As a marketer, you’re always looking for a new marketing strategy for selling a product, be it a new product or your existing product. The various ways to reach your target audience and promote your product are referred to as product marketing strategies. But with so many options out there, it can be hard to know the best marketing strategy for a new product; or alternative and effective marketing strategies to increase sales of existing products. If you’re looking for the best product marketing strategies examples, I have outlined here, the ways to increase sales volume by executing these creative and effective methods below.
What is a product marketing strategy?
A product marketing strategy is a plan of how you will market your product or service. It should take into account your target market, your unique selling proposition, and your product positioning. Your product marketing strategy involves your go-to-market strategy, which details how you will get your product or service into the hands of your customers and increase awareness of your brand.
Product marketing is one of the sales strategies that you use to increase sales of your products or services. The more people know about your product, the greater the chance to buy; after all, no one buys a product he doesn’t know exists. You can only buy what you know about. Therefore, product marketing is the first and vital part of increasing sales.
Your product marketing strategy should be informed by your research into your target market and your competitors. It should also be based on your understanding of what makes your product or service unique and appealing to your target customers. Once you have developed your product marketing strategy, you can start to implement it through various marketing channels, such as online advertising, PR, and content marketing.
Product marketing is the process of creating demand for a product or service. It is a critical function in any organization and can be the make-or-break factor in the success of a company. The main benefits of product marketing to your business are: that it is responsible for generating interest, awareness, and desire for your product or service.
Other advantages to product marketing, include:
- Increasing sales and market share – Product marketing can increase sales and market share by creating demand for a product or service. By generating interest and desire for a product or service, product marketing can increase the number of people who purchase the product or use the service.
- Enhancing brand image and reputation – Product marketing can enhance the brand image and reputation of a company by promoting the positive aspects of a product or service. By highlighting the unique features and benefits of a product or service, product marketing can help create a positive impression of a company in the minds of consumers.
- Entering new markets – Product marketing can help a company enter new markets by creating demand for its products or services in new markets. By raising awareness of a company’s products or services in new markets, product marketing can help open up new opportunities for growth.
- It can differentiate your product from competitors. a good product marketing strategy can differentiate your product from competitors by highlighting the unique features and benefits of your product or service
Product marketing strategies examples
As a product marketing manager, you are responsible for the promotion and marketing of a company’s products and services to increase sales or generate revenue. You’ll need to develop campaigns, create and oversee marketing materials, and work with other departments to ensure that the products and services are meeting customer needs.
To be successful in this role, you’ll need to have strong communication and project management skills. You’ll also need to be creative, organized, and detail-oriented. Below are the best product marketing strategies examples to put into use when creating a marketing campaign.
Best product marketing strategies examples
- Developing an elevator pitch
- Creating a tagline or slogan
- Developing key messaging
- Identifying target markets
These product marketing strategies outlined above are important to put in mind even before you start the marketing campaign. Other marketing strategies (outlined in the following section) would follow when you made up your mind regarding the above listed.
Developing an elevator pitch
This is a short, attention-grabbing statement that describes what your product or service does and why it’s unique or different from other offerings on the market.
As you develop your elevator pitch, keep the following tips in mind:
- Keep it short and sweet: The goal is to make a quick, impactful statement that leaves your listener wanting to learn more. Aim for 30-60 seconds.
- Focus on the value proposition: What makes your product or service unique? Why should someone use it?
- Use simple language: Avoid industry jargon or complicated terms. You want your listener to quickly understand what you’re offering and why it’s valuable.
- Practice, practice, practice: A great elevator pitch takes time to perfect. So don’t be afraid to revise and refine your statement as you go along.
Creating a tagline or slogan
This is a memorable phrase that encapsulates the key benefit or USP (unique selling proposition) of your product or service. A template of a good tagline or slogan would read as follows: “Our product is the only one on the market that offers X benefit“.
This phrase should be present on all of your marketing materials, from your website to your brochures to your email signature. It should be included in an elevator pitch you give about your business. And it should be the northerly star that guides all of your content strategy decisions.
Make sure your tagline is short, sweet, and to the point. Think about how much text you can read in a single glance—that’s about how long your tagline should be. Any longer and you risk losing your audience’s attention. Plus, a shorter tagline is easier to remember and more likely to stick in customers’ minds.
Developing key messaging
This involves creating concise, persuasive messages that can be used in various marketing materials (e.g., website copy, ads, brochures, etc.). To be effective, this writing must be able to capture the attention of your target audience and communicate the benefits of your product or service in a way that is easy to understand. It should also be able to motivate them to take action, whether that is making a purchase, signing up for a newsletter, or anything else that you want them to do.
Identifying target markets
This involves segmenting customers by factors like age, gender, location, interests, etc., so you can tailor your marketing messages to them more effectively. Knowing your audience is essential to successful marketing. After all, you wouldn’t want to spend valuable time and resources marketing to people who are not interested in what you have to offer.
It’s important to avoid stereotypes and make sure you really understand your target audience before segmenting them.
Targeting involves sending out marketing messages to a specific group or “segment” of people. This can be done in a number of ways, but the most common is by age, gender, location, interest targeting, etc. The key is to make sure you send out messages that are tailored to the specific group you’re targeting so you don’t come across as using stereotypes.
Other product marketing strategies examples
When you have made up your mind on the possible ways to promote your product and how to go about it as outlined above; what you need now are the possible ways to capture the customer to make a purchase and also the possible marketing channels to target based on your financial strength, the effectiveness of the channels to your marketing needs, and whether your target audience is available through the selected marketing channels. We will discuss the other common product marketing strategies below.
Use multiple marketing channels
Don’t just rely on one marketing channel to get the word out about your product. Use a variety of channels, including social media like Instagram, LinkedIn, Facebook, email marketing, paid advertising, fax messaging, SMS marketing, and public relations. The more channels you use, the more likely you are to reach your target market.
Do some market research to figure out where your target market spends their time online, and make sure you are using those channels to reach them. And don’t forget about traditional offline channels like public relations and print or broadcast media. By using a mix of marketing channels, you’ll have the best chance of reaching your target market and achieving your business goals.
Offering discounts or coupons
This is a popular strategy that can be used to entice customers to purchase your product. You can offer a discount on the purchase price, or you can offer a coupon for a future purchase.
Holding a contest or giveaway
This is another great way to generate interest in your product. Offer a prize for the person who purchases your product, or for the person who refers the most people to your product. This can be something that is related to your product, or it can be something that the customer would find useful. Either way, this is a great way to get people to buy your product. An example would be giving a face cap to whoever buys a shirt and a trouser.
Creating packaging that stands out
Eye-catching packaging will make your product more likely to catch the attention of consumers. Make sure your product’s packaging is unique and attractive. You can achieve this by using bright colors, interesting shapes, or even unexpected materials (something different from the ‘usual’ thing that your competitors are doing). You can also try to be eco-friendly by using recycled materials, this is a form of societal marketing that also helps to improve the public image of your brand or company.
Sponsoring an event
This is an excellent way to increase brand awareness and get your product in front of a large audience. Event sponsorship is a great marketing investment, as it allows you to reach out to new potential customers while also strengthening your relationship with existing ones. Make sure your product is prominently displayed at the event so that everyone who attends will see it.
4 main types of sales strategies
- Product promotion
- Customer service.
Each type of sales strategy has its own advantages and disadvantages, so it’s important to choose the right one for your business.
Product promotion is the most common type of sales strategy. It involves creating a buzz around your product or service through product marketing and advertising. The downside of this strategy is that it can be expensive, and it’s not always effective in getting people to buy your product.
Pricing is another important sales strategy. You need to choose a price that will attract customers but also make a profit for your business. If you price too low, you won’t make any money; if you price too high, no one will buy your product.
Distribution is how you get your product or service into the hands of your customers. You need to choose a distribution method that will reach your target market. For example, if you’re selling products online, you’ll need to use a different distribution method than if you’re selling products in brick-and-mortar stores.
Customer service is the final piece of the sales puzzle. You need to make sure that your customers are happy with their purchase, and that they feel like they can come to you with any problems or questions. Good customer service will keep your customers coming back, and it will also encourage them to tell their friends about your business.
What are 4 general ways to increase sales?
1. Offer discounts and coupons
2. Run targeted marketing campaigns
3. Increase your product’s visibility
4. Improve your product’s quality
What are the 5 marketing strategies?
There are countless marketing strategies out there, but the 5 common marketing strategies include social media marketing, content marketing, email marketing, Pay-per-click advertising, and referral marketing.
Nansel is a serial entrepreneur and financial expert with 7+ years as a business analyst. He has a liking for marketing which he regards as an important part of business success.
He lives in Plateau State, Nigeria with his wife, Joyce, and daughter, Anael.