Product marketing is very vital for every business, regardless of size. And whether you have come across the concept or not, we’ll explain the meaning of product marketing, how the various types work, and how you can carry out effective product marketing management in Nigeria. Read on.
Meaning Of Product Marketing
Product marketing is the process of bringing a product to market, promoting it, and selling it to a customer. Understanding the product’s target demographic and employing strategic positioning and messaging to increase income and demand are all part of product marketing.
What Are the Different Types of Product Marketing in Nigeria?
There are various types of product marketing, each with its own set of benefits and drawbacks. Consider the following common types of product promotion.
#1. Traditional product marketing
The most popular sort of product marketing is traditional product marketing. It entails employing traditional media to market a product, such as television commercials, newspaper advertisements, and radio advertisements. Traditional product marketing can be really effective, but it can also be extremely costly.
#2. Online Product Marketing
Online product marketing is a newer sort of product marketing that promotes products using the internet. This sort of marketing can be quite effective because it allows businesses to reach a big number of people for a little cost. However, for some organizations, internet product promotion might be problematic.
#3. Guerrilla Product Marketing
Guerilla product marketing is a style of marketing that promotes a product through unusual means. This sort of marketing has the potential to be extremely effective because it can attract people’s attention in ways that traditional tactics cannot. However, guerilla marketing can be difficult to control and may not always generate the desired outcomes.
#4. Word-of-Mouth Product Marketing
Word-of-mouth product marketing is a sort of marketing in which people recommend a product to their friends and family. Because it is built on trust and personal referrals, this sort of marketing may be quite powerful. However, word-of-mouth marketing can be difficult to track and may only achieve the intended outcomes in particular cases.
#5. In-store Product Marketing
In-store product marketing is a sort of marketing in which products are promoted in retail stores. Because it lets customers to feel and touch the goods before purchasing it, this sort of marketing can be quite effective. However, in-store product marketing can be costly and only sometimes yield the intended benefits.
Advantages of Product Marketing in Nigeria
Product marketing is the process of bringing products to market, which includes research, development, branding, price, and promotion. Product marketing is critical because it enables businesses to understand what their customers want and need, as well as how to reach them. It also enables businesses to predict client reactions to a product before it is published.
Product marketing can be used to introduce new products, expand into new markets, or reposition existing items. To understand client demands and how to effectively reach them, new goods necessitate substantial market research. Product marketing can boost sales by rebranding or altering price strategies for existing products.
The following are some of the advantages of product marketing in Nigeria:
- Enhanced grasp of consumer requirements
- Better understanding of customer behavior
- Discovering fresh market opportunities
- Sales and market share have increased.
- Improved brand awareness and reputation
Disadvantages of Product Marketing In Nigeria
Product marketing has various possible downsides. For starters, if a corporation over-hypes a product, customers may be dissatisfied when it fails to live up to the hype. Second, buyers may feel misled and outraged if a corporation is not honest about a product’s shortcomings.
Third, if a corporation oversells a product, customers may feel coerced into purchasing it and later regret their decision. Fourth, certain buyers may object to the goods for no apparent reason. No matter how brilliantly a corporation markets a product, some people will always dislike it.
Finally, regardless of how skillfully a product is advertised, it is always possible that it will fail in the marketplace. This might happen for a variety of reasons, including poor quality or timeliness.
Objectives of Product Marketing in Nigeria
Product marketing is concerned with increasing the demand for and adoption of a product among current customers. It focuses on the processes individuals take to buy your product, allowing product marketers to create campaigns to support this work.
Product marketing is typically carried out with numerous objectives in mind:
#1. Improve your understanding of your customers.
When you use a product marketing approach, your target audience will realize the benefit of having that particular product in their lives. Knowing how many customers are drawn to your product allows you to do customer research.
#2. Effectively target your buyer personas.
Along with studying your customers, you may choose which buyer personas to target in the future. Knowing your target’s particular wants can help you innovate your product to better meet their needs.
#3. Discover your competitors’ products and marketing strategies.
When marketing your product, you can contrast your strategy and results with those of your competitors. What features and benefits of their items make a market statement? What concepts have they not considered? Furthermore, what features does their product have that yours does not? This research might help you while developing your product marketing plan.
#4. Ensure that the marketing, product, and sales teams all have the same information.
Making your product offering plainly obvious for buyers and employees benefits both parties. Every team in your company may better comprehend the product’s purpose and communicate it in their operations.
#5. Position the product correctly in the market.
In product marketing, you want your product, brand image, and tone to be consistent and elicit the appropriate emotions in your target audience. Some questions to consider when brainstorming your brand positioning are:
- Is this product appropriate for today’s market?
- What distinguishes this product from those of our competitors?
- Can we further distinguish this product from the products of our competitors?
- Is there anything we’ve previously sold that we wouldn’t market or sell again? Why not, in that case?
#6. Increase revenue and sales.
As a product marketer, you will also have to ask yourself and reflect on certain questions regarding your product. These questions will assist you in ensuring the success of your product among clients.
- Is this product appropriate for today’s market?
- Is this product appropriate for our current customers?
- What distinguishes this product from similar ones from our competitors?
- Is there any way we may further distinguish this product from our competitors?
- Are there any things that we sold in the past that we would never market or sell again? Why not, in that case?
As you can see, product marketing necessitates a systematic approach to your items in order to assure their success among clients in your current market.
Why is Product Marketing Important?
Product marketing is an essential component of any company’s marketing strategy. Without it, your product will not reach its full potential among your target audience.
Product Marketing Responsibilities
Your obligations as a product marketer may differ slightly depending on the industry, company, products, and the size and resources of the company. Due to limited resources and cash, you may be a product marketer who also helps create content for the larger marketing team if you work for a startup. As the company grows, you may be assigned to a team whose main responsibility is product marketing.
Here are some typical product marketing responsibilities:
#1. Determine your product’s buyer personas and target audience.
You must establish the buyer personas and audience for your product so that you may target clients in a convincing manner that will entice them to buy. This will help you to modify your product and its features to meet the needs of your target audience.
Use templates to construct buyer personas for your company. A clear picture of who you’re catering to might help you coordinate multiple teams in your company and better position your product in the market.
#2. Create, manage, and implement your product marketing strategy successfully.
A product marketing strategy enables you to conceive, build, and execute content and campaigns — all of which help your buyer personas and customers make a purchase.
#3. To attract buyers for your new product, collaborate with and enable sales.
You must maintain direct interaction with sales as a product marketer. You’ll collaborate with sales to find and attract suitable clients for the product at hand, as well as provide sales enablement materials to reps to ensure they understand the product and its features inside and out.
As a result, you and your staff will be on the same page when it comes to sharing information with customers, allowing you to give a consistent, on-brand experience to anybody who comes into contact with the product.
#4. Determine your product’s market positioning.
One of the most crucial aspects of your job is determining the product’s market positioning. Consider this process in terms of storytelling: your product’s positioning demands you to construct and tell its story.
As a product marketer, you’ll collaborate with the rest of the marketing team and the product team to communicate this story by answering key questions such as:
- Why was this item created?
- Who is this product intended for?
- What problems does this product solve?
- What distinguishes this product?
#5. Make certain that your product fits the needs of your target audience.
Additionally, you must ensure that your product satisfies the needs of your clients and target demographic. You should have discovered the pain points and issues you’re attempting to answer with your product during your research to define your customer persona and target demographic.
If your product does not suit your customers’ demands, they will have no reason to buy it or prefer it over a competitor’s.
#6. Maintain the relevance of your product throughout time.
Your product must remain relevant over time. It is your responsibility to ensure that your product marketing strategy and the items themselves remain relevant among customers as demands, expectations, and difficulties change and evolve.
This means you may have to manage minor changes to your product marketing strategy (which we’ll go over next) or updates and revisions to the product itself (you’ll most likely have to collaborate with the product team, which creates the effect, to do so).
#7. Develop new product marketing techniques.
In order to effectively design marketing tactics for new and future custom items, you’ll need to pay particular attention to what worked and what didn’t in your strategy. Pay attention to your audience’s location and what they are looking for. What channels gained the most momentum and resulted in the most converted leads?
All of this knowledge, and more, should be applied to new product marketing techniques.
Meaning Of Product Marketing Management In Nigeria
Product marketing management requires having complete control over a product. It entails owning the product roadmap and strategy, as well as communicating the roadmap to the development team. The Product Marketing Manager is responsible for guaranteeing the development of a product.
What is the role of a Product Marketing Manager?
The product marketing manager works with creative departments and engineers to develop a product from concept to ultimate commercialization. They work on all parts of market research, branding, pricing, strategy, and branding.
The product marketing manager might wear numerous hats and work in a variety of businesses. Some sectors will require assistance in developing a product’s branding and marketing. It is the product marketing manager’s responsibility to ensure that other products meet the company’s profitability targets. Product marketing managers in other industries may be in charge of pitching retailers on positioning, shelf space, and presence.
Product Marketing Models
Most businesses use one of two product marketing models. The first model employs the product marketer as a subcontractor who becomes an expert in consumer understanding and offers a differentiated value to the appropriate customer. The product marketer assists the product manager in strategically deciding where to place the product based on customer data.
In the second model, the product marketer actively engages with the client but does not actively participate in the development of the product strategy. Product marketers in both models interact with a wide range of people on a regular basis, from customers to engineers to data scientists.
After collecting data on customer behavior, product marketers collaborate with the production management team to communicate this information and develop objectives for meeting customer expectations.
Product Marketing Management Responsibilities
The primary objective of the product marketing manager is to develop a product that solves a customer problem. These responsibilities include analyzing your consumer demographics, determining the source of their problem, and developing remedies.
Product management and product marketing share duties in understanding the client. Both perform market research, analysis research, and ethnographic research on their clients. Product management is typically in charge of deciding what product to produce and how to build it.
Product marketing management entails brainstorming several approaches to solving a problem in the most efficient manner. This activity could comprise making a trade-off for a speedier, more efficient product, or assessing market risk and determining how to manage risk.
What are the Four Ps of Product Marketing?
Product, pricing, place, and promotion are the four Ps.
What Is The Difference Between Marketing And Product Marketing?
The primary distinction between product marketing and marketing is the emphasis on brand awareness over product promotion. Traditional marketing tries to promote the company and win new customers, whereas product marketing often markets to existing customers.
What Is The Role Of Product Marketing?
Product marketers are concerned with comprehending and marketing to customers. They are responsible for driving product demand and utilization by focusing on procedures such as product positioning, sales enablement, product messaging, buyer personas, KPIs, addressing customer needs, and product demos.
What Are Product Marketing Strategies?
The practice of strategically positioning, pricing, and promoting your product among its target audiences is known as a product marketing strategy. Developing a product marketing plan will differ depending on the product.
In Conclusion
Traditional marketing is great for developing personal client relationships and is especially useful for local products or services, but assessing success can be difficult. Product marketing can be divided into four categories. Each class has benefits and drawbacks, so selecting the best one for your product is critical.
Online marketing is less expensive and reaches a larger audience, but building human ties might be more difficult. Word-of-mouth marketing is free, but it takes time to establish. Finally, the optimum sort of product marketing is determined by your product, budget, and objectives.
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