Every manufacturing company who designs a product and is looking to launch the product on the market requires aggressive product marketing strategy. It requires a team of experts to analyse various facets of the product and how it relates to the audience, create social media hype and engage the company for progressive marketing updates.
It is one of the most crucial factors in driving revenue and determines the overall success rate of the product. It is focused on understanding and developing anticipation among big audiences. It drives the demand for product usage and includes many forms of mediums working together to ensure that its interest remains in the market.
What does product marketing include?
As widely speculated, product marketing is not just limited to the pre-launch activities that offer messaging, gathering feedback and putting up of market presence at online and offline media. In fact, the hardest part starts as soon as the product is launched. For the long-term product maintenance, keeping up with market trends and adoption of statistics to back the product are perceived to be the job after the product launches. The role of a product marketer may vary in companies, some of them require the market positioning responsibility to be a solo position, others focus on collaborating with sales team for driving demand and strategy adoption, and some companies may require the product manager to be accountable for the forces.
Some of the important tasks of a product marketing manager are to be able to completely understand the product and develop a rapport with the audience based on some of its highlights. Also, keep pace with the new trends, recommend the company to offer certain exclusive offers to select customers and take feedback. Based on the consumer feedback, a new efficient strategy is generated. The team requires extensive surveys and empirical evidence to advance the product in the marketplace and widen its spectrum.
Five key factors of successful product marketing
#Getting the word out
When the company is in the penultimate stages of completion of the product, the product marketing is initiated with giving out news outlets, invites, pre-launch offers, hype on social media via propagation of its exclusive features and boasting teasers of the product.
It’s also important to highlight the uniqueness of the product and why a customer shall opt for the product by displaying its website blog and magazines.
Also tweeting and posting updates with recent trends and innovative ideas which have sarcasm and simultaneously the substance to build upon.
Making a tagline for the product and offering special invites for the launch day, media invites and expanding the platform to live broadcast and short highlights version generally ups the ante.
#Connecting with the appropriate audience
While developing a new product it is essential to understand the nature of the product and what sort of audience it appeals to.
Also, it requires proper medium of address to the target audience. For instance, your target audience is youth between 18-25, then look what’s the most important thing for them in choosing a product, research on what advertisements and types of marketing they are attracted or more likely to view.
All research has to be carried out with live reviews from the batch undertaken for the survey.
Now if you are developing a product for general audience, it is necessary to include various types of advertisements being circulated around via marketing team to appeal to each generation.
#Use of social media
With rapid advancement in technology and the excessive use of social media apps many companies are shifting their marketing team to work on social media advertisements and how to update it based on the current trend.
The current trends affect the marketing team a lot. Now, for instance, Reliance Jio offers 100% cashback on its recharges and keeps updating its tariffs and bonuses by offering extra data service packs.
Switching to digital marketing of product will require experts to design small videos for status updates, memes and also upcoming product update.
After the launch of the product, it can be used to update the users on its upcoming features and versions that are made available, the value and the consumer growth it has gained.
#Quality Assurance Assessment
Product marketing not only includes heavy adverts of the product but also includes internal and external quality assurances.
The companies can go for hands on review for the product before the launch or post the launch to make notes of the key improvement areas of the product which are reported back to the company’s design team who analyse them and tweak the design.
In another instance, the companies are mindful of the events around the city for their target audience and make an effort to make an arrangement for advertisement of the product.
The company can also generate online and offline forms for customers on social media, print media and at their stores that can address their needs and rate the product on its feel and experience. This helps the marketing team to put out the statistics in favour of the product and lay emphasis on its strong points.
#Obtain dealerships and sponsorships
The marketing team works round the clock for its outreach and churns out numbers to analyse their reach to customer ratio in relation to actual customers obtained.
Going for event sponsorship or dealership with another product bundling which is way popular can work wonders for the product marketing.
With event sponsorships, the product itself gets a lot of coverage and attention of the audience and when recommended by eminent personalities, it just adds the icing on the cake.
Another aspect is that with the dealership tie up with websites or other similar products that can be bundled together as a combo offer lures the audience into having a glance at the product.
Now, all these factors also account for collaboration with different departments of the company. Contrary to what product marketing is perceived, it is a collective effort of the data inputs from all the aspects and departments to manifest an advertisement model.