What is Product Marketing?Product marketing is the process of moving a product or service (in this case, software) from concept to customer. It involves understanding the targeted audience and using strategic advertisement placement to increase the demand for the product in the market. It is a lot different from conventional marketing as conventional marketing involves SEO, lead conversion, lead generation, etc. It is more about promoting the whole company and products with it but not specifically for products.
Importance of Product MarketingProduct marketing is really essential for perfectly deploying your product in the market, and to do that, you must have a robust product marketing strategy. Without a full proof marketing strategy, your product won’t reach the potential customers or the targeted audiences. Here are the few points that you should take into consideration while forming a marketing strategy:
- Getting to know the targeted audience better.
- Learn about your competitors.
- Ensuring that your marketing and sales teams are on the same page.
- What problems does your product solve?
1. Analyze MarketFirst and the most important thing you need to do is complete market research so that you can base your product development and positioning. Market research is very important as it tells you what your targeted audiences want and how welcoming is the current market for the product or software that you are going to develop or have developed. The market research also tells you about the different factors that may affect your user base. For example, younger people might be more attracted to your product as compared to people between the ages of 30-50. Or people from country A might use your software more as compared to country B. What I am trying to say here is that with the correct numbers, you can target the market from which you are certain; the results will be positive as compared to blindly promoting your software everywhere. It also helps you preserve the company’s resources and funds, which you can use on other marketing campaigns. To do the full comprehensive market research, you can do the leg work and find out everything you need to know about your competitors, or you can do the reconnaissance in a smart way. The smart way would be to use a market analyzing tool. There are many such tools available on the market, like PowerAdSpy, AdSpy, AdEspresso, etc. The best way to do a competitive analysis is to make a list of your competitors and divide them into three categories: Primary, Secondary, and Tertiary.
- Primary competitors will be those who have the same product and audience.
- Secondary competitors are those who have the same product but different audiences.
- Tertiary competitors are those who have products or software that enhances your software, like a third party feature enhancer tool.
2. Targeted AudiencesThe next part is where you define your targeted audiences, but first, you have to create a buyer persona. You might be wondering; what is a buyer persona. A buyer persona will tell about the average customers who will buy or use your software. Let me explain that with an example, suppose you have a food delivery app that provides users a platform to buy all the delicious foods from any restaurant located in the area. So, in this case, a buyer persona will be the restaurant manager, and a user persona will be the restaurant chef. Now, use this buyer persona and do a survey both online and offline. Talk with potential customers and meet with CEOs of the companies falling under your same niche. Gather information like age, gender, location, education, etc. whatever information that you think will help you in your product marketing. With this useful information, you can better understand your audience and can easily analyze what type of audiences you should target at first for the maximum growth of your software. You can also enhance your software according to the user’s suggestions and make it stand out in the crowd.
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3. MessagingMessaging is also very important in product marketing strategy. A powerful and accurate message can seriously impact the number of users that download/use your software. Therefore the product message that you generate for your software must describe the values of your product or services you are providing through your software. I am sure you must have seen your competitors’ ads or some of the more popular software. Ever wondered how they are captivating their user’s attention and asking them to use their software? They always have one powerful and captivating question, asking/reminding people, the issues, or problems that are encountered by everyone. Your message should also contain such questions to immediately capture the attention of the targeted audiences. Here are a few key points that you may ponder on while drafting a new message for your ad campaign:
- Always keep your video duration under 1 minute and try to explain everything in it.
- Try to resonate with your audience.
- Tell your audience about the benefit that your software brings to the table.