Hello Hello there!
It's been a fantastic journey since I started this blog on learning. In the last post, I did a wrap-up on digital marketing and now I am beginning another learning journey on Product marketing. This is going to be a more intense one and more niched to what I do for a living which is Product Management.
Now, let's get into it. Ready? Let's go!
Today I will be talking about creating a product marketing plan. When a product is ready to go to market, there is a need to do a marketing plan on how to get the products in the face of the customers.
Now, the first thing you need to consider is the desired outcome of this plan. What is the primary goal of this marketing plan? What are the objectives? How do you plan on measuring the OKRs?
Categorize them into quantitative outcomes. For example, the primary goal might be to generate 20 million naira or to get 100,000 sign-ups on your app. You will also have to create deadlines for these outcomes as well. for example, a deadline can be the next quarter of the year. To give a full example of how to go about this; Company A has a product and wants to take it to the market. They come up with the primary goal of the marketing plan and the primary goal is to generate 2 million dollars by the end of the next quarter. Their secondary objective is to grow their brand awareness by getting 20,000 people to signup on their platform and engage with their content by the end of the next quarter as well. I hope this gives a clearer perspective?
The next thing to consider is the target market. Here you will have to determine who your target market I. A guide for this is to use a User Persona, that is, a graphical example of who your customers will be. In cases where you may have multiple types of customers, you will have to consider sub-segmentation. That is categorizing all your customers into the different aspects they fall under based on their characteristics. Another kind of sub-segments will be users that bring in more money and the ones that won't. For example. If your product is one that has options for people to pay for subscriptions and also have the option to use the platform for free. It means you will have two types of customers/target market; the ones that pay for subscriptions and the ones that use it for free. An example is YouTube.
The next thing to look into is your value proposition. This is how you define the value that your product brings to the market. You can start by explaining what the benefits of your product are. For example; maybe your product helps manage finances or helps save time or help in giving directions. You will have to determine what the benefits of your platform are. Highlight the key features that your products have as well. It gives people a clear understanding of what to expect when using your product.
Next is tactics. There are seven tactics that are used in product marketing;
- Price: Price is important because it dictates supply and demand. If your price is too high, your sales will do down, if it's low there would most likely be a surge in your sales. Except you're dealing with luxury. But note that customers are very price sensitive.
- Incentives: will you be giving some type of discount or promo with your product?
- Distribution; where are you selling your product? is it a mobile app? app store? play store?
- Communication: examples are your landing pages, the ads you will run, social media posts etc.
- Product: what are the specific features of your product? what are the add-ons? What differentiates this version from the old one?
- Service: does your product have a trial period?
- Brand: branding brings more awareness to a product. It qualifies the feeling of the users. It is what brings more knowledge of the product and why people should use it.
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