marketing research Archives - Business Intelligence

Tag: marketing research

telecom industry

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.

REQUEST FREE BROCHURE

Developing a product marketing strategy could be challenging. With years of expertise, we at Infiniti Research have mastered the art of helping our clients with tailored solutions to suit their market needs. Request a free brochure to know more about our services!

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.

REQUEST MORE INFO to learn more about our solutions for business!

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 Assessment

Top 4 Market Research Tools That Will Take Your Business to the Next Level

market research toolsWe all are creatures of habit and we hate change. In fact, research shows that all of us exhibit similar buying behavior irrespective of our varied preferences. People, in general, despise change and our reluctance to change makes it an extremely difficult for companies to convince consumers to switch brands. It is in this context that that importance of market research tools becomes clear to businesses. Market research tools are priceless for business owners since they help predict consumers’ buying behavior and prevent instances of failed product launches. Market research tools give businesses give an edge, mainly due to their ability to measure the impact of initiatives, create an open communication loop, and make data-based business decisions. Such tools also help businesses predict product or service launch failures and take a call on whether to launch new products or remove existing product lines.

That being said, let’s take a look at some of the best market research tools that can help you drive and improve business value:Get more info

Consumer interviews

One of the most commonly used market research tools is consumer interviews. One-on-one interviews with current or past consumers can be done through a web conferencing software or over the phone. In this step, one of your company’s representatives will have to speak to a customer to get honest feedback about the product’s pricing or design. Consumer interviews are one of the most effective market research tools available today. They help companies to get opinions on sensitive topics, which they might not be able to discuss in an open or group setting.

Consumer surveys

Surveys are an important part of every market research process and are one of the most popular market research tools available for businesses. They help collate information, opinions, and ideas of the consumers. Surveys can be carried out online or distributed by a person or by email. The best part about this process is that it’s completely anonymous, so consumers can be as honest as they like. Surveys can be of various formats, such as multiple choice, long, and short formats. To get the most out of such market research tools, offer your respondents some incentives like gift certificates or coupons.Get more info

Focus groups

If you are unsure of what marketing messages to send to your potential consumers, focus groups are the right strategy to follow. Such market research tools help businesses in developing a pricing strategy for the goods or services being offered. Usually, focus groups are formed after a product is released and are made up of people who represent the target segment. In some ways, they are similar to consumer surveys but consist of at least six respondents, who give honest feedback about the product or service being offered. One thing to remember here is that every focus group requires a moderator who streamlines the discussion and submits the findings in a report format to the decision makers in your business.

Social media and online content

Today, with social media channels and blogging platforms gaining popularity among consumers, it has become important for businesses to leverage such platforms to get feedback about their goods or services. Market research tools such as this give consumers the option to express their opinion without a survey or consumer interviews. When it comes to social media, consumers are more than willing to share their honest opinions. Companies can also leverage online polls to gain better insights. Google Alerts is one of the best market research tools to find out what’s being said about your products or services on online channels.


To know more about specific market research tools and their benefits:
IR21

4 Tips to Improve Your Marketing Research Process

Today, it has become quintessential for businesses to understand the fact that the concept of marketing has evolved and become more consumer-centric. Satisfaction is now the new aim of marketing, and to achieve this, companies need an appropriate marketing research process in place. 

With constant changes becoming the new norm in business activities, the only thing that remains constant is the need for establishing an effective marketing research process. Every marketing research process helps companies to evaluate market opportunities and take business decisionsGet more info based on hard facts. It is, therefore, the backbone of every successful business initiative. However, today we see that most companies prefer to cut costs when it comes to a marketing research process since it is resource intensive. While this may not be the best business decision, most companies have started following this logic during product or service launches.  Marketing research doesn’t always have to be an expensive affair, as many start-ups have shown, if companies are following the right set of protocols.

So, without further ado, let’s look at some of the best ways companies can improve their marketing research process:   

  • Define “YOUR” problemmarketing research process

This is perhaps one of the most critical steps in establishing a good marketing research process. In this step, companies have to define the scope and aim of their research. This would help businesses determine the information that they need and how they can go about collating that information. Properly defining the scope of the marketing research process can help business stakeholders to deal with the overarching business challenge, such as loss of market share or how to market products or services to a specific sub-segment of users.

Get more info

Developing questionnaires that cover your business challenge and examining the actual cause of these issues can help businesses to filter out the unnecessary data. To effectively define “YOUR” problem, take into account as many variables and their causes, respectively.

  • Plan your researchmarketing research process

Once the first step has been completed. The next task involves the process of planning an extensive research approach. This marketing research process can only be carried out once the preliminary step of establishing the research scope has been completed. The research plan or approach can be overwhelming to create since it includes steps and methodologies that can help answer or explore the opportunities uncovered in the first step. Every research technique comprises of the following:

– Interviewing potential customers to obtain feedback

– Conducting surveys with industry stakeholders to gain industry insights

– A/B testing on your businesses’ website to understand customers’ perception

Close
Infiti Logo

Hello there!

Contact us to know more about our cost-effective custom market research offerings to support efficient market penetration, new product launch, and devise strategies to monitor and outperform your competitors.

Cookie Policy

The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice