The main job of marketing is to connect your product so well to your target market that it sells itself without much effort. But how can you do that without valuable input from your prospects and existing clientele? That’s exactly where product marketing becomes valuable to a company regardless of its size, length of operation, and audience catered.
In this article:
- Product marketing helps build deeper relationships with clients by understanding what your prospects desire.
- Product marketing helps companies build credibility and desirability.
- ABM gathers relevant intent data that can be maximized by product marketers to create an exemplary buyer experience.
What Is Product Marketing and Why Is It Important?
Product marketing gathers valuable data from customers to help in brand development and creating a more compelling sales strategy. To gather this type of data, marketers need to foster deeper relationships with prospects, existing customers, and even missed opportunities.
Having a solid product marketing strategy helps companies attract more promising customers by:
- Understanding the market’s pain points and how the product will solve them.
- Ensuring a clear and informed brand message from product conception to PR and customer service.
- Gaining insight on competitors and validate the product’s advantages over them.
- Creating strategies based on the actual demand from prospects.
Advantages of Product Marketing
Understanding the Market
Instead of reaching out to as many people as possible, conducting product surveys and gathering feedback from existing clients and leads help enterprises to become more aware of their target audience’s needs and wants. Knowing what your customers desire will give you a more intimate knowledge of who you’re catering to. This will essentially lead you towards developing products according to the market’s actual needs vs what you think your customers want.
Focused development will save you thousands or even millions of dollars in the long run by avoiding unverified changes or pointless updates.
Branding with “Teeth”
With valuable feedback from your clients, you can validate your product’s effectiveness and strengths. From there, you can confidently sell your product to other potential leads by emphasizing and enacting your brand’s values in your marketing materials.
Testimonials, promotions, and advertisements aimed at targeted leads will all follow the branding honed and updated based on honest recommendations from actual customers.
Even data from people who chose to do business with another company will give you important insight on how your competitors work and what they have to offer that your product is falling short of.
Expand Reach with New Prospects
Although it’s best to focus on buyers with the highest potential to convert, expanding your reach to meet possible new leads is still important. After all, new clients mean added revenue for your company.
Product marketing makes this possible by providing data showing what new features clients look forward to the most. Once these updates are installed, they may attract more customers and improve demand generation for your product.
Increase Demand for Your Product
Once you’ve gathered all of your target market’s needs and implemented them in the product you’re offering, then more demand will be generated for it. The greater the demand, the better your sales, and the faster you’ll reach your ROI goals.
Product Marketing in 2021
Businesses aren’t the only ones digitizing their day-to-day activities this year. Since the start of the pandemic, billions of people have turned to the internet for work and even basic daily activities. So it’s only natural that a large part of an enterprise’s potential market also shifted to digital platforms.
This move is somewhat advantageous for companies doing product marketing for several reasons:
Easier to gather data from customers and leads online.
Faster to connect with prospects through social media.
Wider scope for brand development and dissemination through social media and other online platforms.
Connecting with more targeted leads on a deeper level through constant online communications.
According to a survey done by Superoffice, 45.9% of businesses are prioritizing customer experience in 2021 and the next five years. The study also noted that 86% of clients would spend more for an exemplary buyer experience.
How Product Marketing Can Benefit from Account-Based Marketing
When it comes to signing off on purchases and contracts, a company bases its final decision on your brand’s relevance to their needs. Account-based marketing strategies help in nudging those companies towards conversion.
With ABM, you can gather intent data from relevant target leads to come up with demand generation strategies. This data shows you what your prospects want specifically. It allows you to build a plan with a better chance at closing a deal.
An ABM platform like N.Rich catches the interests and needs of a company’s key decision-maker with just a few clicks. The sorted data from the platform will also help you understand your prospects’ needs and you’ll be able to develop your products guided by actual customer interests, cutting back time on product development.
ABM focuses on a positive customer experience to convert probably leads, and that compliments the goals of product marketing. Better buyer experiences lead to long-term relationships with more clients, and eventually, higher revenue.