Product marketing is the process of promoting a product to a potential market in order to increase sales. Product marketing is also known as the link between increasing product awareness and product development.
Product management is the process that deals with the development of products, whereas product marketing deals with specific marketing products to customers and reaching out to potential customers.
Product marketing as a job profile has different responsibilities when compared to other marketing jobs such as marketing communications, social media marketing, online marketing, advertising, public relations, and marketing strategy.
A product market is what’s referred to as the process of pitching a new product to the general public market. The main aspects of focus in a product market is; product type, customer type, customer needs, and geographical location.
Role of Product Marketing in a Business
Product marketing addresses the following issues.
- What products or product line requires marketing?
- Who are the target customers and where are the target product markets?
- Determine which distribution channels or routes to take to ensure profit and maximize customer reach.
- Determine good product pricing in order to grab the market.
- Communicate key attributes or features of the product in a way that best suits the needs of the customer.
A product marketing manager acts as a link between the company and the voice of the customers. This includes a thorough understanding of the customer’s engagement and satisfaction of their product line.
Product marketing managers collect customer data through the use of surveys, interviews, as well using analytics for product usage and competitive data to monitor and come up with marketing strategies if needed. Managers also use analytics to create a product roadmap in order to document the history of the product so they can see where they stand and what they could do to benefit sales. They also emphasize customer product education to enhance the customer’s engagement with their products.
Project marketing managers use these following routes and strategies in order to evaluate the position of their products in the market.
- Data analysis – PMMs evaluate internal and external data.
- Customer insights – This is done through interviews, surveys, focus groups, and customer observation.
- Product validation – Testing and validating product ideas before committing to the use of engineering resources.
- Market testing – optimal prices and marketing programs are developed through A/B testing of elements including language (copy), prices, product line-ups, visuals.
Difference Between Online, Product, and Product Marketing Management.
- Online Marketing
Online marketing mainly focuses on increasing awareness about the product or service through online digital channels. Other methods of online marketing are done through paid advertisements, uploading content on social media channels, email marketing, blogging, and Search Engine Optimization (SEO).
- Product Marketing
Product Marketing primarily focuses on brand messaging, developing a good position in the marketplace, competitive differentiation, and enabling the production, sales, and marketing teams to work effectively and generate more opportunities that can increase revenue and growth in the future.
- Product Marketing Management
Product marketing management focuses on the development of a product. They manage the entire product-creation process and work with the engineering team to ensure that the key features and attributes intended in the product design are integrated into the final product.
In comparison to product marketers, PMMs work very closely with the product developers. Although product marketing management and product marketing overlap in a few areas, they handle different marketing issues within the product.
Benefits of Product Marketing
Product marketing helps companies increase their awareness and understand of their product’s potential and customer’s wants through various methods of research. Product research is used to identify new technologies and materials used in the manufacturing of a product. Consumer research is used to identify the core product traits that customers desire. Acquiring this knowledge allows for a more concentrated approach towards product development, as well as creating more impactful promotional messages.
- Attract New Customers
Promoting new and trendy features and benefits of your products help attract new customers. For example, with western culture recently promoting health foods or superfoods. Fast-food stores began introducing healthier options on their menu. Conforming to trends can help attract customers towards buying a certain product which they would have otherwise had no interest in purchasing.
- Increase Product Demand
The main benefit, which is the reason for Product Marketing is increased demand. When you develop a product that meets the customer’s wants or desires and is truly a one of a kind product, it attracts new customers and increases the demand for that product. More demand means more money for the manufacturer and everyone else involved down the distribution channel.
The Role of a Product Marketing Manager?
They regularly check where the business stands on the product/market fit axis or pyramid model.
Based on the type of product marketed, the main objectives of a product marketing manager are as follows.
- To conduct interviews with customers and see what drives them to continue using the product.
- To prepare the pricing strategy and decide on where to position the product.
- To act on customer feedback and consider implementing a list of the most requested features.
- To develop a product strategy and to maintain a balance between the team’s vision of the product and the customer’s needs.
- To communicate any product changes to your customers in an uncomplex way.
Skills of a Good Product Marketing Manager
- Strategic planning and business skills.
- Creative solution and problem-solving.
- Marketing and Copywriting skills
- Research and analytics skills.
- Empathy and the ability to connect with customers across different levels.