Here are the essentials you must include within your product marketing strategy:
- Mission statement: this includes the manufacturing objectives, Corporate Mission Statement, marketing objectives and product development objectives.
- Customers: you must consider how many customers you have? What they are buying? What practical and emotional problems and issues are they trying to solve? What size of your market? What is the customer’s price point? What it takes to be successful in an order? How long would it take to be successful with a product? How does a customer use competitive products? What is the present happiness with competitors?
- Market Segmentation: you must include set customers (needs distribution, industry, and geography). In addition you must narrow and select the targets, label the segments, and consider the differences and similarities.
- Competitors: seek to understand what your competitors are doing at the present time? Where and how often do they advertise? What would be the nature of the sale presentation? What are their pricing? Distribution methods? The position they take? The reaction of the competitors towards threats? How do lesser competitors differ from the successful? Marketing share quota? Comparison to your company with threats, strengths, and weaknesses.
- Product position: it is necessary for you to differentiate your service and product. Remember the opportunity is out there, it is up to you to find it though. You must also describe your products and seek your customer’s interests.
- Understand your customer’s psychological needs.
- Market testing: that is you should display your promotional concepts and product to customers.
- Making strategic decisions: wherein you decide on new and improved revenue, profits and growth, new product development, pricing, distribution, service and sales force, customer’s psychological factors (not benefits and features), and on product promotion for all new products.
- Write an action plan: which must include a pert chart on product development, a calendar of planned media, and a budget.
- Implement your plan: you can hold daily meetings to review sales progress and leads. It is imperative that you provide a lead tracking system and revisit your plan and update when necessary.
The latter essentials are viable marketing strategies to help business owners when developing a new product. It is very simple to follow, however it is necessary that you carefully construct a product marketing strategy according to your particular product or service. Remember, this plan is the key to your product’s success, thus, it is imperative that you gather adequate information to help effectively organize your product marketing strategy.