Product marketing is one of the most important functions of a business. However, it’s also one of the biggest challenges for marketers today. This leaves you asking yourself…
‘How can I meet this requirement for a successful business?’
The Secret to A Successful Corporate Beginning
You need to outshine your competition to grow your business. However, whatever industry you belong, you have loads of competitors. ‘So how can you help your business stand out?’
Well, start with having the right attitude. Don’t get intimidated by the success of other big and existing companies. You have your own time. Just don’t waste any minute. Try to find out what’s the best in store for you.
An Outlook On Product Marketing
Before we give you some of the most effective techniques on product marketing, you need to have a deeper perspective on this subject matter. This will guide you on your corporate journey and will help you avoid making wrong decisions that could negatively impact your business.
Let’s begin with the most basic. What is product marketing? You might have a quick answer on your mind right. But let us elaborate to achieve a broader understanding.
Product marketing in a simple viewpoint is the process of promoting and selling a product to a customer.
It is the intermediary function between product development and increasing brand awareness.
In a narrow statement, product marketing is a functional need for a product type, customer needs, customer type and geographical area.
The very foundation of any product marketing is the strategy on how the message will be relayed to its target audience.
In the B2B community, the product marketing process is more complex because there are more products and customers involved.
Business Impact
A Powerful Tool to Increase Conversion
Low sales mean low conversion rate and it’s a big success-stopper to any type and size of business. The market saturation that every industry experiences today also adds the burden for a company to prosper.
Stop blaming the economy. It’s not the economy that’s the problem. What you need is the best product marketing strategy. However, it is a surprisingly difficult concept for many businesspeople to grasp.
So we are here to help. We are giving the list of amazing product marketing strategies that can help you improve your sales and boost your company’s conversion.
Amazing Product Marketing Strategies
Product marketing plays a very important role in your business. However, sometimes things become very challenging that you forget to focus on this area. But don’t worry.
Use this list as your guide to figuring out what field in your marketing that you need to improve. We will categorize this list into two so it’s easy for you to understand.
B2C or Business-to-Customer Marketing Strategies
1. Direct Selling
This is probably the most common marketing strategy that many people easily understand. It’s the process of marketing and selling products directly to consumers.
This requires a face-to-face relationship between a sales agent and a potential customer.
Direct selling involves demonstration of the product in various ways. But the easiest means to do it is to through a brochure.
2. Cause Marketing
If this marketing term confuses you, you’re not alone. Cause marketing is not very common to our hearing but it is happening most of the time.
Cause marketing is a cooperative effort between a for-profit business and a non-profit organization.
The two parties aim to mutually promote and benefit from social and other charitable causes. Cause marketing and corporate giving are two different things.
So don’t bother yourself on that. It’s one means of sharing your corporate desire to make the world a convenient transaction.
3. Earned Media/PR
Earned media or also knows as ‘free media’ is the promotional efforts that are created through efforts other than paid advertising. It’s a publicity on a variety of forms.
Examples are social media testimonial, a television or radio mention, word of mouth, a newspaper article or editorial. You cannot buy this means. It is an organic gain.
4. Cobranding
Co-branding in simpler words, is at least two brands join together to promote and sell a single product or service. It’s one way of collaboration.
Through a brand lending its collective credibility to increase the perception of another product or service’s value. The main purpose is to encourage consumers to pay more for retail.
5. Internet Marketing
If you want to reach a broader audience, invest in internet marketing. There are people, therefore, there is money online.
This marketing strategy is a combination of web and emails to advertise and drive e-commerce sales. The most popular tool used in internet marketing is social media.
Moreover, to leverage this method, traditional advertising formats like radio, television, and print are also being utilized.
Video marketing and content marketing are two very powerful marketing strategies that you can easily do on the internet.
6. Word of Mouth Advertising
When it comes to credibility, the word of mouth advertising is probably the most effective. Aside from it’s unpaid and organic, it’s so powerful.
Having nice things to say about your product or service from actual users matters to consumers.
They feel secure and assured that they are buying the right product. Which means, there’s no need to fear wasting money, time and effort.
7. Viral Marketing
You might not realize it but the word viral that you always encounter every day is a part of an effective product marketing strategy.
It is a method of marketing whereby consumers are encouraged to share information about a company’s goods or services via the Internet.
It is any form of technique that induces websites or users to pass on a marketing message to other sites or users. This lead to creating a potentially exponential growth in the message’s visibility and effect.
B2B or Business-to-Business Marketing Strategies
1. Video Production
A video is unquestionably a powerful tool to market products and services. In so many ways, videos can benefit your business. It’s an amazing and high-tech means to help you spread the word about your brand.
Statistics show high digits when it comes to the effectivity of this marketing material. Moreover, today, video creation is not very expensive anymore. In fact, there is free video editing software available all over the internet.
2. Networking Events
When it talks about business collaboration to power-up the marketing of a company, networking events are very effective.
These are tradeshows that gather companies within a specific industry into one location for demonstrating their latest products and services.
The purpose is to establish or strengthen relationships with key industry partners, customers, and prospects. Most importantly, to gain an understanding of what their competition is offering in the market is the target end result.
3. Growth Hacking
You’ve probably haven’t heard about the marketing term growth hacking. This is actually a marketing phenomenon popularized by startups with tight marketing budgets.
It is a process of rapid experimentation across marketing funnel, product development, and sales segments.
It is effective because it will help you identify the most efficient ways to grow a business. Growth hacking is very common on social media platforms as they are very easy to navigate.
4. Search Engine Marketing
Search engine marketing is a professional product marketing strategy. It is also one of the most effective ways to grow your business in an increasingly competitive marketplace.
Companies use this tool primarily to grow their website traffic through paid online advertising.
This involves the promotion of websites by increasing their visibility in search engine results pages. One needs the right knowledge to use this means because in most parts, it is more complex.
5. Search Engine Optimization
SEO or Search Engine Optimization is the process of increasing awareness about, and traffic to a website is best done through SEO or search engine optimization.
If you’re already in the internet marketing business, this is one of the many marketing terms that you have probably heard.
Everyone in the digital community wants to be on the first page of Google which is top search engine today. People optimize search engine methods to make sure that people are coming their way.
6. Social Media Marketing
Who does not know what social media is? That’s why it’s not surprising anymore that social media is one of the amazing product marketing strategies today. This strategy focuses on providing users with content they find valuable.
The reason is to get shares across their social network accounts. The expected result is the increase in visibility and traffic. There are many social media marketing techniques that will help you create viral posts.
7. Retargeting
This strategy is crucial. Because this is a way to seek for a second chance for your initial marketing strategy that might not have worked on your first contact with an audience. Most websites visitors do not convert on their initial visit.
So as the owner of the product, you don’t want to give up right away. Retargeting your website visitors is a great help. It is an effective conversion tool because it repeatedly gets your brand in front of audiences that are already interested in your product or service.
8. Content Marketing
When it comes to valuable and fast information, content marketing is what you need to utilize. Content marketing is providing your target audience the important details and story of your business through various types of contents.
You need to distribute content materials that are relevant to your niche. It’s an artistic way of motivating people to believe and trust on your product.
CONCLUSION:
Grow your business in an increasingly competitive marketplace. What we have provided you above is all you need to skyrocket your business.
There’s nothing wrong if you want to