Hence, marketing products also involves creating clear communication, internally for sales teams and externally for customers. Launching the product effectively and generating excitement around it is another key aspect. But product marketing continues beyond production. It also works to drive demand and usage of the product, ensuring potential and existing customers understand its potential and value.
An example
Imagine 20 years ago you received two flyers in the mail: “There’s a party happening! Come one, come all!” The other reads: “Join us for a launch party of our revolutionary new fitness tracker! We will have live music, healthy snacks, and exclusive discounts on the product. Date: 20th April, 6:00 pm, City Center Mall.”
Which of the two is more intriguing? Which of the two invitations will entice you to take action? The answer is obvious.
The unclear announcement represents a poorly marketed product. It lacks clear messaging about the product’s target audience, value proposition, or benefits. Without this information, potential customers are left confused and unlikely to be interested. On the other hand, a clear invitation is like effective product marketing. It tells a story and highlights the product’s features and benefits that resonate with the target audience. It also provides clear information about availability and accessibility.
In short, a clear invitation increases the chances of someone attending the event. In the same way, effective marketing of products increases the chances of a product being successful. By defining the target audience, crafting a compelling story, and communicating clearly, product marketing helps products reach the right people and achieve long-term success. This is a glimpse of what can go wrong with the marketing of products.
Product marketing: An overview
Let’s delve a little deeper into what is marketing (products or services). Most business owners prioritize sales, the products and marketing often get relegated or misunderstood. It can lead to missed opportunities and products that don’t perform well, and the business may lose traction in the long run.
Part of the reason is that many businesses remain rooted in traditional marketing techniques. These include television commercials, print ads, and mass mailings. It’s a far cry to say that these methods don’t work. It depends on the type of product you are selling as well as your target market. But by and large, these tactics often miss the mark in today’s tech-driven world, especially in terms of targeting the right audience and measuring the effectiveness of campaigns.
Understanding campaigns
On the other hand, digital marketing tools and platforms provide a wealth of data and analytics. You can use this data to understand customer behavior, track the effectiveness of campaigns, and continuously optimize product marketing strategies. Small business owners can also benefit from these tools as they are cost-effective. On average, a return on investment of 5:1 is considered pretty good in digital marketing. It means earning $5 for every $1 you spend on marketing. And this ROI is achievable.
But it’s not all about tools or platforms. Effective product marketing goes beyond listing your product features. It’s about crafting a compelling story that resonates with your buyers. This story should highlight the product’s value proposition, explain how it solves their problems, and ultimately connect with them emotionally. That’s the true meaning of product marketing.
Unfortunately, many businesses neglect this storytelling aspect, leading to generic and uninspiring marketing materials. Other business owners neglect product marketing altogether. Both approaches are wrong. So let’s learn the product marketing description; what this system really is.
Definition of product marketing
What can be an apt product marketing definition? Basically, it is the bridge between product development and the target audience. In other words, marketing of products ensures they have the right people. Hence, it is a strategic effort that takes a product from its inception to ongoing market success. This strategy involves several steps, such as
Market Research
Through market research and analysis, you learn about your customers and their needs. You also find existing competitor offerings. This creates a foundation for crafting a product experience that resonates in a unique manner.
The Product Story
A compelling product story defines the product’s unique value proposition. It showcases how it solves customer problems. This story becomes the core message that drives every aspect of product marketing.
Communication
Effective product marketing utilizes clear and consistent messaging across various channels. It ensures the target audience understands the product’s value proposition. Communication could involve website copy, social media content, or marketing materials.
Product Launch
A successful launch creates excitement and drives initial adoption. Product marketing plays a crucial role in generating this buzz through strategic campaigns and targeted communication.
However, effective marketing goes beyond launching the product. Product marketing strategy thrives on nurturing customer relationships and generating ongoing engagement. This strategic approach ensures customers understand the product’s value and actively use and advocate for it. The latter is essential for the long-term success of your product.
So what does product marketing do? It combines strategic planning, data-driven insights, and creative storytelling to empower businesses to unlock the full potential of their offerings and achieve sustainable success in the ever-evolving market landscape. It’s not just about selling a product; it’s about building a community, creating lasting value, and encouraging long-term brand loyalty.
Examples of product marketing
So far we have outlined some basic pointers on product marketing strategy. Let’s dive into some examples of these ideas in action.
Apple
Apple’s iPhone 6 campaign in 2014 is a case study on the role of product marketing. First, the company recognized the consumer desire for larger screens. Identifying this target market, the company positioned the iPhone 6 as the next stage in smartphone evolution with its bigger and better display. This message was communicated through sleek commercials showcasing the phone’s design and features, coupled with celebrity endorsements. With all the pieces in place, the product launched successfully, becoming the best-selling iPhone ever at the time, selling over 220 million units in its first year.
Pepsi
Here’s another brand that never fails to impress with marketing. Pepsi’s “Pepsi Refresh Project” (2010-2015) capitalized on the rise of social media engagement and cause marketing (collaboration between businesses and nonprofits). Researching this trend, Pepsi offered consumers points for purchasing their products, redeemable for prizes or charitable donations. This campaign boosted Pepsi’s brand image as a responsible company. It also fostered customer loyalty through engagement. Interactive social media contests and partnerships with celebrities and athletes also made an impact, resulting in over 1 billion points awarded, an 8% increase in brand awareness, and a significant boost to Pepsi’s social media following.
Nike
Nike’s “Just Do It” campaign was launched in 1988 and is still ongoing. Hence, it is a good example of the power of brand storytelling. The brand tapped into the growing desire for fitness and personal achievement. By identifying these niches, Nike’s campaign transcended selling shoes and instead promoted a can-do attitude, inspiring people to push their limits. Powerful and motivational advertisements featuring iconic athletes resonated with a global audience, solidifying “Just Do It” as one of the most recognizable slogans globally. It propelled Nike to become the world’s leading athletic brand.
Slack
Slack launched in 2013 and by 2023, it had over 12 million daily active users. What did they do right? Two factors can be identified: a freemium model and a viral marketing strategy. The company recognized the need for a more streamlined and collaborative communication platform compared to emails. With great communication, Slack positioned itself as the solution for better teamwork within organizations. Their freemium model, offering a free tier with basic features, enticed users who then spread the word organically within their workplaces, leading to exponential user growth. Nowadays, everyone and their dog swears by Slack.
Airbnb
Finally, Airbnb’s “Belong Anywhere” campaign is also an example of targeted marketing that pays long-term dividends. The company capitalized on emerging trends like the sharing economy trend and the desire for authentic travel experiences. They offered a unique alternative to hotels, allowing people to experience a destination like a local. Focusing on user-generated content and showcasing diverse listings, Airbnb fostered a strong online community that contributed to its success. As of 2023, Airbnb boasts over six million listings worldwide, having disrupted the hospitality industry.
More examples can be cited, but these are enough to highlight i) the importance of understanding your target audience, ii) crafting a compelling brand story, and iii) utilizing effective communication channels.
Types of product marketing
After the product definition, let’s now go into the types of product marketing, especially those relevant in 2024.
Video Marketing
To start, you can create video content that showcases your product’s features. It is a great medium to tell captivating stories and connect with viewers on an emotional level. Surveys show that more than 80% of consumers are convinced to buy after watching a video. A lot can be said about marketing videos, but here are some basic tips: Keep your videos concise (60 to 120 seconds), visually appealing, and a clear call to action to prompt viewers towards the next step.
Social Media Marketing
While the “best” social media platform depends on your product and audience, both Instagram and TikTok are strong contenders for visually appealing products targeting younger demographics in 2024. LinkedIn is also a powerful tool for B2B marketing, while Facebook still holds a massive user base across various demographics. Social media helps you tailor your content to each platform and actively engage with your followers to maximize the impact of your social media presence. It is also cost-effective.
Influencer Marketing
You can also collaborate with social media celebs or industry experts who resonate with your brand values and target audience. These individuals have established trust with their followers, which makes their recommendations more persuasive and drives brand awareness, and engagement. Most marketers and agencies now engage with some form of influencer marketing. However, it is critical to find influencers who align with your brand values and are willing to collaborate.
Voice Search Optimization
More people are using voice assistants like Google Assistant and Siri. It means optimizing your website and content for voice search is crucial. This type of product marketing involves using natural language and long-tail keywords that people might ask questions about in your marketing materials. Also, ensure your website is mobile-friendly.
AI-Powered Marketing
Finally, you should also embrace the power of artificial intelligence (AI) to personalize marketing strategies, automate tasks, and gain valuable insights from customer data. AI can analyze vast amounts of data to identify trends, predict customer behavior, and personalize marketing campaigns for maximum effectiveness. You can start with simple tasks like content optimization or social media scheduling before you move on to personalized email marketing or chatbots.
