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.
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%.
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.
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.