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autonomous vehicles market

Finding the Right Mix for a Product Marketing Strategy

What is a product marketing strategy?

Launching a new product into the market can prove to be a big fiasco in the absence of an appropriate product marketing strategy. It involves a series of efforts that are undertaken to get the products into consumers’ hands. The product marketing plan generally begins with a concept or idea and then moves into different stages of development including pricing, testing, and creating a sales plan. Every department in an organization must be a part of developing the product marketing strategy as each team is capable of providing inputs/suggestion that may be overlooked by the other.

Why is product marketing important?

Today’s dynamic market demands modern organizations to have a team that is dedicated to solely keeping a close watch and understanding the market and buyer needs. This knowledge can then be leveraged by companies to execute strong sales and marketing strategies. Product marketing strategy helps to understand the needs and behavior of buyers in a particular market in relation to the company’s offerings. On a more tactical level, a product marketing plan is tasked to work with internal teams to ensure readiness and thereby conduct successful product launches.

Key elements of a product marketing strategy

A successful product marketing strategy involves six key elements, this includes –

Product

Developing a strong product is one of the most vital and first steps involved in building a product marketing strategy. It is essential for organizations to ensure that the target customers are kept in mind while developing a product and it aligns with their needs. Customers expect to meet some need or solve a problem when they purchase a particular product. Understand what these needs/problems are and identify if the company’s product has the ability to meet their needs. Down the road, finding answers to these will also help determine the right communication strategy for promotion activities. Each product feature should be aimed at solving a common business challenge.

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Audience

Products are developed based on customer preferences and needs. Similarly, while developing a product marketing strategy, the organization must make efforts to understand their audience better. Information must be gathered about the audience including- age, gender, education, and marital status.  This can be done through direct interviews with the customers or by setting up a phone call to learn more about them. This helps companies to form a narrative and create buyer personas. Companies can use this data to market to one buyer persona at a time rather than sending out common messages to the mass audience.

Communication

One of the most essential steps in a product marketing strategy is to communicate with the audience. Customer intelligence experts from Infiniti Research suggests that a good majority of customers feel emotionally connected to a brand when they stay connected to the brand in the form of messaging. An important point to bear in mind here is that the product messaging should be in the form of a narrative as they are relatable and resonate with the audience. The product’s unique selling proposition and the value offered to the users can be used as a key tool to craft an effective story.

Team work

Product marketing strategy cannot be formulated single-handedly formulated by a single person or team in the company. It requires collective efforts of the entire organization. However, bringing multiple teams on the same page is a challenging task. Teams across the organization should be educated and informed about their role in the product marketing strategy. Having a product roadmap can prove to be highly beneficial here. This helps to align all the teams and internal stakeholders in the company by providing them a summary of the product marketing strategy and guiding them in each step of the process.

Promotion

Selling a new product isn’t easy. Strategic promotion is the right way to get customers to buy a new product. The company’s promotion plan must be aimed at getting the message out to the right audience at the right time. Furthermore, it is also critical to choose the right channels of communication. Analyze and identify the platforms on which the company’s target audience spend the maximum time. The product marketing strategy should ensure that the products are promoted through channels that make the most sense for the brand and audience.

Choosing the right product marketing strategy is a highly critical task. Are you equipped to meet the challenges coming your way? If you are not sure, request a proposal to know how Infiniti’s solution can help your business to be prepared!

 

Track results

The last step in the product marketing process and one of the most critical aspects of a product marketing strategy is to analyze and track the results. Once the product marketing strategy is implemented and the product has hit the retail shelves, the next step is to understand how successful the product is in the market. The metrics to track here include website form submissions, email clicks, reach, and conversions. The gaps in meeting customer demands can be identified in this stage and necessary changes can be made by the brand in the nick of time.

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Supplement Market

Why Marketing Management is the Anchor of New Age Businesses

Over the years, the concept of marketing management has gained increasing importance due to the rising market competition, the need for improved methods of distribution, cost reduction, and the increased profit rates. It is one of the most important functions in a commercial and business enterprise. The key importance of marketing management is that it helps businesses to guide their marketing efforts and identify and fulfill the needs of its customers, benefiting both thContact USe customer and the company. Marketing management processes are driven by clear objectives including cost efficiency, product quality, and customer’s need fulfillment.

Marketing techniques form the heart of any business success. The most perspective of your business largely depends on successful marketing. As famously quoted by Philip Kotler, marketing management functions involve the analysis, planning, implementation, and control of programs designed to bring about desired exchanges with target markets, aimed at achieving organizational objectives.

Importance of marketing management

The importance of marketing management is gradually being recognized by several modern businesses as it contributes greatly to the success of the organization. The following are some of the key factors that will help you understand why marketing management is important in today’s highly competitive marketplace:

Improves goodwill of the company

Goodwill refers to the established reputation of a business. A company’s growth often rests largely on the solid reputation that they manage to build for themselves. In short, the company’s image in front of the outside world is the soul of the business. And only having the right marketing strategies can help any company to build a strong reputation. Goodwill can be built by identifying the best opportunities worth pursuing as well as the threats to be avoided.Request Proposal

Product launch

For new products/ services are introduced by companies they need to be made known to potential buyers. For businesses that are struggling to get acquainted with their potential customers and build long-lasting relationships with the customers, the right marketing management functions play a vital role in creating brand awareness. The importance of marketing management lies in the fact that it helps to understand the customer needs, improve the product and/or service, provide the right tools at the right time, and more importantly saves more money for the business.

market opportunity

Think You Know All About What’s Trending in Professional Services This Year? Take a look

The professional services market is growing at a rapid pace. All credit goes to the rising demand for professional services such as accounting, legal, advertising, photographic services, and others from companies across various industries. As more number of companies develop or expand their global leadership positions, the demand for these services also rises. Employees in the professional services industry are often highly paid since they are being paid for their professional knowledge and expertise. However, as the industry is evolving, professionals can no longer rest on their laurels. They must stay on top of emerging trends since it’ll help them stay a step ahead of the competition. Here are some of the professional services marketing trends that firms need to keep in mind while planning their strategies to reach out to customers and have an advantage over competitors:Get more info

Ultra-personalization 

Customizing and personalizing the content based on how relevant it is to an individual client or prospect will significantly impact the ability to connect and retain the audiences. Forward-thinking marketers of professional services are deploying strategies and next-generation marketing technologies to deliver an ultra-personalized content experience that adds more value to the client relationship. This approach is aimed at solving the ongoing battle between fee earners and relationship owners who want to control what is best for their clients and marketing teams who want to take control of the brand and review the marketing content.

Virtual firms 

Factors such as changing technology trends increased pressure to reduce costs and the increased use of smartphones is increasing the popularity of virtual firms in the professional services market. More number of companies offering professional services are expected to go virtual and have fewer permanent offices in the years to come. This can be done by hiring contract employees, placing the entire infrastructure in the cloud, and utilizing a small number of physical offices. Professional services firms can cut their costs and help increase their revenue through this technique.

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Social media

Social media is one of the top marketing trends for most companies today. Professional services companies too are following suit and adopting such marketing trends for finding and engaging clients online, marketing services, and monitoring competitors. By establishing a strong social media presence, professional services companies can improve brand awareness, increase their client base, boost client satisfaction, and deepen client relationships.

Automation of back-end processes

Automating back-end processes help companies to eliminate paper-driven processes. Companies in this sector, especially accounting and legal firms are automating back-end processes to match front-end services. This is compelling several companies to change over from the old processes of scanning and filing paper checks. to electronic check records.


To know more about the challenges and opportunities in the professional services market:

trend analysis

Cross Selling and Upselling Strategies That Will Take Your Business a Long Way

Quick wins and fast growth don’t come easy for businesses, but if they have the right strategies in place, the business is in for a big win. Cross selling and upselling are two such strategies that help companies increase their sales margins and improve performance without having to invest any extra sum of money. So, what exactly is cross selling and upselling? Upselling is the practice of encouraging customers to purchase a product that is on a higher-end comparatively than the one the customer intends to purchase. Cross-selling, on the other hand, invites customers to buy related or complementary products that give a better utility when paired with the product that is already in the customer’s basket. Following are some of the key cross Request Proposalselling and upselling strategies that will step-up your business outcomes:

Begin with the top customers 

Rolling out the same services to all the customers at the same time might not be a feasible plan.  Each client or potential client might have to be approached with a different strategy. It is advisable for companies to try out their cross selling and upselling efforts with a few of their regular and most loyal customers. These customers are also more likely to provide genuine feedback on the services and their willingness to pay.

Discounts and incentives 

Discounts and other incentives are a great way to induce more purchase from the buyers. In many cases, cross selling and upselling efforts bear fruit only if customers feel that they are gaining something out of it. But this strategy must be undertaken only after considering the ROI. If it does not give a good return on investment, then it would eventually prove to be a loss for the business.

Cross selling and upselling are strategies that help companies increase their sales margins and improve performance without having to invest any extra sum of money. Click To Tweet

The sales team incentive plan 

It is important to incentivize the sales team for the cross selling and upselling efforts that they put in. It is a stated fact that the majority of the salespeople are driven by competition and compensation. Companies can use this as a motivator for employees to increase the sales. Setting up a leaderboard will also be useful to show how team members stack up against each other and measure the team’s progress towards the targets and goals that have been set.

Practice active listening 

Cross selling and upselling can be done even on the fly during a phone call or over an email exchange, so it is vital for companies to identify signals from the customer that show they might be ready to hear the offer made by the business. If the customer is hinting at expanding capabilities or desire to reach their goals faster, businesses must take advantage of this opportunity to mention how their products or services can help get them there.


To know more about how to get your cross selling and upselling strategies right: 

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