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A killer product marketing strategy touches every department in an organization from engineering and design to distribution and sales. And, it sits at the cross-section between product, sales, and marketing – which means it can have a massive impact – but, also means that developing and executing a successful product marketing strategy can be very challenging.
Focus groups, product validation, customer development, messaging, demand generation, sales enablement… It’s hard to know where to even start.
And, that is the driving force behind this post. I wanted to simplify the concept and provide a clear place to start. So here are 6 core components of a successful product marketing strategy:
1. Know your audience – who are your buyers and what do they care about? Why does the product matter to them, and how can you communicate that message effectively? Once you have a deep understanding of your target audience, product marketers need to create messaging that resonates with them.
2. Know your market – Look at your product, define its strongest use case and map that to markets that demonstrate these characteristics. This helps build a strong product-market fit from which you can assert credibility, authority and demonstrate domain expertise.
3. Know your story – build a concise, compelling narrative that will help connect your product to the customers who need it. You don’t want to sell your product to people who don’t need it, so take the time to craft a story that will deeply resonate with people who can use it and will go on to advocate for it in the future.
4. Know your position – ability to take complicated technology and translate that into simple, compelling value propositions that clearly articulate value and ROI for the end user.
5. Know your value – Whether you’re entering a highly competitive market or if you’re first to market, you should be able to very clearly communicate your ‘stickiness‘ factor: what it is about your product or service that will attract and sustain your users. Instead of focusing on what features your product has, focus on the value your product delivers. Does it save time? Does it help you generate more revenue? Does it automate manual processes?
6. Know your numbers – A well-run product marketing campaign should provide ongoing value based on ongoing data collection. Take the time to analyze the results to learn what worked and what didn’t so your next campaign outperforms the current one.
Are you ready to launch your product marketing strategy?
There you have it – the key pillars you should be focusing on when planning your next product marketing strategy. Hopefully, this has provided you with some clarity, simplified the process and provided a bunch of action items. Let me know if I can help by dropping me a line by simply clicking on “Contact” at the top in the menu. Looking forward to hearing from you!