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The success of a business does not solely depend on a great product; it also requires excellent marketing. To market a product, companies need to use effective strategies that encourage successful brand promotion and sale of the product. A broad, comprehensive strategy for successfully promoting and selling products is called “product marketing.” A brand’s image is created and customer demands and perceptions are understood via the use of a range of product marketing strategies, tactics, and marketers.
According to research, 21% (1 in 5) of product marketers have never interacted or engaged with their target market or prospects. Rather, they get and compile all relevant evaluations and feedback from other staff members or departments of their company. This approach may not prove to be effective in devising a marketing strategy. So, it’s necessary to create a comprehensive strategy to market your products.
This blog offers additional information on the nature of product marketing, and its significance, functions, and distinctions from other key marketing terms.
Product marketing is a strategy used to promote, launch, and sell a product using different marketing activities. Product marketers initiate the process of marketing by conducting market research, and analysing the audience, their needs, and preferences. The insights are then used to give feedback to product developers so they can create a distinctive product that will fulfill the needs of the audience.
Different teams within a company collaborate to develop activities and strategies that help promote and sell the product. Knowing what the consumer wants and assessing the brand’s product position to carry out plans and promotions can help boost sales. Product marketers also use trending market trends like targeted messaging, events, influencer marketing, promotional materials, and campaigns to raise brand awareness among consumers. Companies analyse the results of the marketing throughout the process to inform the product development and marketing team to change the tactics in the future for better profitability.
Product marketing plays a critical role in the success of a product in the market. Some of the important roles of product marketing include:
Product marketing is essential for different reasons, such as:
Here is a step-by-step guide to devising a great product marketing strategy:
Here are some examples of brands that have successfully executed product marketing strategies:
The company’s type, size, industry, goals, etc. impact the responsibilities of the marketing team. However, some common responsibilities are the same for every marketing team:
Product Marketing | Traditional Marketing |
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Product marketing focuses on promoting and selling the product. | Traditional marketing includes a set of marketing activities like PR, direct mail, ads, events, branding, etc. |
It targets specific customers as per their interests and needs for the product. | It aims to connect with a wide audience through different channels of communication. |
It highlights the unique features of the products and their benefits to differentiate them from other products. | It focuses on building a brand through storytelling and appealing emotionally to create a customer base. |
Product Marketing | Product Management |
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Product marketing’s primary focus is to promote products and increase sales. | Product management focuses on the product and strategies to increase the features of the products. |
It directly communicates with the customers and markets the product externally in the market. | It works internally and supports the cross-functional teams to develop the product seamlessly. |
It has a short-term focus on increasing sales and profit for the company. | It looks at a long-term perspective and focuses on product strategies, development, and lifecycle management. |
Product Marketing | Marketing Communication |
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It promotes specific products to target the potential customers. | It includes the selection and usage of different communication channels to engage with audiences. |
Product marketing focuses on the unique features and benefits of the product. | Marketing communication focuses on a achieving wide brand image through storytelling and customised messaging. |
It focuses on the sale of the product and making immediate profit. | It aims to have a long-term relationship with customers with constant engagements. |
Product Marketing | Brand Marketing |
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It focuses on promoting specific products and services of the company. | It focuses on managing and building a brand’s identity and reputation in the market. |
Product marketing promotes the features and benefits of an individual product. | It aims to create emotional connections between brands and customers by storytelling and creating brand value. |
It has short-term goals related to the product and generating profit from its sales. | It has long-term goals to focus on building a brand image and loyalty over time. |
Product Marketing | Demand Generation |
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Product marketing focuses on specific products to promote and attract customers. | Demand generation focuses on generating interest and leads for every product of the company. |
It aims to increase sales and allow customers to adopt the product. | It creates an awareness and interest among the customers to nurture leads and demand. |
It highlights the unique features and benefits of the product. | It uses wide marketing efforts like SEO, content marketing, creating demand for products, etc. |
Product Marketing | Field Marketing |
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Product marketing is done as per the needs and preferences of the customers. | Field marketing includes making efforts in the market to promote the product. |
It focuses on specific products and their sales through different methods. | It performs different marketing activities at the local and regional levels to engage with customers directly. |
It involves market research, positioning of the product, and developing effective marketing strategies. | It uses marketing tactics like sponsorships, demonstrations, etc. to increase customer engagement and sales. |
Product marketing is an art that aims to escalate businesses by working as a bridge connecting the preferences of the customer and the different strategies and goals of the company. It plays an important role in the growth and success of companies. Product marketing plays an essential role in the marketing sector. It identifies the target markets and creates a strategy for effective product promotion, increased customer engagement, and constant profitability.
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