Even the simplest plan is better than no plan at all! Every trader who wants to successfully sell his goods on the market needs a well-thought-out marketing strategy. Product marketing strategy is especially important. What is it and how to prepare it?
What is a product marketing strategy?
The product's marketing strategy, as the name implies, is specific to the product. It can be a new product that the company will introduce to the market, as well as a product from the permanent offer that the brand wants to promote. The marketing strategy of the product indicates how the product should be developed to meet the requirements of the current and future recipients. The document should contain information about the price, unique features of the product, purpose, target audience, promotion and visual identification.
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Examples
The product marketing strategy can be based on the 4P model, which is divided into:
- P - product
The strategy should take into account the specific characteristics of the product - e.g. appearance, taste, packaging. At this point, you should focus primarily on the advantages that will distinguish the product from the competition, attract customers and persuade them to buy.
Example:
Our example will be marketing strategy for a food industry product. The food brand wants to launch protein bars on the market. These are vegan bars made of natural ingredients. The packaging is made of ecological materials. What distinguishes them from the competition? Great taste that does not differ from classic bars, and at the same time high nutritional value.
- P - price
A well-thought-out pricing policy is a key element of the product's marketing strategy. Interestingly, the high price does not put the brand in a losing position.
Example:
Vegan protein bars will be sold at a slightly higher price, only because they have been produced from ecological ingredients of the highest quality, which is worth emphasizing in the promotion of the product.
- P - place
The next step in planning your product's marketing strategy is choosing distribution channels. The channels, of course, have to match the preferences of the target audience.
Example:
Vegan bars will be sold online, in health food stores and in fitness clubs - due to the fact that they are protein products intended mainly for physically active people.
- P - promotion
The last element of the product's marketing strategy is the method of promotion. Advertising should undoubtedly fit your target audience.
Example:
Vegan bars will be advertised mainly on social media. The brand will use it for promotion influencer marketing - one-time promotional campaign involving internet creators from the fitness industry; if possible on a barter basis.
All in all, the strategy will be slightly different for each product. The key to preparing an effective plan is detailed market research, with an emphasis on competition and target group analysis. A well-thought-out marketing strategy for the product will certainly translate into real profits!
