Marketing is the ultimate link that connects customers to your product. However, the supreme driver of these links to your product is the product marketing manager (PMM), the individual that knows your actual customers.
In truth, as a product marketing manager, you’re on the verge of growing your company by connecting customers to your product. But then, it is not as easy as it sounds. Nevertheless, we have summed a comprehensive guide to help you properly implement a working strategy that works for your product marketing.
But one quick question pops to mind.
How are product management and product marketing related?
Well, you probably might have seen the term “product management” often used on business blogs and mostly used to refer to marketing. Now you’re at a crossroad to know whether they mean the same thing or not.?
Actually, you’re not alone. A lot of people, even business enthusiasts often confuse product marketing with product management.
While product marketing often falls under the jurisdiction of a marketing department team to engage customers to buy directly from the company, product management, on the other hand, covers every purview about the product’s entire cycle from its manufacturer to sale and even more to the final consumer. Click here if you’d like to have deeper, in-depth knowledge about the 7 P’s of product marketing strategy
Understanding the 7 P’s of Product Marketing Strategy
Professional product marketers often refer to some precepts while dealing with business. These precepts are the basis on which strategies are built. To the non-initiate, it is simply the “Seven Ps” of marketing, but to kick-ass marketers, it is the seven pillars of commerce. Let’s delve deeper to see the reason behind this notion.
To begin with, you cannot go into marketing without having a specific product or products in mind. Meanwhile, your products might span across different things depending on the kind of company you operate on.
However, regardless of the product, you’re into, you stand a better chance of leveraging your product by integrating the seven Ps for better sales. More importantly, you stand a better chance when you know the product you’re dealing with.
Next on our list of seven Ps is pricing. It is important to know that you just cannot fail to consider pricing when you already have your product. Even if you don’t have many competitions, you have to consider pricing in such a way that your customers are overly considered and they can be influenced overly to patronize you.
At this point, it is just more than setting a price tag on a product and expects your customers to pay. No, it goes way beyond that. This time, you have to overly consider whether or not the general market ecosystem satisfies with your product and the subsequent pricing. Here, you’ve got to answer wavering questions like – How much is my product overly in demand? How well does my pricing fit into my potential customers’ budget? Do I have people selling the same products, if yes, what’s their pricing like? These and many other questions are the questions that should ravage through your mind as you set your pricing for your product.
To the laymen, place refers solely to the location as far as product marketing is concerned, but then it goes way beyond that. Actually, they refer to the distribution strategy you have out in place to get your product across to your customers. It refers to the channel put in place to make sure that once your product is already known, and your price set, you can get to your specific customers without any hassles. That way, you have them coming back to patronize your business.
Every of the seven Ps in product marketing is important but then, we must pay close attention to the fourth P, Promotion.
More than just advertising, promotion goes deeper as to how your product is presented to the outside world. Does your product sit well in the mind of the consumers when it is been advertise? How much of a solid influence does your product have? How many customers seeing your ad are more willing to take the step to patronize you? These and many other questions are what make up your promotion. Although it is advertising, it is however basically on another level entirely. This time, it covers brand awareness, lead acquisition, demand generation, product differentiation as well as product messaging.
The product marketing process is the absoluteness that links the product marketing campaign to their major consumers. Simply put, the process in product marketing refers to the “conditions” put in place by the project team/ manager for customers to complete before getting a product. This time around, it encompasses the other four Ps – the Product, Pricing, Place And Promotion. Hence, it makes way more easy to know who your real customers are and help you devise a method to keep them glued to you while you source for more patronage.
In truth, other Ps are useless without this P. Don’t get it all wrong. Other P’s are just as important as each other. but then, without people, then theirs is no market. You have this P happening straight from the production chain of delivery to the very last P of physical evidence. People are needed to make up the team that would deliver the product. You need people with quality and skills that can help make the product a success, even in the face of challenges.
Also, people are needed in distributing your product to the right consumers. People are needed to advertise your business. You need people to consume your product. In short, your product needs people to fully the right pricing. Of course, the sole reason your marketing team is working so hard is basically because of making sales. So, it is close to impossible to refuse not to be concerned about people when dealing with marketing. They are the bedrock to determine whether you’ll advance in the commerce spree or not.
If you find read the sixth P, about people, then you probably know we will be addressing “Physical Evidence” as our final P. This P is concerned with addressing every physical context that happens all through the course of your marketing. This includes every paraphernalia such as confirmation emails, PDF invoices, receipts, and even the “thanks for ordering” cards that comes before, with and after the product sales.
In summary, the term “Physical evidence” refers to ensuring that every component integrated with the product involved adheres to the same brand values as the product itself. This way, a consistent, satisfying experience can be assured both to the marketing team and the consumers involved.