The 7Ps of Product Marketing Strategy
Nowadays, there are many ways to market a product. To develop a working plan, a business owner should draft an effective product marketing strategy.
What is a Product Marketing Strategy?
A product marketing strategy is the method of planning and implementing your product’s marketing, which starts from the development to the launching. This method aims to guide everything that involves your product, from pricing to promotion. Planning also involves the audience and the market.
The Important Elements – 7Ps
To better remember the elements in creating a marketing strategy for your products, we have developed the 7Ps. These are important things you need to start plotting your plan and implement it effectively.
Ask yourself, “what makes your product different?” This involves the designs, unique features, services, and other factors that affect your product. In short, you must consider the overall look and function of your product in creating a marketing strategy. Why? Your strategy must consider your product to better plot a plan in marketing it.
Out in the market, similar products can vary in prices. There are many factors you must consider in setting your price. Consider the expenses to make your final product. And look at the value your customers will give your product. Plus, the market conditions also play a big role in setting your price. Is it in-demand on the market? Can you compete with the pricing of the competitors? Can you give discounts and sales? Do you have payment period options available?
Remember, your product is worth how much your customers are willing to give. So, do some research on how much value the marketplace can give your product.
The place can be the physical store where your customers can find your product. It also involves all channels that are used to transfer products from you to your customers. It can also be an online platform for online businesses. In your marketing strategy, to smoothen the display and transfer of products, the main goal here is to get your product in the market. You must also consider the delivery method
In every marketing, promotion is an essential part. This involves all the channels and methodologies used to inform customers about your product, its features, and the value. Promotion does not only mean advertising. It can also be sales through email marketing, social media drive, content marketing, and events. Promoting is any method to inform everybody about the existence of your product.
The process is your route. How you conduct all the steps involved. For start-up businesses, it is important to blast your first product launch. Getting your product into the market is vital. Your process must be improved over time as you conduct product development. During the process, you will find out the strengths and opportunities you have for your product.
In creating a product, there are people involved. Everyone behind it is important in marketing your product. From every developer and producer of any product to the sales and support team, your success depends on them. Hiring people varies from your need to produce as many products and promote as much. Do you have enough people? Does your sales team know everything about your product to know how and what aspects to promote?
Do you have physical evidence to prove that your product is better than others? Get reviews from consumers and customer experience to enhance and further promote the biggest differentiator your product offers. This will help you with your strategic planning for your marketing.
Now that you have found out the 7Ps of product marketing strategy, you can start plotting it.