A product marketing strategy is a function that is liable for the growth and success of a newly launched product by bridging customer needs and product requirements.
Role of Product Marketing Strategy in Business Development
A product marketing strategy is what helps unlock the full potential of the product offerings of an organization. Though many businesses have realized the importance of a precise business plan, many still haven’t realized that a marketing strategy plan is just as vital for business growth. Fundamentally, a product marketing strategy acts as an interconnection between what you offer and what your customers require. But an effective marketing strategy does more than that, it helps align business teams to aid the production of high-quality content which ultimately drives sales leads.
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Steps to Create a Marketing Strategy Plan
Unlike business plans, a marketing strategy plan outlines marketing initiatives and primarily focuses on winning and retaining customers. However, a good marketing strategy plan is one that spells out the tactics to be utilized to achieve sales growth. Here are a few steps to create a marketing strategy plan that works across industries:
Step 1: Describe your organization’s unique selling proposition (USP)
Step 2: Identify the target market and list it out in terms of its demographics and interests.
Step 3: Analyze the transformational impact of your product offerings on the target groups
Step 4: Set marketing goals
Step 5: Revise the marketing plan periodically to ensure it doesn’t turn obsolete
Client’s Background:
A leading player in the natural food market – the client was recently featured on the list of the top 10 health food stores in the U.S.
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Client’s Challenge:
Being a market leader in the natural food market, the client is well-known for developing innovative products to capture the attention of its customers. In a similar attempt, the client was looking at venturing into the natural drinks segment. Though this was an innovative breakthrough considering the use of innovative technology in manufacturing natural drinks, the natural food market player wanted to set a precise product marketing plan to ensure its market success.
Our approach:
The development of the marketing plan began with a detailed analysis of multiple dimensions of the market. This included a detailed assessment of market competition, pricing strategies, product design, and its inclination toward a comprehensive product launch plan.
The product marketing strategy was developed using primary and secondary data gathered from various industry-specific channels. The market intelligence experts at Infiniti Research further leveraged such data to understand the buying behavior of the target market for new innovative products.
Business Impact:
The impact of our solutions and recommendations was such that the natural food store achieved its revenue goals within two years of product launch. Also, it empowered them to secure new clients in the first year of launch, which turned out to be a major differentiating factor.
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