Last time, we wrote to you on the role of market research in product development, highlighting the importance of the market you are building and having it in mind when developing a product. To add to that, there can also be versatility in products. That means you can build a product serving everyone, every class, and every region. But then, at the initial building stage, having a unique user is more important and can help you focus on increasing customer lifetimes.
Today, we want to talk about common mistakes product owners make when they eventually start marketing their products.
What is product marketing?
Product marketing is a business function that involves promoting and selling a product to a target audience. It includes a range of activities aimed at successfully bringing a product to market, maximizing its sales, and ensuring its continued success.
Key elements of product marketing include market research, identifying target audiences, creating compelling messaging, developing pricing strategies, planning product launches, and collaborating with various teams such as sales, advertising, and product development. Product marketing aims to effectively communicate a product's value, differentiate it from competitors, and drive customer engagement and satisfaction.
Mistakes made in Product marketing
Here are some common mistakes made when marketing a new product to an audience:
1. Not Understanding Your Target Audience:
If you are trying to sell a house to a student, no matter how amazing the offer is, it will not appeal to them because it does not fit their interests at that time. But if you’re trying to sell a new model of shoe to an athlete, they would be more willing to buy it.
You need to know who your target audience is, what their needs are, and what drives them. To do this, conduct extensive research, develop thorough buyer views, and continuously improve your understanding of your target audience.
2. Focusing on Features Rather Than Benefits:
People do not buy features; they buy changes. For example, a phone is more than just a piece of technology for making calls; it can be used for taking pictures, making videos, playing games, browsing the internet, and more. Your marketing materials should explain the "why" behind your product, such as how it will make life easier, address a particular pain point, or produce a desired result.
For this reason, products are always being updated to address new problems and difficulties that users may encounter.
3. Not Having a Clear Value Proposition:
Your value proposition is your elevator pitch, a succinct, impactful response to the question, "Why should I choose your product over the competition?" It must be distinctive, memorable, and laser-focused on the value you offer. What makes your product the obvious choice? What makes you stand out? Create a value proposition that captures attention and makes an impression.
4. Launching Without a Plan:
Without a plan, launching a product is like sailing a ship without a map; you will probably end up lost, confused, and possibly shipwrecked. Establish your objectives, target market, marketing channels, and budget. Make a timeline with clear deadlines and roles. Schedule your pre-launch, launch day activities, and post-launch follow-up. A well-thought-out plan will guarantee that you are on the right track and maximizing your resources.
5. Ignoring Your Competition:
You cannot make your competitors go away by acting as though they do not exist. Instead, find out
what they are doing right and wrong, draw lessons from their achievements, and look for ways to set yourself apart. Do not just copy them; instead, use their insights to develop a more appealing and
distinctive offering for your target market.
Remember, even the most seasoned product marketers make mistakes. The important thing is to learn from them, adjust your course, and keep striving for that winning formula. By avoiding these common pitfalls and focusing on the strategies outlined above, you can set your product marketing campaigns on the path to success. So go forth, conquer your target audience, and watch your product reach its full potential!
Product marketing is a marathon, not a sprint. So understand that there will be challenges, setbacks, and moments of doubt. But the key to success is perseverance. Learn from your mistakes, adapt your strategies, and never stop iterating.