Use effective product marketing and you will reap the rewards
The psychology behind progressive product marketing prioritises the customer, recognises the current political and environmental climate and facilitates the evolution of the brand. For a product to feel relatable and original, the backstory and brand need to feel inspired, yet malleable and solid enough to change with the times.
Outstanding examples of experienced brands which have survived and thrived during fast paced modern times are VW, Nike and Hennessy. What all three companies share in common is their effortless cool factor, endorsed by influencers and icons throughout the world for decades. Each brand has effectively recognised collective shifts in attitudes, values and expectations and responded to them, paying careful attention to each facet of the customers needs.
Disregarding the fine detail of product marketing can collapse even the most successful and iconic billion-dollar company. Last year cult high street clothing store 'Forever 21' filed for bankruptcy. Worth a whopping $6 billion at the height of its success, this Korean company failed to recognise the fashion industries constant expectation for high quality garments over fast fashion trends and reduced carbon imprint manufacturing processes. In addition, Ariana Grande sued the company for lifting the colour scheme of one of her albums without her permission. Three cardinal sins were committed here; failures in originality, ethics and progression were compromised and partly as a consequence of this, Forever 21 folded.
Herein lies a perfect example of how critical product marketing really is and a brand should be continually evaluate strategies to sustain relevance and revenue.
Effective product marketing is an ongoing process, a consistent re-evaluation of needs, wants and musts as determined by the customer. As your customer matures alongside the product, so should your understanding of their expectations. Alignment with successful competitor products and your ability to spot and respond to gaps in the market, delivering intuitive specifications grown from the knowledge of your target audience will provide opportunities to increase customer loyalty. The most memorable and relevant marketing campaigns come to life using intelligent qualitative marketing data, meticulously analysed and gathered from various facets of the customer's socio-emotional profile. if we expect customers to part ways with hard-earned cash, by failing to recognise their specific requirements and standards, brands will weaken their image as a whole, subsequently damaging a legacy or reputation. Every single product is an entire representation of a brand. Harnessing this opportunity in line with product development will improve sales exponentially.
Conventional marketing is hugely important, moving hand in hand with product marketing to streamline service, quality and efficiency. Many brands fail to understand the separation between broader brand marketing and product marketing, focusing forward on optimising SEO, increasing social presence and value-added content and minimising the importance of the here and now. Product marketing shines the spotlight on the present buying climate, highlighting the strengths and weaknesses of specific customer needs and wants.
Strategy is equally important when developing purchaser profiles and defining the target audience for your product. Every interaction with a customer, positive or negative, is an opportunity to gain insight into your products strengths and weaknesses.
Establish what elements of your customer's personality marry up with your product, considering lifestyle, age and aesthetics. Explore if your product has created any USP's and if there are opportunities arising to allow for your product to capitalise any further on this. Evaluate and strategise your brands strengths to enhance your portion of the market. Communicate with your sales team to motivate them to explore facts and figures about demographics and new opportunities. Provide them with sale enabling materials to streamline the language they use and solidify the brand image succinctly. Knowledge is power and the more all departments of the brand communicate and continually evaluate successes and failure, the more watertight and better your brand strategies will be as a whole. Carefully watch how your competitors evolve their products to ensure you don't miss a trick with your own. Ensure your products fits cohesively alongside your customer's drivers, maximising the distinguishing design and functionality features of your products and filtering these through to the sales team.
Thinking of your customer in real-time as opposed to statistics and sales figures will enrich the user experience, and enhance your product revenue. Informed customer profiles comprehend, cater to and combat their needs, generalised product marketing obstacles and associated pain points (specific product problems). Carefully dissecting the way a customer interacts with a service or product, surveying and researching what works well and fails, will provide intuitive solutions which be harmful to the business if overlooked but usually are incredibly straightforward from ergonomics to aesthetics. Equally, questioning customers about their user experience allows for them to feel significant and valued; Doing this will facilitate learning for future goals to aim for and developments to strategise alongside your target audience and the rest of your team.
Time for reflection with product marketing will help predict your success, determine your price points and position your business for success.