Many companies decide to import for the first time from China or other Asian countries precisely when they decide to launch a new product on the market. Although imports (done well) are a great way to reduce costs, we must not forget that introducing a new item in our catalogue must be supported by a product marketing strategy that increases profitability.
Even if we follow a product line that is very similar to the existing one, which in most cases shares the same sector and target public, it is very important to bear in mind that each product must satisfy the needs of a different type of customer, which is why market research is essential to achieve successful results.
Why create specific product marketing strategies?
Product marketing strategies, which can be applied to new products as well as to those items that are already part of our commercial range, aim to create an action plan that helps us to achieve (or improve) sales. To achieve this, it is very important to carry out each of these actions:
- Develop brand positioning
- Identify the competitive advantages of our product
- Differentiate from the competition
- Create a business message about the product
- Align marketing and sales strategies
These actions, which are common to any type of product (not service) in any market, will be conditioned by a number of factors that need to be clearly identified and defined.
- Type of product
- Target audience
- Tone of communication
- Time duration of the launch or presentation campaign
- Allocated budget
Online marketing, the great ally for promoting your products
As we mentioned before, product marketing strategies are very common in the new products that a company incorporates in its catalogue. However, this type of action can also be carried out according to the vital moment of the product; for example: growth, maturity or decline.
The expansion of the Internet and various online marketing strategies has opened up a wide range of possibilities when it comes to promoting a product, even if it is completely unknown.
As effective digital marketing strategies that could be applied to a large number of items, we could highlight those that, in one way or another, we have surely experienced as consumers.
- Sweepstakes on social networks, which allow the brand and the concept to go viral.
- Actions with influencers (always within the sector).
- Paid advertisements (especially on Google ADS) related to the keywords of the new product.
- Content strategy to create articles, images or videos, related to the benefits of the product. It can be combined with an SEO strategy.
- Advertising campaigns on social networks, with great possibilities of segmentation at very low prices.
- Advertising in the media, both online and, in some cases, in print.
- In the case of some products, proximity campaigns can be carried out, presenting the product only to certain people in certain areas.
Benefits of a good product marketing strategy
Applying the right marketing strategies for each product will not only help to increase sales. In fact, a good action plan can have a positive impact on the rest of your catalogue.
One of the benefits of a good marketing plan is increased market presence. Sometimes our products can be useful to more people than we thought, and marketing actions help us to discover this.
As a consequence of this market expansion, our marketing strategy may well help us to improve market differentiation, not only of the product, but also of our own brand.
Finally, this increase in audience can also translate into something very valuable nowadays: having more information about our target. Knowing the characteristics of our customers is one of the most costly (in time and money) and at the same time most useful tasks.
As you can see, applying the right product marketing strategy will help to improve your profitability directly and indirectly and will allow you to achieve your goals and increase your competitive advantage in the market.