What Is Product Marketing? Definition, Importance And Steps
By Indeed Editorial Team
Published 8 August 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
Marketers play an important role in a company's success by understanding customer needs and creating products for them. When a company introduces a new product, the product marketing team informs potential customers about it and generates revenue for the company. If you are interested in a career as a product marketer, learning about this type of marketing can help you understand the requirements of the profession.
In this article, we discuss the answer to the question 'What is product marketing?', explain its importance, describe the differences between product marketing and traditional marketing, provide the steps for product marketing and explore what happens after a product launch.
What Is Product Marketing?
If you want to work in a marketing position as a product marketer, you may wonder the answer to 'What is product marketing?'. Product marketing is the process of conveying to customers how a product addresses their needs. It is a process that companies use once they introduce new products to the market to inform customers about the problems the product solves. It involves identifying the target market, determining their pain points, understanding their behaviour and customising the brand messaging.
In some companies, the marketing team may be responsible for marketing new products. Some other companies may have product marketers who take care of all the activities. It is the duty of the product marketers to create a demand for the products, generate revenue and encourage the adoption of the new market entrants.
Importance Of Product Marketing
When a company adds a new product to its range of offerings, a product marketer helps the organisation inform its customers about the product benefits and communicate its features with them. Without product marketing, customers are less likely to know about a new product that a company may launch. It helps companies identify a need among the customers and find ways of using their product's features to address those needs. Product marketing can also help product teams collect feedback from customers, identify unaddressed opportunities and provide valuable insights to marketing teams.
Differences Between Product Marketing And Traditional Marketing
While traditional marketing involves activities for the entire brand, product marketing focuses on a new product or addition to the brand. The aim of product marketing is to align activities for the new product to the customers' needs. Traditional marketing involves creating value for the customers. While traditional marketing helps in acquiring new customers for a brand, product marketing helps in pushing a product towards them. Traditional marketing often includes product marketing as one of the marketing strategies for the brand. Some companies may include it as one of their traditional marketing activities.
How To Conduct Product Marketing
Here are the different steps that marketers can follow while launching and promoting a new product:
1. Understand the customers
The first step of the product marketing process is to identify the end users of the product. This can help marketers identify ways of reaching them, understand what their needs are and find the problems they face. It can also help marketers discover ways of aligning the offerings with the customers' needs.
Without an understanding of who the customers are, companies may have an excellent product, but it may be challenging to determine who wants to buy it. Once marketers have identified who their customers are, they can then study the target market and understand its characteristics. Marketing teams can then create user personas and analyse their behaviour, interests and problems in detail.
2. Conduct market research
Next, it is important to study the market that companies are entering and analyse the market players. This can help brands determine who the competitors are, identify the strategies they have implemented, learn from their mistakes and understand what has worked for them. Marketers can also interview their competitors' customers to know if they are happy with the competitors' products. This can help them identify points they can address while creating awareness about the offerings they are marketing.
3. Learn about the product
Once marketing teams have learnt everything about their target market, it is important to study the product in detail. This can help them learn about the features and understand the pain points that the product solves. They can then combine their understanding of their target customer and their employer's offerings to identify how it can solve the customers' problems.
4. Create a message for the product
Based on the learnings about the customers and the product, the marketing team can then create a message for the product. This message communicates the details of the product and tells the customer about the problem it solves. The message also helps the customer understand how the product you are marketing is different from that of competitors. A good product message resonates with the customers and aligns with the brand's overall message.
5. Develop a launch plan
Next, it is important for product marketers to create a launch strategy that can make a smooth execution. Having a plan can also help ensure that they are able to achieve the launch's objectives. One of the steps is to form a marketing team that is responsible for the execution of the strategy.
Along with a marketing team, it is also necessary to form a sales team, as they play an important role in informing potential customers about the product. Some other steps may include creating a landing page for the product, activating social media channels, setting up paid campaigns for promotions or creating an online blog. For this step, it is important to identify where the target market is present and determine which channels marketers can use to target them.
6. Set measurable goals
This step plays an important role in determining the success of product marketing campaigns. Depending on a company's objectives, product marketers can create unique goals that align with the larger company goals. There can be different types of goals that measure the number of sales, product usage, revenue, customer sentiments, product acceptance and brand awareness. By creating specific, measurable, attainable, realistic and timely marketing goals, teams can improve their chances of achieving success through their product marketing campaigns.
Related: SMART Goals: Definition And Examples
7. Execute the marketing strategy
The last step in the product marketing process is to execute the product marketing plan. Before this step begins, it is important to familiarise the product marketing team and the sales team with the plan so that they understand their responsibilities in the campaign. Marketers can create a timeline and add milestones in their marketing plan that can help them track project progress and identify any deviations from the actual plan. By comparing the strategy and the actual progress, marketers can take corrective action before any deviations interfere with the campaign's progress.
What Happens After A Product Launch?
After a company launches a new product, it is important for product marketing teams to maintain it. Here are some activities that product marketers handle after a product launch:
Immediately after the launch, the marketing team may analyse the campaign to understand its performance. During this analysis, they try to determine what went well, identify how they can improve campaigns in the future and plan the next steps. While this step is important for the success of the new product and planned product launches, it also helps teams reflect on their performance, offer feedback and review their learnings from the campaign.
Once a product enters a market and people start using it, there may be different types of issues that may arise. Marketing teams may also face technical issues in tracking the sales, identifying the performing channels or detecting fraudulent activities. Product marketers lead these activities after introducing the product and help companies solve them when such issues arise.
During the research phase of the product marketing process, marketers may be able to find unaddressed opportunities when they talk to their target customers. After the product launch is over, product marketing teams can focus on these discoveries and pass their insights to the product team. They can also help product marketers identify the next stages for the existing product. This includes collecting customer feedback, measuring sales and improving customer experiences.
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