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A strong product marketing strategy is essential if you strive to get your product noticed by the market and your end consumers. It involves creating value for your idea by positioning the product in line with the needs of your target audience.
While product marketing may seem like an isolated exercise in a collective effort to grow your organization, it doesn’t always work independently. Increasing the demand for your product is the main proposition of product marketing. You can ensure a perennial pipeline of demand for your product by building alliances between product, sales and marketing teams. This is where you can take advantage of the power of “marketing”.
Marketing is what happens when you bring together marketable leads (MQL) and sales-qualified leads (SQL) for an integrated approach.
While sales and marketing enable many processes that help you position a product better, it is the product that sells. Sales and marketing create strategies that promote product marketing. While your marketing team analyzes the canvas of a product to promote, they are essential to analyzing trends in the market that affect how the needs of your target audience evolve. Your sales team creates and redefines pitches to introduce your product to the target market and various stakeholders. A thorough understanding of the market and an ever-evolving process of pitching your product should be integral to your product marketing strategies.
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How can a sales team catalyze product marketing?
The sales team is in direct contact with the target audience or the means through which the target audience becomes accessible. They are constantly pitching to clients and clients in various capacities. They know user behavior better than any other team on the board. What are consumer pain points regarding the problems your product is trying to solve? What are their constraints regarding the product? What are the points of friction in this process? The sales team’s interactions with customers or end consumers can inform and strengthen your product marketing practices.
How can a marketing team catalyze product marketing?
A marketing team is closely related to the product team and often functions independently. Integrating the two is important because the marketing team has their eyes on how industry trends play out and move in your product every minute. Your marketing team also closely monitors the processes and progress of your competitors. What are your competitors doing that you aren’t? How are user problems changing? What type of audience does the product attract, and what are their motivation levels? What metrics make them MQL, and how are they evolving? The marketing team can help address these shortcomings.
How do we know it’s working?
a study by product marketing alliance states that on a scale of 1-10, product marketers believe they have an average impact level of 6.3 out of 10 on the goals and strategies of their company, while they rated their impact on the product as 5.9 out of 10.
While marketing is essential, you need to build some pillars governing these processes. Set up metrics to measure these processes. Conversion rates, retention rates, user touchpoints needed to drive sales, retargeting strategies, broadening the strategic narrative, customer lifetime value, close-to-ratios, lead to customer rates, and the consistency of these processes are essential metrics that need to be considered. Tracking is required to achieve harmony.
While sales, marketing and product teams walk into rooms with different ideologies and processes, a smart marketing strategy is required to be led by a vision. In this case, that vision should be that of the product marketing team. Data takes center stage in a smart marketing exercise. Sales and marketing teams should complement these processes and help refine them with their own insights to further promote product marketing practices. It will bring harmony in thought, approach, execution and analysis.
The message of a product is vital to the functioning of the entire organization. A 2021 Moengage study concluded that consumers are most disappointed by inconsistent brand messaging. Sales, marketing and product teams need to be aware and integrated with product positioning and messaging as this will become a key piece of communication. A marketing approach will help to create a message that considers the broader market and the personal preferences of your prospects.
This approach will help to send a unified message that can be consistent across all communication regarding the product. It will assist the sales, marketing and product teams and the support team service customers continuously. A coalition of these teams is essential for this continuity.
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Founder’s Role in Marketing
Founders (or a founding team) play a fundamental role in leading this alliance between the sales, marketing and product teams. The founder can help ensure that the alliance is on track with the vision and aligns with the product’s message. They can also help a smarting team streamline practices to veto conversations that overlap in jargon and redundancy. The role of the founder here also helps in ensuring the continuity of the promises made to existing and new customers. The founder’s understanding of brand promise should permeate through the practices of all three teams and influence all strategies and processes. This is what makes brands stand out from the clutter of targeted communication.
It is important to ensure that the founder’s vision is in sync with the sales, marketing and product team as well. This will help in building a pipeline of well primed and well serviced leads from the beginning with the team being fully aware of both sales and marketing practices. The product marketing team can also help create a seamless servicing and feedback loop between the marketing and sales teams and their independent process, further helping the end consumer.
The nexus between sales and marketing will bring a smart marketing approach to product marketing. according to a 2020 study By LinkedIn, 87% of sales and marketing leaders say that the collaboration between sales and marketing enables significant business growth. It helps in attracting new customers, understanding customers better, targeting buyer personas, positioning the product better, learning about competitors’ markets and practices, enhancing the product offering and generating better demand for the product. will help. This, in turn, will boost revenue and help in capturing a larger market size for the product. This alliance helps keep your product relevant and in demand for longer periods of time than working in silos of teams.
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