your prospects and customers better understand your product and decide whether they need it.
Congratulations! You got yourself a product marketing strategy. However, for consistently successful result, proceed to Phase #3.
Getting customers to perform specific actions is the main objective of marketing and sales campaigns.
And the number of potential customers who will take that action equals the conversion rate.
Here are some of the actions we are hoping to see when prospects and customers interact with our products:
And to measure these actions, we use the following metrics:
These metrics are relevant sources of information that can help discover aspects of your product management that require adjustments for better product performance.
A customer experience is the base of your product marketing strategy because an unhappy customer is a lost customer.
And to avoid such a scenario in your product marketing strategy, you should ensure that your products have consistent quality and reliable product information.
Wouldn't it be annoying to buy a product with good characteristics just to get something different from the product description?
Remember that people buy your products based on how you represent them — product titles, descriptions, images.
As a product marketer, you should know that with launching a product, there is no game-over scenario. Your product will not sell itself, no matter how awesome it may be.
To cultivate relationships and earn loyalty, you must continually remind your targeted audience about your brand and offerings.
That way, you will improve your brand's visibility and the customer experience in a single hit.
For instance, creating a sales funnel is a great product marketing strategy because it will guide your prospects toward making a purchase.
The effectiveness of the sales funnel is based on a well-planned copywriting approach tailored to each stage of the funnel.
It will bring your more hot leads and easy conversions and maintain a long-lasting relationship with your targeted audience.
As you can see, developing a successful product marketing strategy demands time, energy, and resources.
However, incorporating it into your marketing plan will eventually pay off.
But let me give you a friendly piece of advice.
In online business, everything evolves around entertainment, education, and compelling writing — all relevant elements for attracting a targeted audience.
Here is a fact — 66.5% of product marketing managers work on content creation.
And to nail that aspect down, you need to focus on producing relevant and engaging copywriting material. TextCortex can help you with that.
Our rewriter extension and web application are built to:
Are you tempted to give it a try?
Sign up for today and claim your 15 daily creations to explore how TextCortex features can take your product management to the next level.
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