What is a good product marketing strategy in 2024 

Effective product marketing strategy is aimed to push products on the market, build demand, and maximize sales. These steps are essential for boosting revenue, building your brand, and approaching new audiences. The strategy, as well as its idea, should be developed far before the product launch. Since your advertising is based on a customer-centric approach, you must analyze the environment, identify pain points, develop a message, and select channels to implement your strategy.

One key tool that can help streamline these processes is PIM software (PIMinto), which centralizes product information, ensuring consistency and accuracy across all marketing channels. 

What is Product Marketing Strategy?

Simply put, a product marketing strategy is a guide to how you promote, share, and sell your product. The strategy shows:

Product marketing strategy helps you tell a product story. People won’t buy a thing until they know where it came from, what it’s capable of, and what unique capabilities it offers to make a difference. This part of the strategy helps build a strong position in the market and makes people pay attention to it. The better your storytelling will be, the more people will be interested in purchasing your product.

The Role of Product Marketing

Product marketing is engaged to tell a story of the product and deliver it to the market. The product marketing manager, who is responsible for this, defines the product’s value proposition, transforms it into messages, and delivers them to the audience.

Product marketing uses data from customers’ insights, receives feedback from multiple sources (internal and external), and creates a roadmap, sharing strategy and vision of product release, allows you to identify metrics, and gives a broad overview, so those who work on the strategy understand what’s happening. 

Key Elements for Creating a Successful Product Marketing Strategy

Product marketing strategy is essential for a successful product launch. It’s a tough task and with the working plan, you can simplify the process by showing a build-up and explaining how everything will work. Let’s go through key elements of the marketing strategy that will help you succeed.

Know Your Product and Customers

Understanding what can your product give to customers and how effectively it may solve their problems can maximize the impact of your marketing strategy. The goal is to show you what benefits people will have. The same is about customers. When we see how people struggle without a product or at least can’t get what they want, we can show how their lives will change  after trying your products

Set Clear Product Goals

Making clients happy and leading them to success are examples of clear product goals. An effective product marketing strategy shows the value of the product and explains to customers why they should pick your product.

Position Your Product in the Market

An essential element of the product marketing strategy is to identify the place of your product on the market. When launching the product, it’s essential to set a clear position, so the salespeople and customers will understand what to expect. Also, marketing strategy reveals details about the communication between the teams (marketing, sales, production, etc.).

Create Engaging Content

You can’t develop an effective product marketing strategy without engaging content. Everything you post should attract customers, showing them the value of your product. When creating content for the strategy, consider using additional resources to gather, manage, analyze, and distribute data. One option is a product information management solution, which you can learn more about here. This software easily integrates into the systems you already use for work, is adjustable and scalable, and is straightforward to learn. As a result, you won't spend much time on training and adaptation.

Keep Relevancy After Launch

Another step to take is to keep your product relevant after the launch. Relevancy should be kept on all levels, including product data. At this point, PIM comes to the rescue again. You monitor your product availability and update the pages if something changes. With product information management, it’s much easier to control everything and deliver accurate data.

Examples of Product Marketing Strategy

Have a look at examples of successful marketing strategies to understand how brands build connections with customers.

Apple With Benefits-Focused Strategy

The main point to consider about the marketing strategy of Apple is that this company focuses on showing benefits and advantages to clients. They demonstrate the capabilities of each device and show what benefits people will have after the purchase.

Netflix and Data-Driven Marketing Strategy

Another example in our article is Nextflix with its data-driven approach. The strategy of the streaming service is based on customer-centricity and hyper-personalization. Moreover, they point out that their service delivers pure content and nothing else, so the customers won’t get disappointed seeing something they don’t like. 

Lays: Making the Product Affordable and Attractive

The Lays targets regions where the company’s products are most successful. They analyze preferences and demand, including taste preferences of the local people, product availability, and satisfying people. Moreover, they have celebrity endorsements in major campaigns. For example, when it comes to collaboration between Lays and the UEFA Champions League, we can see current or retired players participating in marketing campaigns. 

Why Do You Need a Product Marketing Strategy?

There may be a question “Do I need a product marketing strategy?”. Well, you can try to release a product without one, but will be extremely difficult, and you will probably fail. A plan you’ll have is a lifeline that helps you keep up with the process and ensure everything will be done properly.

Creating Original Marketing Strategy Step-by-Step

Now, about practical steps. Since you know the key elements of the product marketing strategy, have successful examples, and understand how it works, it’s time to highlight the key elements of building your own strategy. 

Know the Audience of Your Product

Knowing your audience means understanding their age gaps, geographic locations, preferences, and other details. These facts are basic for building your unique marketing approach and promoting your product. Moreover, you will understand the pain points of your potential customers, presenting your goods or services as a problem-serving solution.

Analyze Competitors

Competitors usually give you more information than you can imagine. It’s not just about copy-pasting their ads, recreating slogans, or something else that may only damage your reputation. Use information about competitors as inspiration to create a campaign that will make a difference. Nobody wants stereotypical ads sending weak signals. People want to see something unusual, and you can give it to them. Show why your product is better than yours, what are its key advantages, and how people respond after using it.

Creating Brand’s Message

What can you offer? Marketers compete for attention, as they want customers to choose their products, not others. It makes clients memorize the product among hundreds of similar options, so you will surpass competitors.

Develop Go-to Marketing Strategy

During the development stage, you answer the question “How do I deliver a product to customers?” You choose tools for your approach (for example, social media and online ads), and product pricing, and automize everything for better efficiency. Ensure each team member has needed resources to fulfill the tasks they are supposed to do.

Analyze and Optimize

The work on marketing strategy does not stop after launching it. Once your approach is on, monitor its performance to see how it goes, what are the weak points, and how can you strengthen them to achieve more. For example, you will see what channels were the most effective during the initial campaign, and whether something should be changed or not.

Product Marketing for a New Products

Effective product marketing makes a difference for marketers by helping them successfully launch new products and get income. Product positioning, advertising, as well as overall presentation is impossible without product marketing. By choosing the best tools, you will come closer to your goals and deliver a great result in short.