![]() Your competitor analysis should be a huge help here. Or is it a high-ticket item with a long sales cycle? Is it a low-cost consumable product that’s likely to be bought on a recurring basis? You need to know what your typical customer looks like and how they will behave, as well as where and how they’re going to buy your product.įor example, will your product be purchased on impulse? You can’t create a successful product marketing plan (or any marketing plan for that matter) if you don’t know who you’re going to be marketing to – period. Use what makes you different to define your position in the market and guide every element of your brand messaging. ![]() Or Chipotle, who bases their brand (and messaging) on serving fresh, healthy food that their customers can feel good about eating. ![]() Take Walmart, who emphasizes their low prices. Your company description on social media and other marketing materialsīasically, any messaging that’s specifically designed to promote your brand or sell your product falls under this umbrella, and your key differentiators should be the driving force behind it.Now that you know what makes you different from your competitors, you can use this knowledge to influence your marketing messaging.īut what do we mean by marketing messaging? Incorporating your key differentiators into your messaging But Uber figured out how to offer customers an easier and cheaper way to hail a cab (which is undeniable, regardless of how you might feel about the brand’s practices). They entered a saturated market (at least in many parts of the world), and yet, to date, the service has been used by more than 160 million people, while the CEO has a net worth of more than $3.8 billion.Īll this despite the fact that they didn’t really come up with anything new they just came up with a different way of doing things. How many potential customers do your competitors have yet to reach?Įven in a saturated market, the answer to that last question could still be “yes.” New companies can, and do, move in and claim a share of a saturated market for themselves. What does your product offer that theirs doesn’t? What makes you different? What is your USP? You can do this by analyzing reviews, asking questions in your market research, and of course, testing out the product yourself.įrom there, you can determine how you differ from them. Prioritize figuring out your competitors’ strengths and weaknesses. One of the first and most important steps in creating a successful product marketing plan is to not only know who you’re up against, but to understand them. The reasons why vary from bad management to a lack of financial backing – and, of course, having a crap product that no one wants to buy.īut there’s one other thing that frequently causes new products to fail: a substandard, incomplete, or (in some cases) non-existent product marketing plan.ĭo you want to learn how your product can be one of the 20% that succeed? Here are 6 key elements you need to consider when creating your product marketing plan.
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