How to define ROCKSTAR Product Marketing Strategy

Successful products require successful product marketing strategies. A strategy which ensures the product meets customers’ needs, position it in the market appropriately and have a plan to get the word out.

Most product marketing strategies begin with an idea or concept, then move into various stages of development that can include market testing, setting pricing, training a sales force, and executing the promotion. The product marketing strategy encompasses every department in a corporation from engineering and design to distribution and sales.

In fact, according to Media Relations Agency, 80% of new products fail. But why? Well, failure could be due to several factors:

• Lack of understanding of the market
• Lack of understanding of the buyer
• Lack of communication
• Ineffective product marketing strategy

Here are the key elements of a strong product marketing strategy: 

Target Market

According to Cintell, high-performing companies are 2.3 times more likely to research their buyers’ drivers and motivations. Any information can be helpful in uncovering your audience’s preferences and how best to market your product to those individuals. Once you have all your information gathered, start building buyer personas.

One of the key components of a product marketing strategy is selecting a target market. The target market is usually a specific demographic group that can be defined by a certain age range, socioeconomic status, or even sex, race, or creed. For example, the target market for baby strollers is usually pregnant mothers or expectant grandparents. A company marketing rosary beads or bracelets would likely target Catholic people. Understanding your customers' emotions, such as brand loyalty, is key to meeting their needs.

 

Function

The product marketing strategy usually starts with the core product function, according to LearnMarketing.net. The core product function is the key benefit that the product fills for consumers. From there, an actual product description must be created, which includes the various features or varieties of the product and what differentiates it from those of its competitors. The augmented product function includes additional services tacked onto the product.

Strategy Decisions

The product marketing process then typically moves through a series of decisions that must be made, often with the help of market research or focus groups. These decisions include profit goals, pricing, distribution, and methods of promotion, such as advertising, coupons, and public relations.

The benefits of a well-planned product marketing strategy include greater sales and profits. Companies that target the right customers and offer products at an acceptable price will usually profit more than companies that do things haphazardly. A company will also be more successful with its product marketing strategy if it markets through the right distribution channels and executes advertising and promotions that reach its target market.

Messaging

According to Customer Thermometer, 57% of consumers feel trust when they’re emotionally connected to a brand, and that emotional connection is built through your messaging.

The product messaging should be built around a narrative. Narratives are the easiest way to get the audience to connect with the product because they are relatable and will resonate with the audience.

Identify the product’s unique selling proposition would craft an effective story. What is the main value for the user? one key message that will drive product narrative globally or locally.

The Roadmap

Developing and promoting a product requires a multi-team effort. This is no easy task. Product marketers need to be the bridge between sales, marketing, engineering, and development and make sure everyone is on the same page.

According to The Chartered Institute of Marketing, only 35% of marketers believe they understand their role in delivering a branded customer experience. It’s the product marketer who is responsible for educating and informing the entire team and organization to ensure everyone knows their part.

A product roadmap can bring all the teams and internal stakeholders into alignment. The product roadmap provides a summary of the entire product marketing plan and guides the team on what will happen in each step of the process. This document maintains visibility throughout the entire project and ensures all those involved know what’s going on.

the roadmap also addresses the product life cycle, includes the introduction, growth, maturity, and decline stages of a product. Sales for a new product technology will typically skyrocket the first few years/months until more competitors enter the market. Over time, sales will level off and decline. It is up to the corporate management team to extend the product life cycle with additional product lines.

Promotion Plan

Having a great product and well-thought-out strategy aren’t where the work stops, we need to get the word out through strategic promotion.

According to CEB, 58% of consumers have tried a new brand in the last three months that they didn’t even know about a year ago. Because those brands invested in promotion, those customers were able to learn about them.

Promotion the plan needs to get the product message in front of the right audience at the right time. Identifying the right audience research and built your buyer personas.

But timing is also important. research on the market overall will ensure a strong product-market fit, ensuring the launch is timed well to be the most effective.

Post Analysis

The Chartered Institute of Marketing finds that only 48% of marketers are consistently measuring brand, customer-related, and non-financial metrics of success. If you’re not measuring, how will you know how to improve?

Product marketing strategy needs to be just that – strategic. We can’t expect the strategy to have perfect results, therefore consistently tracking results to learn from them and adjust if needed.

Focus on several key metrics to track, such as email clicks, website form submissions, reach, share of voice, and, of course, conversions.