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product marketing strategy

Benefits of Leveraging a Product Marketing Strategy

Infiniti Research, a leading market intelligence solutions provider, has announced the launch of their latest newsletter on the benefits of leveraging a product marketing strategy. With the evolving market dynamics and rising customer needs and demands, businesses often face challenges in efficiently marketing their products and services. By leveraging a product marketing strategy, businesses can create targeted marketing and sales approaches to efficiently market their product and service offerings.

A CPG Company’s Secret to Success

With product delivery and marketing becoming more and more digitalized, ensuring consistency in brand management and marketing initiatives are becoming quite difficult for CPG brands. Owing to such challenges, a CPG company based out of the United States recognized the need to formulate an efficient product marketing strategy to drive value in their respective regions, brand portfolios, and product categories. The company also needed to cut down on their marketing spend, as well as required more insights into their target market.

Our recommendations helped the company to develop multi-channel campaigns to reach their customer base. Also, Infiniti’s product marketing strategy helped the CPG company to achieve 12% growth in net sales in the first year.

Infiniti’s Product Marketing Strategy Unlocks Spike in Product Orders

The surge in the prevalence of cardiac diseases has generated high demand for pacemakers which is driving the growth of the global pacemaker market. However, increasing healthcare cost, R&D expenses, and the complexities associated with the manufacturing of medical devices are still increasing challenges for medical device manufacturers to efficiently serve their customer base. In this context, medical devices companies, especially companies that are new to a market are finding it vital to invest in formulating an efficient product marketing strategy to reach out the end-users. Our client, a medical device manufacturer also went through the same dilemma. The company chose to partner with Infiniti Research, a custom market intelligence solutions provider, to leverage their expertise in offering product marketing strategies.

Infiniti’s product marketing strategy engagement helped the client to identify the product’s market potential and devise robust product marketing strategies. As a result, the company achieved a 37% increase in product orders.

Infiniti’s Product Marketing Strategy Elevates Sales and Productivity for a Food Company

There are limitless techniques to market your food products, starting from catchy cover and packaging designs to providing discounts and exciting offers. But, the challenge here lies in understanding your potential customers’ needs and identifying their purchasing patterns. This is where a company like Infiniti Research can make your work easier as it did for a major natural food company based out of the United States. Crippled by the lack of expertise and support necessary to build and deploy an efficient product marketing strategy, the company turned to Infiniti Research for a solution.

With our help, the client was able to devise a robust product marketing strategy. Furthermore, by leveraging our product marketing strategy engagement, the company was able to achieve their revenue goal within two years of launching new products.

Curtailing Marketing Spend for a Vegan Food Brand

Although veganism is poised for real growth in the US retail sector in the coming years, vegan companies will need to have an efficient product marketing strategy to reach their profitable customer segments. Our client, a US-based vegan company faced challenges in marketing their product offerings due to their unstructured approach to product marketing. Also, they faced difficulties in engaging with their potential customers and building brand awareness.

By leveraging Infiniti’s expertise in offering product marketing strategy, the vegan company was able to curtail marketing spend and efficiently manage their resources. As a result, they were able to reduce their total marketing spend by 27%.

Sales and marketing strategy

Developing a Product Marketing Strategy Helped Curtail Marketing Spend and Enhanced Sales for a Vegan Food Company

Product Marketing Strategy for a Vegan Food Company

The vegan food market in the United States is undergoing massive transformations. With ongoing shifts in consumer needs and market demands, vegan food companies are finding it extremely challenging to adapt to market changes and promote their product offerings. Also, businesses today have the option of engaging with customers through multiple channels. As a result, vegan companies are encountering challenges in building a robust product marketing strategy and finding the right channel for their product promotion.

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Business Challenge

The client is a vegan food supplier based out of the United States. Although the demand for vegan food products was rising in the US, the client encountered several challenges in generating an adequate market share for their products. The client’s unstructured approach to product marketing was one of the major reasons behind their product’s failure. Also, the client lacked efficient promotional and marketing activities to position their products in the market. Owing to such challenges, the client approached Infiniti Research for a solution. With Infiniti’s product marketing strategy, they wanted to launch promotional activities to efficiently engage potential customers, drive revenue, build brand awareness, and strengthen the relationship with existing customers.

Solutions Offered and Value Delivered

The experts at Infiniti Research analyzed multiple dimensions of US vegan food market, competition, pricing, and target customers. The experts also gathered insights on key trends in the US vegan industry, analyzed buying behaviour of target customers, conducted a customer survey to test value statements, and developed a product marketing plan.

Infiniti’s product marketing strategy helped the client to build a robust marketing plan for their product promotions in the US market. Based on the insights obtained, the experts at Infiniti Research recommended the client to focus on online channels for product marketing and promotion.  The devised product marketing strategy further helped the client to optimize marketing investments and maximize profits. With Infiniti’s product marketing strategy, the vegan food company was able to reduce their total marketing spend by 27%.

Request a FREE proposal to know how our product marketing strategy will help your business optimize marketing investments and drive profitability.

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 a robust product marketing strategy.

Presentations are communication tools that can be used as demonstrations.Defining products – Customers do not buy a product unless they have complete information about what is offered. So, businesses need to create marketing messages which clearly defines the product and reflects their value in the market.

Profiling competitors – Identify competitive advantages and build better product marketing plan compared to competitors. Also, by identifying gaps in competitors’ offerings, businesses can develop better business plans to 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. Therefore, companies must analyze their target market and develop strategies to meet their target customers requirements.

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.

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 such scenarios, CONTACT US to leverage our product marketing engagement.

Metal Fabrication

Enhancing Product Development Strategies for a Consumer Electronics Company – A Product Research Engagement

The world is quickly and constantly transforming with the advent of advanced technologies. This rapid pace of change has heavily affected the consumer electronics industry, which brings in the biggest and newest innovations every year. In this competitive business world, for product-oriented companies, it becomes imperative to launch new products to differentiate themselves from competitors and drive revenues.

New product development and marketing is not an easy task, especially when it comes to launching a new technology product. Given the multitude of new products available in the market, it becomes extremely difficult for companies in the consumer electronics market to set themselves apart from the global competition. This is where the real importance of a product research strategy is realized by companies looking to position themselves competitively in the consumer electronics industry. For over 15 years, Infiniti’s product research strategy has helped many organizations to formulate a smart approach and successfully introduce a new product in the market.

Launching a new product is a daunting task and can cost you dearly if you don’t plan them properly. Request a FREE brochure to know more about our services portfolio and to know how our product research engagement can help your business plan better product launches.

Business Challenge

The client is a consumer electronics company based out of the United States. The company employs around 11,000 people and has nearly 79 outlets. The client introduced a new product in the market, but, unfortunately, the product failed to succeed. The main reasons behind the product’s failure were the management’s failure to exploit new market opportunities and their inability to leverage digital platforms effectively. This failure subsequently affected the company’s sales rate and the company failed to make enough profits. During this time, the company lost about $7.8 million.

The client, therefore, approached the experts at Infiniti Research to leverage their expertise in offering product research solutions. With Infiniti’s product research solution, they wanted to introduce new products with good market demand. Also, they wanted to make improvements to their existing products lines.

Other challenges faced by the client included:

  • They were facing predicaments in analyzing their customers’ needs and technology adoption. by leveraging Infiniti’s solution, they wanted to identify products with the best market demand.
  • Due to the evolving customer attitude, they faced major challenges in positioning themselves in the market. Therefore, before launching new products in the market, the client wanted to analyze their target customers and build effective marketing plans to successfully sell their products to the intended customers.
  • Cost reduction was another major motive of the client. With the aid of an accurate product research engagement, the client wanted to reduce costs by using lower-cost materials, eliminating features that the market does not need, and by redesigning the product to simplify the manufacturing process.

Are you looking to simplify your product line and drive the best returns? Our experts are here to help! Request a FREE proposal to know how.

What is product research and development?

Launching a new product can be an exciting task for any company. Whether it is the first product the are offfering or an upgrade, the excitement associated with a new product launch cannot be undermined. However, before presenting new product to the masses, every company needs to perform a thorough product research to better understand the market demand.

The goal behind any organization investing time and effort in product research is to quantify or increase business knowledge. And if the business has plans to introduce new products in the market or try any new function, it won’t be wise on its part to just gather information about the product and market them. Rather, understanding the market requirements and competitor offerings can help better market the product.

Importance of product research

Gaining a competitive edge – Companies that undertake regular product research have a higher chance of succeeding in the global market compared to their competitors.

Manifold increase in sales – There is a direct and undefined connection between the efforts undertaken by an organization for product research and the performance of a company. Thus, it can be said that product research subsequently improves the sales rate.

 

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marketing strategies

Marketing Strategies for Expanding Your Business into Europe: Key factors to consider

Since 2014, there has been a tremendous marketing transformation in Europe. Amidst this, marketers are having a tough time perfecting their content marketing strategies to engage European customers. Successful market strategies are those that are highly responsive to different environments. There might be substantial variations in the focus, aims, and techniques of marketing over time, making it imperative for companies entering the region to understand the existing disparities and to respond to them with effective marketing strategies.

With several years of experience across various industries, experts at Infiniti Research have used their expertise in assisting global clients to successfully meet their business and marketing goals. Request a free proposal to know how we can help you!

What is a marketing strategy?

marketing strategies

Marketing strategies combine a company’s marketing goals into a comprehensive plan to achieve them. Effective marketing strategies should include market research and focus on the right product mix in order to maximize profit potential. Top companies around the globe have realized the importance of marketing strategies in identifying the best customers and understanding their needs. Moreover, it also helps businesses gain a competitive advantage over their rivals in the industry.

Creating a marketing strategies for the European market

Understand the customers

It is often observed that B2C companies are ahead of the curve when compared to B2B companies in exercising effective marketing strategies, especially on social platforms. However, considering the fact that today both customers and businesses have an active presence on online channels, B2B companies must also lay more emphasis on enhancing their marketing strategies. Furthermore, European customers are known to be highly dependent on digital devices either to make a purchase or research about a product/service that they are interested in. So, companies must begin by creating content that their target audience is searching for. This can be done by gaining insights from the sales and customer service teams about what makes customers dissatisfied. Companies can also set up a social media monitoring dashboard to better monitor keywords, interests, and brand mentions.

Create a targeted approach

Modern companies must not overlook the fragmented distribution ecosystem, rather they must create a highly targeted and specific approach for each channel. In the US, for instance, companies have already understood the importance of this and are implementing more targeted marketing strategies when compared to their European counterparts. In this era of immersive content, companies in Europe must look at ways that they can enhance their marketing efforts by enhancing user experience through the use of advanced technology.

Request a free brochure to gain access to our tailor-made services that are designed to suit the needs of organizations across various industries operating in different geographies.

Understand the nature of market

Certain marketing strategies often do not work as well in Europe as it does in countries like the U.S. Furthermore, one marketing strategy may not be effective across different countries in Europe. Marketers need to understand Europe is not a homogenous market. One of the key challenges here for companies is to understand the local language, the market maturity and the buyer behavior of Europeans. In most cases, highly localized content and marketing strategies that are suited to specific regions in Europe prove to more effective. European marketers sometimes make the mistake of creating and rolling out the same content across Europe without adapting their content to the specific target market and buyers in the specific countries. The best marketing strategies are those that adapt to the changing needs of customers. For instance, a buyer of office furniture looks at office furniture differently when compared to a customer for the same product in the Netherlands or the UK.

Marketing automation

One of the biggest differences between the marketing strategies used in the US and Europe is that in the US, companies are looking at how marketing automation rapidly steps up to the next level such as machine learning and AI. The EU market, on the other hand, is playing catch-up on this front, and the gap between adoption and the technical offering is getting larger.

Get in touch with us for more insights on global marketing transformation and tips on growing into the European market.

IR21

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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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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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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ir11

The Basics of a Product Development Strategy

What is a product development strategy?

The market today is far more competitive than it used to be probably a decade ago. Single product designs are becoming obsolete, causing revenues to falter. Savvy companies have realized that product evolution and modification are inevitable to stay at the top of the game in the industry. An effective product development strategy is essential for this. Let us first understand what it is.

Product development strategy definition

A product development strategy can be defined as a strategy that involves developing new products or making modification to existing products and then offering them to current or new markets. A product development plan or a product launch strategy is employed when there is no scope for growth in the current market with the company’s existing offerings. Here, the companies have three choices to make- create an updated version of the current product, introduce a new product, or cease the production of an existing non-performing product.

Planning a product development strategy?

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Benefits of product development strategy

Product development strategy acts as a framework for introducing new products or for improving the performance, cost and quality of existing ones. One of the key product development strategy advantages is that it helps companies achieve their business goals including venturing into new markets, selling more quantities to current customers, or winning customers from competitors. However, a new product development strategy requires careful planning in order to minimize the risk of costly mistakes. Some of the other notable product development strategy advantages include:

Win business from competitors

An effective product development strategy proves to be helpful in winning businesses from the competitors who are unable to meet the new performance levels of the company. A product development plan also helps improve performance and thereby raise revenue and profits by charging higher prices. Gaining firsthand information from sales representatives or the consumers themselves will be useful in identifying the performance factors that are most important to the market.

Reduced cost and improved competitiveness

A good product development strategy should take into account the best ways to reduce costs. When the costs are lower, the company is at liberty to lower their prices and consequently win new business. Reduced costs also contribute to increasing the profit margin. How to achieve reduced costs? The product development teams can attain this by eliminating product features that the market does not need, using lower-cost materials, and simplifying the manufacturing process by redesigning that product.

Improve reputation and goodwill

The company’s product development plan must include targets for quality improvements. This helps boost sales. It must be also ensured that you deal with companies who have their own set of pre-defined quality standards. Making quality improvements as a part of the company’s product development strategy also makes it easier for companies to enter the markets with stringent quality and regulatory requirements.

How strong is your product development strategy?

If you are not sure, it’s never too late to consult an expert. Know more about Infiniti’s data-driven solutions for business.

New product development strategy: Key questions to answer

Question #1: who will lead the new product development strategy?

Although a company might possess all the expertise and capacity required in developing a new product development strategy, there are chances that they might be consumed with other projects or lack specialized expertise to address specific challenges. A key component of a company’ product development plan will be to list out who will participate and how it will be managed. Companies can opt from the following options:

In-house: The product development strategy and the project management are executed by the company’s own resources.

Outsource: An external partner is employed to design the product, manage the process, and source and coordinate the work of additional suppliers. The company’s employees provide them with business oversight, identify requirements, and contribute feedback to the project.

Hybrid: In some cases, it becomes more feasible to manage the project in-house and then coordinating the work of a design firm and one or more suppliers. This is a mix of moth in-house and outsourcing functions.

Question #2: How to validate the product design?

Commercial failure is one of the biggest risks associated with a new product development strategy. Even if the product development is on-time and meets the specs and budget requirements, chances are that the sales will fall flat. So, throughout the product development lifecycle it is vital to seek validation of market demand, the product’s value proposition, and the product design and features. Some of the main strategies to achieve this include:

Crowdfunding: Use a popular crowdfunding platform depending on the product category. This may prove to be highly effective to promote your idea early in the development cycle, attract investment, and validate the appeal of the product idea.

Prototyping: Companies can use prototypes at several stages of the product development strategy to demonstrate the product idea, gain feedback, and secure lead customers.

Low-volume tooling: Major investments for hardware products include production tooling and setup. Companies can start by building less-expensive, short-life tooling for a low-volume production run of your product in order to facilitate a market test.

Question #3: What is the best business model for acquiring customers?

The company’s customer acquisition and revenue models may have implications for the product design. Products that work on modern technology such as IoT consist of ecosystems of hardware, applications, connectivity, data storage, and data feeds. This expands the company’s range of possible business models, here are the options you need to consider:

  • Subscriptions for data feeds, storage, or hosting
  • Opportunities to increase user engagement and the network effect, exposing
  • Purchase, lease, or metered usage for hardware or application components
  • Free basic functionality with paid upgrade opportunities
  • Recurring revenue opportunities through consumables, maintenance, and upgrades

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Connected Car Technology

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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