When you desire to hit into the marketplace, then product marketing is probably one of those things to consider. It is an intersection between a product that needs to be sold and the marketing skill employed to effectively make this work.
In order words, it is a strategic involvement to promote products or your services in the market to enable you to reach a wider and actual audience who needs it.
The goal of product marketers is most importantly to drive sales and revenue by communicating the advantages of using such a product that is projected as one befitting for the customers to make them compromise to make the purchase.
How Product Marketers Work
Product marketing requires market research which is one of the crucial tasks markets hold very dear. What they look into here would help them position their product in the best way they can. They seek to identify industry trends, define buyer persona that may include the motivation, behaviour and challenges, analyse the competitive market and spot out their strength and weaknesses, and collate necessary data via be it from social media or surveys to enable them to make an informed decision to develop product features and user experience. In addition, they try as much as possible to see through the customer’s challenges by bringing up their product as a solution to address such.
Product Lunch Planning
This is another aspect of where product marketers come into play. The person works with the development team to see that everything goes well in ensure that the product maintains a consistent feature capability. Values such as product offers are communicated to the sales team involved to equip them with adequate knowledge and materials to help them pass the product value to potential customers.
Measuring Product and Campaign Success
This is where key performance indicators (KPIs) come to play another essential role. At this point, the product market alongside some team examines whether the KPIs which includes metrics like the conversion rate, engagement level, customer procurement, and sales revenue aligns with the goal of the product.
Meanwhile, some of the data collated from several sources such as customer feedback whether pleasant or not, sales reports, and website analytics, amongst others are the tools used to measure up the effectiveness of the campaign and the product performance.
Online Product Marketing
With the use of an active internet connection, you can effectively market your product. Here, what is required of you is to create not just any kind of content but a compelling one that would be quite tempting for your audience to take their eyes off. The advantage of this is that it allows you to reach a wider audience within a short duration. Hence, your social media can be a tool to help project the product and drive sales.
Referral Product Marketing
In this situation, to expand the customer base, existing customers who were satisfied to the maximum using the product they purchased are often encouraged to tell their friends and family about the product. To motivate them to do so, the customers are rewarded through discounts or other incentives.
In-store Product Marketing
There is a provision for a physical retail store to display products that would attract visitors and influence their purchasing decision to get such product displayed while they browse the store.
Traditional Product Marketing
This is a conventional strategy used to promote sales through the use of media mediums like television, radio, print advertisement, etc. This is aimed at convincing customers to purchase a product.
Benefits of Product Marketing in Nigeria
One essential thing that product marketing does is address and meet the expectations of customers to provide solutions to their problems.
If product marketing is done the right way, it is a means of generating numerous sales of the product you offer by meeting the right audience who need such service.
It brings to your notice updates as regards the product, value proportion and benefits to customers.
There won’t be any confusion whatsoever since the customers would be directed or better still, provided with materials that would aid assimilating easily.
Disadvantages of Product Marketing in Nigeria
There are multiple brands out that have similar products to ballot for customers’ attention. Hence, getting ahead of your competitor may be quite difficult.
Except for a business brand that is well grounded and established, small businesses may not cope with the cost bearing here for a campaign. While budgeting for product marketing, you would have to consider budgeting for content, research and promotion.
With the evolution of technology, trends in product marketing are prone to change over time which simply means that marketing efforts can only last for a certain period.
We have considered the purpose of product marketing which is aimed at attracting potential customers to purchase products. You can consider product marketing when you can successfully sharpen your marketing skills.