Product Marketing – The Principles and People behind It.
As start-up business entrepreneurs the most important aspect of your business is how well you market your products. Only through effective product marketing can you attract customers and start building a loyal clientele. For this to happen, you need to have a competent product marketing specialist on board your team, who can help get your product the attention it needs. Even if you have an excellent product, there will be no point if no one knows about it. Hence, it can be argued that product marketing is one of the most important aspects of your business.
What is product marketing?
Product marketing, quite simply put, involves the promotion and selling of your product. It is not the same as product management which deals more with the development of the product, its success, and market lifetime. Product marketing is more concerned with finding a target audience and attracting customers through effective means. The main parameters of product marketing involve pitching the product to the customers by creating a statement that focuses on the product type, the customer type, the needs of the customer that the product meets, as well as the particular region where the product is available.
What role do product marketing specialists have in your company?
Product marketing managers or specialists have in-depth knowledge of market trends and needs. They particularly zero in on understanding the mentality of the buyer and accordingly design marketing strategies. They assist the Sales and Marketing teams by ensuring that they are aligned and are equipped with the ability to influence the market. Product marketing is all about telling the market that your product is what is missing from the lives of your customers. This means that product marketing is outbound, and the product marketing specialists are aiming to influence the market by honing in on customer needs. It is all about getting the word out and ensuring that people know about your product. The specialists aim to do this by posing the following questions:
- What are the products being offered by the company? What is the variety and number of these products?
- Whom are these products aimed at? Marketing strategies can change according to the target group’s age, sex, ethnicity or household income.
- What will be the distribution channels for these products to reach the customers? How will they get access to the products? Will it be too much of an inconvenience and can ruin potential sales?
- What is the range of the product’s availability? Who can access it where and for how long? Is your product exclusive for a certain period?
- What prices will the products be sold at?
Product marketing persons may not have the answers to all these questions right off the bat and can hence test out certain viable options. By collecting the data from these tests or from previous product successes they can narrow down the best options for how your company’s products can be sold most effectively.