A good and compatible product is condemned to failure if there is no product marketing plan or a bad product marketing plan to promote it. As a business owner, you should be aware that no matter how large you invest in producing a product, you will fail if you cannot sell it at least to the minimum amount of what you have thought of to yourself.
A product marketing plan consists of various elements such as good and convincing content. You should adopt a content marketing strategy that encourages your target audience to buy your product. Therefore, you need to have a qualified marketing team or marketing expert that works well with your content team or body.
Here in this article, we will put forth a definition of a product marketing plan, talk about its importance, and tell you how it is possible to write a successful plan.
What is the Product Marketing Plan?
As the name suggests, a product marketing plan is a process of entering your newly released product into the market for profitable sales. This process requires a thorough knowledge of your target audience which contains their age, interests, demographics, etc. Moreover, you need to know the marketing strategies that turn your sales into a triumphal one.
Product marketing differs from conventional marketing in the sense that it is way more strategic and specific than the widely general concept of conventional marketing applied in the business. In other words, product marketing is one of the categories or the seven Ps of conventional marketing that deals with strategic ways to sell products.
While conventional marketing focuses on issues like lead generation and SEO, product marketing looks for ways to grow the demand for a product. It considers ways to attract new customers in addition to the current customers of a brand. Furthermore, it controls the procedure through which a customer completes their purchase. Let’s put it in this way that product marketing aims for an efficient conversion funnel.
Regarding such goals and aims, each product has to be analyzed in terms of the type of audience it can attract. With the product and the target audience in hand, it is time to find the channels through which the product can reach the target audience. So, a good marketing plan is the result of the efforts of the three teams of marketing, product management, and sales. Without efficient collaboration between these three teams or bodies, there would be a failure in sales.
Why Is Having a Product Marketing Plan Important?
Product marketing is the element that reaches you to the final point where you have planned in the beginning. If you have a strong product marketing plan, you can get the maximum profit from your sales. So, taking it into consideration is remarkably important.
A product marketing plan is valuable in other senses as well. Here are some of its contributions to your business:
- It helps you know your audience and create a real and reasonable buyer persona.
- You can realize the presence of your competitors and what they do to keep their market share.
- It makes you notice whether your marketing team is working in line with the product and sales team.
- The new product goes particularly to that section of the market where there is a group of the audience waiting for it.
- Your business thrives by boosting its sales and increasing revenue.
If you go into the details, you can also understand if your product can compete among other ones currently available in the market. Or, whether the exhausted modern audience finds your product interesting, unique, and helpful. So, you are always struggling with issues of such kind in order to light your way to better sales.
Best Secrets on How to Write a Successful Product Marketing Plan
Now that you know what a product marketing plan is and how important it is for elevating your business, it is time to write a successful plan. To do this, you should learn effective product marketing strategies to promote your products.
Here, you will read about the best secrets and you will find the courage in you to start the process. But first, let’s take a look at this infographic to see all the secrets together:
1. Create a Buyer Persona
As a small business owner or a product marketer, you should pick a target audience for your product. Analyze what type of audience may buy your product. Think of interests, needs, age, sex, economic issues, geographical issues, demographics, etc
Create a buyer persona based on your ideals and criteria. Then, set this buyer persona as the model for your target audience. Your marketing team should attract an audience that has exactly the same characteristics as your buyer persona.
Why is creating a buyer persona necessary and useful? Because it elevates the efficiency of your efforts. So, you directly send your product where there are people who wait for it.
2. Determine the Positioning and Messaging
Having created your buyer persona, you now have a comprehensive view of the needs of your audience. Such information is useful in the sense that it makes you think about how you can solve the issues and meet the needs of your audience with your product.
It is not something that only you do for your business. All the businesses and competitors there follow the same strategy. Therefore, it adds no value to your offerings. However, without doing so, you cannot be qualified enough to compete with the rest of the players in the market. Because meeting the needs of the customers is a key feature for your sales.
You may ask what is it that differentiates you and your competitors then. Your answer is, positioning and messaging. By positioning and messaging, you describe the value of your product or your business as a whole.
The part that how your product suits your target audience is already solved. The issue is that without positioning, your target audience cannot find your product useful. So, by right positioning, you define why your target audience can find your product useful.
Right positioning involves asking yourself about the unique features of your product among other ones in the market, and how your target audience can find them ideal. In other words, you should ask yourself why a person should prefer your product to another similar one currently available in the market.
On the other hand, messaging is the way you communicate your story to your target audience. It is the whole content you produce to convince your audience that your product should be bought for different reasons. It is something that people will remember forever whenever they see your brand or name on any website or social media or even highway billboards.
Use encouraging and tempting language to persuade your audience. In addition, choose a tone that you know it matches the concept of your business. A toy company’s tone definitely differs from that of a home decor company.
3. Define Clear Marketing Goals for Your Products
Regarding what product you are presenting to the market, or in general, depending on what type of business you own, the marketing goals may vary.
Remember that goals are particular in nature and no one can precisely tell you what your goals should be. Because only you know what your challenges are, how large or small your budget is, and how large you expect your profits to be. Your business goals are your business goals! And it is you who can define the best goals for your business according to the facts and realities.
However, here are some of the topics you can make sure to include while defining your goals:
- Building a better relationship with your customers
- Fixating your brand image
- Attracting new leads
- Maximizing profits
- Increasing revenue
Once you define your goals, you should check them to see if they are attainable, practical, and realistic according to the situation of your business. You may face loads of tasks on the way to achieve your goals that are beyond the capabilities of your team. There is no need to worry as you can always count on outsourcing some tasks to a reliable workforce out of your business. Of course, there are outsourcing benefits and risks that you should consider like there are with anything.
4. Decide on the Pricing
Setting a price on your product should be done strategically and professionally. Pricing is not an easy task because there are different factors involved. For instance, you should consider the market demand, the pricing of your competitors, and the situation of your business i.e. if you are well-established or you have just started your work.
Taken as a whole, you as a product marketer or business owner should consider two types of pricing:
As the name might imply, competitive pricing means that you set a price for your product that is below or higher than the market price for similar products. It may destroy the revenue of your competitors though you get higher revenue.
You can set competitive pricing when there are a lot of products out there in the market similar to the one that you have produced. Or, the product that you sell is significantly better in comparison to other similar products in terms of quality or other aspects.
Searching through financial reports of your competitors and the market helps you grasp a clear idea of the pricing trends in the industry. So, you can set reasonable pricing even if you want to choose competitive pricing. Of course, there are pros and cons of competitive pricing and you should see which one outweighs the other in your case.
Contrary to competitive pricing, value-based pricing requires more time to result in profits. However, it is aimed at increasing your revenue and maximizing your profits just like competitive pricing.
If you do not have many competitors or there are not so many similar products to yours in the market, it is good to choose value-based pricing. Such pricing allows you to set pricing for your product based on its values rather than based on what the market demands the price to be. In other words, you set a price for the values that your product has in its nature regardless of what goes on in the market.
There are value-based pricing pros and cons and again, it is you who should decide whether it works for your marketing strategies.
5. Launch Your Product
When all the tips above are correctly implemented, and the product development process is done, your product is waiting for you to take it into the market. Well, this is the final task, yet the most important one, for you as a product marketer or business owner. It is the stage where all your efforts can turn out fruitful.
In launching your product, you should take two aspects into account. As it is a sensitive and critically crucial part of the plan, you should consider the internal and external aspects of the launch. Because launching a product is not all about the market outside or the external issues outside your business. Rather, it also comprises internal matters that go on inside the business.
Let’s together see what we can consider as internal aspects and external aspects of launching your product:
Remember that we just pointed out at the beginning of the article that an efficient product marketing plan requires the three teams of marketing, product, and sales work closely interconnected?
Here comes the significance. Because when you have full knowledge of what is going around in the business, you can better cooperate with your customers after launching your product. Internal information in the business determines your behavior towards the needs of your customers.
The three teams or bodies should know the expected profit of the product, pricing, special features, product goals, product buyer persona, product usage methods, product positioning and messaging, etc.
One point to notice is that you should not be obsessed with external aspects unless you have managed internal aspects. Or else, it will not be a successful plan that can achieve what you expect from your product sales.
Among the external aspects, there are marketing strategies by which you inform what you sell and how it can help your customers in their lives. So, in other words, you convince them logically to buy your product.
Choose your marketing means. Where do you prefer to market your product? What are your reasons for choosing such media? When asking you about where you prefer to market your product, it does not actually mean your personal preferences matter for marketing. Quite the contrary, you should search a lot to choose a media where its users are most similar to your buyer persona. Here are some of the media you can select for marketing your product and expect conversion:
- eCommerce website
- Product launch events
- Promotional events
- Social media
Searching for the right media together with the size of your budget for marketing issues can determine which channel is the best for your product. When you finally make up your mind about the proper channel, it is time to do all the marketing strategies specific to that channel.
For instance, if you are choosing Instagram as one of the most used social media in 2020, you should learn Instagram marketing tips on how to gain your followers organically through Instagram followers apps. Then, focus on converting your organic followers into customers for your newly-launched product.
Given that you have followed the secrets above, you can now write a successful product marketing plan. Regarding the needs of your business, you should keep an eye on your plan and adapt it to the new conditions. So, take good care of the process and keep everything in line with your plan. Good luck!
I am Parichehr Parsi, a born writer, and a freelance copywriter in the fields of travel, fashion, and Instagram marketing. I currently write for Realtormate and online magazines in Italy and I love reading, writing, and researching. Find me on LinkedIn!