Before a product is introduced in the market, there’s a process every business should follow for its successful launch. Called product marketing, it involves certain activities that are used to bring a product to the market. It also includes the steps needed for the growth of the product after its launch.
A successful product marketing strategy will launch a product and keep it in the market for a long time. Persons who are involved in this marketing are enablers of its sales and accelerators of adoption.
Product marketing steps:
- Collecting data from existing customers, target audiences and stakeholders to inform your strategy.
- Doing thorough research to get feedback from inside and outside resources.
- Drawing a product roadmap
- Creating a product marketing strategy involving facets such as product positioning and messaging.
- Final product launch in the market
- Creating plans to increase sales of the product
Product marketing includes social media campaigns, in-store promotions, launch events and more.
There will be a separate team in brand marketing dealing with product marketing and its manager will be responsible for product messaging, launches, sales collateral, market research and storytelling.
Why is product marketing important?
You may wonder why there should be a separate team for product launching and marketing. Isn’t it sufficient to market your overall business at once? No, it’s important to have a specific team for product launches due to the following reasons.
- Product marketing makes launching easy
Statistics show that out of 30,000 products launched every year, only 40% of products have a success rate. It means many products are failing to meet the sale rate due to less reach out to people.
It’s important to meet people’s desires and needs for the product to be successful. When you do product marketing, you can know exactly what people want and how to present the product in the market so that it’s appealing to buy.
With product marketing, you can tell the product’s journey from its beginning to the end and make its story exciting so that people will show interest in the product.
- Individual product success stories
Product marketing is not only about its creation but also its success after the launch. The product marketing manager’s job is to reach customers and collect their feedback and insights to apply in future product launches.
If there is no specific team for product marketing and if the marketing is focused on brand marketing in general, then you may miss the key product points. They can make a unique selling point to people if you are focusing on a single product at a time.
The product marketing team’s job is to ensure that every single product of your business is reaching its right audience and satisfying the needs of people through the right marketing methods.
- Because products need to have a story for success
You cannot buy a product just by looking at it, at least most of the time. People should be able to see the product by looking at the story you are presenting.
In product marketing, you will tell an appealing story of the product’s key points and services so that people feel the need to buy it. You can achieve it only through product marketing. You can present the product in the right way so that there is a higher sale rate.
One of the ways you can make the product appealing is by its packaging. Use your brand’s colour palette and make sure to highlight the offers (if there are any) so that people come to the product.
In product marketing, you should also make use of physical objects like display stands, point-of-sale stands, cardboard display boxes, etc., during the sales campaign as part of the marketing process and product launch.
Once you hire a product marketing manager, you will know what to do during and after the product launch so that every product you create meets the success rate.
Conclusion:
To make your business successful, you should have a maximum sale rate for maximum products. With product marketing, you can focus on every single product so that you are putting your maximum effort into the product launch and succession of it. Hire a product marketing manager and see the difference in the sale rate of your products.
