Tag: product marketing

product launch strategy

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 the consumer electronics industry are encountering difficulties in finding the right sales channel for product promotions have become extremely challenging for businesses.

Today, companies need to look beyond traditional sales channel to generate better sales result. Request a FREE brochure to gain more insights into our services portfolio and to know how they will help you in building a robust product marketing strategy.

Business Challenge

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.

Solutions Offered

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:

  1. The experts gathered insights on the key trends in the industry
  2. The experts analyzed the key buying behaviors of the target customer segments for a new innovative electronic product
  3. Conducted customer survey with the target customers to test the value statements
  4. 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

Wondering how to avoid the common pitfalls before introducing a new product in the market? We can help. Request a FREE proposal to know how.

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.

PRODUCT MARKETING 1Defining 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.

PRODUCT MARKETING

Today, too many businesses dive into new markets and introduce new products. Lacking a proper product marketing strategy can potentially affect the company’s bottom line. To avoid this scenario, CONTACT US to leverage our product marketing engagement.

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Challenges in Marketing a New Product and Ways to Overcome Them

Generating organic growth in the next decade will largely depend on a company’s ability to create new products, business models, or services. As simple as it may sound, many of these efforts often fail. According to the industry experts are Infiniti Research, a new product launch is highly challenging as only about one in five among these survive for more than a year in the market. Consequent to these poor success rates, businesses often face massive losses. As the cost of introducing a new product in the market is high, it is vital for companies to develop capabilities that will help them in successfully marketing a new product. The go-to-market strategy should be based on precise calculations and data-based strategies that will minimize the chances of failure.

Planning a new product launch? We’ve got your back! Request a free brochure to learn how Infiniti’s data-driven solutions can help you foresee market challenges and devise an effective go-to-market strategy.

Here are some of the common challenges faced by companies while marketing a new product in the market. We also reveal how to overcome them:

Brand messaging and product positioning

Marketing a new product involves convincing the audience that they need your product. But the challenge here is to get the message across in such a manner that it resonates with the audience. If the marketing team is unable to create explicit brand messaging and product positioning strategy, the success rate of the product will consequently plummet.

Solution: Make it a point to promote the best features of a product that will benefit customers the most rather than merely promoting the brand or the product. Begin with targeting the right audience. This will enable to create better brand positioning strategies to suit the needs of the target audience. It can also help to better understand the problems faced by this group of people and communicate how your product can help solve it. Take the instance of Coca-Cola or McDonald’s who have started introducing healthier options as they were experiencing a drop in shares due to the changing preferences of consumers towards low-calories and low-sugar foods and beverages.

Request a free proposal to know how we can help enhance your product positioning strategy while marketing a new product

 Audience targeting

Marketing strategy for new products becomes immaterial if you are not targeting the right audience. Going by random assumptions and stereotypes about a particular demographic favoring your product and a lack of proper research could prove to be a grave mistake while marketing a new product. This could also result in companies missing out on a potential audience base.

Solution: Thorough understanding of the audience and effective market research are essential elements for successfully marketing a new product. Identify which demographics conduct the most searches for your product category. Using the right tools to evaluate and target the right audience are also crucial while marketing a new product.

Marketing the product launch

Even the most revolutionary products might not take off in the market unless they are backed by a strong marketing strategy. The success of marketing a new product largely depends on your ability to choose the right platform to reach out to the target audience, and revealing just enough information to stir curiosity, and updating your audience on your progress so as to maintain their interest and build hype.

Solution: Firstly, ensure that you are using the right platform to reach out to the target audience.  The whole idea here is marketing a new product where the target customers are. Creating intriguing teasers and promotion strategies to build hype among the audience is a great way to launch a new product into the market.

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What is Product Research and How is it Done?

What is product research?

Although technology plays a major role in bringing innovative products to the markets most of these products fail to achieve meaningful customer adoption. This is usually the result of developing products that do not serve much value to the customers. This challenges can be eliminated using product research. A product research process involves identifying market opportunities and gaining meaningful customer insights that will help businesses in better decision-making. Product research is one of the most vital steps in a product development process. Here, the product idea is carefully examined and compared to similar offerings in the market to understand the selling potential of the proposed new product. Efficient product research tools also help identify key issues in a proposed product and thereby avoid costly mistakes.

We at Infiniti provide tailor-made solutions to suit your needs. Request free brochure to know more!

Product research vs product development

Product development is a broader concept that involves the entire process of researching, designing, creating, marketing, and selling new products. It encompasses the entire product lifecycle starting from conception to the sale. This stage is not exclusive to designing, implementing, and selling new products, rather it can also include revamping of existing product features that could add greater value to the customers. Product research, on the other hand, is one of the first steps in developing a new product. This is concerned with the company’s R&D team testing the viability and feasibility of a particular product for a given market. Research and development for new or existing products are vital for the company’s long-term success and sustained growth.

Why is product research important?

Product research experts at Infiniti Research have listed out some of the key reasons why companies must take product research process seriously and their crucial role in the success of their product-to-market strategy:

Better understanding of customers

Who are the company’s target customers? What are their buyer personas? How often will the customers buy a particular product? An effective product research provides answers to such questions. Furthermore, this will help businesses meet customer needs and demands better than the competitors. The complete customer profile can be mapped using product market research, making it easier to determine the market size and identifying what triggers customer purchase. Furthermore, demographic (age, location, income, and gender) insights relating to the target customer can also be gained.

Get your product research on point using Infiniti’s product research solutions for business. Request a proposal to get more insights!

 

Gain insights on competitors

Businesses that want to stay in the game must be well aware of who they are competing against in the market and what their key strategies are. Using market research market competition can be easily identified and companies can also gain a better understanding on the customer perception of their product compared to that of the competitors. It also provides a clear SWOT of the company and how they can improve their products.

Product testing

Even though a product might be in its last stage of development, there might still be loopholes in its functionality that can be improvised to enhance user experience. It is difficult to stay confident that a product will instantaneously connect with the audience. Product market research will clearly define what marketing approach needs to be taken in marketing the product in such a way that it resonates with the audience.

Business growth

It is too optimistic to expect that a business is always going to run smoothly and free of challenges. There are chances of a sudden spike in competition or a dip in sales. The use of market research enables companies to capitalize on market opportunities and develop innovative products or a better pricing plan. It will also facilitate in discovering new market segments and distributions channels.

Conclusion

Three main components must be addressed by companies while undertaking their product research: the consumer, the market, and key competitors. Overlooking any of these could result in serious drawbacks in the company’s product research report. The ultimate goal of a product strategy is to better understand the product and potential changes it might take in the future. This could play a major role in revolutionizing an old product entering a maturity stage or developing a new and innovative product.

Market research supports the creation of a definitive product strategy which exceeds business targets. Infiniti Research’s product research solutions can help you attain that. With accurate data and analysis, we help develop your product strategy by identifying key markets for entry, surveying consumers, competitive analysis, and identifying underlying consumer trends.

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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.

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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.

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4 Key Pillars of a Successful Product Marketing Strategy

Product marketing starts before the product is born or when the product is in its embryonic stage. Marketing is the homework that the company does to identify the needs of people and devise what the company should make. A company launches a product and then within a span of a week or a month, it starts pulling a tide of customers because of that product. This success doesn’t come due to the physical quality of the product but ‘a killer product marketing strategy’. Product marketing strategy touches every department in an organization, ranging from design and engineering to sales and distribution, and lies at the junction of product, sales, and marketing. This not only means that the product marketing strategy can have a huge impact but also means that building and executing a successful marketing strategy can be a huge challenge.Ask An Analyst_IR

Here are some key pillars of a successful product marketing strategy:

Strong relationships and synchronization

Product marketing is an extremely mutual and collaborative discipline that requires the dedication of multiple teams in an organization. These teams need to cross-function in a mutual way and in complete synchronization to see any results bearing fruits. So, it is very important to build strong relationships with all your teams – be it sales, product, or fellow marketing professionals.

Understand your customer and marketContact US

It is very important to know who your customer is and what’s your target market. It becomes highly crucial to find for whom you built the particular product, benefits or feature of the product and how is that going to impact them. Your product marketing becomes more targeted when you know your customers well. So, it is always considered to be effective to reach a highly specific segment of the customer with a message that sounds real to them.

Extensive use of digital marketing to create awareness

Today, no marketing strategy can be completely successful without digital media. So, for effective marketing of the product, plant the seeds on social media or various platforms through provocative and thought driven content. Digital strategy executed through blogs, ebooks, web, mobile, Facebook, Twitter and LinkedIn can bring a great change to the business of the organization.Request Proposal

Analyze your value

It is a very important product marketing strategy to let your customers know that what is the ‘X’ factor of your product or service. It becomes very crucial to understand whether your product or service is benefitting your customers. This helps you stand ahead of your competitors always and leads to the growth of your business.


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Disadvantages of Marketing Strategies for Product and Services Promotions

Your business is new, not many people know it yet. The product or service is really good, but how do you tell the masses about it? Organizations big or small all rely on marketing strategies for product and services promotions to get a word about their brand out in the market. That’s how people come to know about new products and services and their benefits. As a result, companies pour in millions of dollars in marketing strategies for product and services promotions hoping it will yield them an increment in the sales figure. Sometimes, it works, and sometimes, it just doesn’t, sending all the hard-earned millions down the drain. One should be wary of the pitfalls and disadvantages ofRequest Proposal these marketing strategies for product and services promotions to survive and grow in the market.

The cost to quality perception

How often do we see an item on sale or its price chopped off significantly? Pretty often. Companies hope to increase their sales volume by lowering the cost, thinking the simple demand-supply equilibrium will fetch them extra dollars. But often it so happens that a consumer sees it as a sign for reduced product quality. For instance, supermarkets often mark down the price of a product when they are about to expire. So a consumer will think twice before buying a marked down product.

Customers get habituated to promotions

One of the major disadvantages of marketing strategies for product and services promotions is that over time, consumers will get habituated to it. For instance, if a consumer knows that a certain store always offers 50% discount, then the consumer would be unwilling to buy when stores sell products in MRSP. They will even be hesitant to buy undiscounted products in the future as they already set the base price they are willing to pay for that product.

Dubious long-term success

Apple products barely go on discount. If your store were to sell Apple products with 30% discount, then there will a long queue of customers waiting to buy the product from you. It boosts your sales; however, you might not gain much in profits. A pressing question to ask here would be, will the customers come back to make a purchase if the offer was reverted? They will either go the Apple store or go to another retailer who may offer some discount. As a result, the long-term success of marketing strategies for product and services promotions seems dubious.

High-demand

It is only natural for the demand to go up when the price is brought down by promotions. Sometimes though, such a growth in demand could go out of control. Suddenly, customers who weren’t even interested in the brand would jump on the opportunity to buy the product. Customers who actually were thinking on the purchase may miss out on this opportunity and the company may thus alienate loyal customers. Running out of inventory causes trust issues and negatively impacts the brand.

Cut-throat competition

When you come up with marketing strategies for product and services promotions, your competitors won’t stay quiet either. They would most likely respond to a price drop with higher price drops. This, in turn, leads the company into a downward spiral for price reduction which affects the profit margin over the long-term.

To know more about the disadvantages of marketing strategies for product and services promotions:

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