Infiniti’s Product Marketing Strategy Helped a Consumer Electronics Company Reduce their Marketing Spend by 17%
The consumer electronics market in Canada is undergoing massive transformations. With the ongoing shifts in consumer needs and market demands, companies in the industry are finding it extremely challenging to adapt to the changes. Also, with the recent technological advancements, companies today have the option of engaging customers through multiple channels. With this, companies in [...]READ MORE >>
The consumer electronics market in Canada is undergoing massive transformations. With the ongoing shifts in consumer needs and market demands, companies in the industry are finding it extremely challenging to adapt to the changes. Also, with the recent technological advancements, companies today have the option of engaging customers through multiple channels. With this, companies in the consumer electronics industry are encountering difficulties in finding the right sales channel for product promotions have become extremely challenging for businesses.
The client is a consumer electronics company based out of Canada. Having launched a new product in the market, the client faced several challenges in generating an adequate market share for the product. Also, as many of their previous product launches failed due to their ineffective product marketing strategy, the management did not wish to take a chance. The client identified that ineffective promotional activities, inadequate understanding of the competitive activity, and wrong timing of distribution were some of the factors behind most of the product failures. Therefore, to effectively address these issues, they wanted to adopt a robust product marketing strategy to successfully position their new product in the market. As such, the client approached Infiniti Research to leverage their expertise in offering product marketing strategy engagement.
As a part of product marketing strategy engagement, the experts at Infiniti Research analyzed multiple dimensions of the market, competition, product, pricing, and target customers to develop a comprehensive product marketing plan.
The product marketing strategy engagement involved the following steps:
- The experts gathered insights on the key trends in the industry
- The experts analyzed the key buying behaviors of the target customer segments for a new innovative electronic product
- Conducted customer survey with the target customers to test the value statements
- Based on the market feedback, developed marketing strategies
Results and Value Delivered
With Infiniti’s product marketing strategy engagement, the client was able to build a robust product marketing strategy to successfully produce and market their new products in the market. The experts also recommended the client to focus on online sales channels for product sales. With this, the company was able to achieve its revenue goal within 3 years of new product launch. The devised product marketing strategy further helped the client to optimize marketing investments and maximize profits.
Infiniti’s product marketing strategy engagement also helped the client to:
- Reduce their total marketing spend by 17%
- Enhance sales and profit margin
- Gain a stronger competitive advantage
- Heighten customer awareness
How to develop a product marketing strategy?
Today, businesses spend millions of dollars on marketing a new product each year. Also, companies compete with each other to achieve maximum market share for their products. In this context, businesses that do not have an appropriate product marketing strategy are more likely to lag behind in its marketing activities compared to its competitors. Let us take a look at how to develop an effective product marketing strategy.
Defining products – Customers do not buy a product unless they have complete information about is offered. So, businesses need to create marketing messages which clearly defines the product and reflects its value in the market.
Profiling competitors – Identify competitive advantages and build better product marketing plan compared to competitors. By identifying gaps in competitors’ offerings, businesses can stay ahead of them.
Understanding the target market – It will be difficult to build a robust product strategy plan if companies do not have an in-depth understanding of their target markets.
Creating a marketing plan – Based on all the above analysis, companies can develop a marketing plan to effectively position their product in the target market.