A solid product marketing strategy prepares you to allocate appropriate resources and human resources, assess risk, and give yourself time management for your new product launch before it becomes familiar territory in new market segments. Your product marketing strategy must clearly set objectives for product release, determine pricing, identify distribution, and most importantly account for all the possible customer experiences along the way. Marketing strategies will vary greatly, but the basic elements are the same in all strategies to think of marketing as a language, an art form, a science, etc. and speak this language to your customers and your prospects.
The language of product marketing strategies begins with an understanding of your target audience.
If you have a website, you need a product marketing strategy that speaks to your potential customers in their language (language of their computers). Once you’ve determined who your target audience is, you can develop an interactive online community around your product development and marketing strategy.
You can engage in product development activities like focus groups, which allow you to hear directly from your potential customers; or you can work with a marketing agency, like McKinsey or Bain, to provide focus groups or surveys. There are many ways to get your message across without spending money on focus groups. A marketing strategy doesn’t have to include all the research, time and expense necessary to focus groups; you should instead concentrate on creating meaningful surveys, using the information you gather to set goals, identify weaknesses in the product, prioritize actions, and consider the long term results.
Once you’ve developed a survey or set a goal for the product you are developing, you need to set a date for it to be ready for market testing.
Depending on what you are developing, you might choose to test the product in one of two ways: internally, using the same people who are working on it; or externally, by inviting people to try out the new product for a limited period of time. If you are developing a new product for a brand that already exists, you might choose to create a short commercial or even a short feature film showing the benefits of the new product. If your marketing strategy will be centered around the Internet, it might even be a good idea to set up a website yourself, or hire someone to build one for you.
Once you’ve got your marketing strategy in place, you must determine your competitors.
This is a critical step that you must not skip, especially if you are a relatively new product development company. Find out what your competitors are doing to stand out. If you want to be the most successful, be sure to find out how you will stand out from your competitors when your new product is released. Do some research and see what types of social media sites your competitors are involved in, such as Twitter and Facebook. In addition, when considering your marketing strategy, make sure you consider what types of press releases your competitors are engaging in – this will give you a good idea of how you can engage in the right strategies to get the attention of potential customers.
Finally, once you have the marketing strategy in place, your next step is to decide what type of promotional tactics you will use to bring in new customers.
While social media marketing can be effective in generating interest in your new product, it won’t necessarily convert into sales. For example, if you were to make a commercial about dog training and posted it on YouTube, many of your potential customers may not even know that you exist. It is therefore important that your marketing plan includes something that will generate interest from the people who do watch YouTube. One of the best ways to do this is through mailchimp.
Mailchimp is a powerful marketing strategy because it allows you to build mailing lists of interested customers.
You can then use these mailing lists to promote your new product launch directly to them. Mailchimp provides you with pre-written email messages, which you can use in conjunction with your other marketing strategies to increase the success of your launch. By pre-selling to your mailing list, you can ensure that they are 100% interested in your new product. Furthermore, by targeting your mailchimp promotions specifically to your competitors, you can ensure that only their subscribers will open your emails.
Although there are many advantages to using a combination of various product marketing strategies, the advantages of Mailchimp far outweigh the disadvantages.
As mentioned previously, Mailchimp gives you access to a pre-written list of subscribers who have proven an interest in your brand. This list allows you to easily create separate campaigns for different segments of your audience. Furthermore, Mailchimp makes it easy to segment your list based on the age of your customers, gender, geographic location, and numerous other factors so that you can personalize your campaign to better target your customer base. Finally, Mailchimp also allows you to create different ads for each segment of your customer base. If you choose to use pay per click advertising, you can also benefit from taking advantage of powerful segmentation techniques such as geography, age, race, and even subscription preferences to better serve your targeted audience.