Posted in Marketing and Strategy Terms, Total Reads: 558
Definition: Product Marketing
Product marketing is the overall process of conveying information about a good or a service to the potential customers. It includes defining the scope of the product line, identification of potential markets for the product, determining optimum price through relevant pricing methods & strategies for the market, encouraging potential customers to make purchase decisions in favour of the product or service and finding the most suitable distribution methods for delivering the product to its customers or to the appropriate sales-locations.
Product marketing deals with the 7P’s of marketing as well as is an outbound process as against product management.
A brand has to answer these four basic questions to design a product marketing strategy. There are 6 commandments to product marketing to catalyse to guide new market entrants or help the marketers to re-launch their products in the market.
a) Know the target segment well and develop an appropriate positioning framework.
b) Develop a B-Plan.
c) Run a survey to know customer views about the product or service, how they use it, is it meeting their expectations?
d) Know from where your potential customers are coming from.
e) Know the sales team.
f) Ensure that sales people, partners, marketing team, all capitalize the benefits of the product and cash upon the same.
The above diagram gives a brief idea about product marketing strategies across the product lifecycle.