Marketing a new software product simply means conducting activities for increasing brand visibility to generate more customers for that product. However, according to Deck 7’s research, it was found that product marketing plays other roles too in accelerating B2B sales.
Positioning — Your product needs to be noticed by the right audience for it to bring the desired profit. Product marketing methodology thus enables the correct positioning of your product making it reach your target audience (TA). This activity is equally crucial for educating your audience as well as your sales team for effective communication. This works well when you execute multiple new product marketing ideas. Here’s an excerpt from a Media 7 interview of the CEO of the world’s largest trade fair and event organiser that highlights the importance the format you choose to market your product in the present scenario.
Understanding Competitors — While there are a lot of ways for understanding what your competitors do, product marketing is one way too. Knowing the strengths and weaknesses of your competitors gives you an edge over them allowing you to market your product in a certain manner that will bring in more sales.
Determining TA — Identifying your buyer personas is not just limited to demographics; it is also about their preferences, past purchasing experiences, and other such factors. Product marketing in this area provides ideas for products to market, what kind of individuals you should aim at, and how much are they ready to pay.
Aligning Buyer’s Journey — Be it an IT product marketing strategy or any other B2B marketing strategy, product marketing plays a vital role. Because when you understand your buyer’s needs and requirements you can place your product better. Product marketing aligns the buyer’s journey and helps them make purchasing decisions that work in your favor…
