Looking at the growth rate of the SaaS industry, you’d think that people are more than willing to spend money on software solutions that promise to make their everyday lives (and professional endeavors) easier. Not quite, though. Despite projections forecasting the total SaaS spend to reach $171.9 billion in 2022, most buyers still prefer free solutions. […]
What is Product Marketing?
Product marketing is a marketing discipline that focuses on the process of bringing a specific product to the marketplace. While your company’s marketing department might engage in many activities that promote and market your brand as a whole, product marketing is more narrowly focused on ensuring the success of individual product launches with effective marketing strategy, sales strategy, and customer engagement.
Product marketers engage in a wide range of activities whose ultimate goal is to help a product succeed in the marketplace. These tasks can be grouped into three general categories that span the product life cycle:
Research tasks help your organization understand more about your industry, competitors and the ideal customer profile for your product. Product marketers develop expertise in the markets where they operate while learning as much as possible about the customer and their characteristics, including needs and preferences. Effective research informs long-term marketing strategy.
Product marketers play a role in determining how a product should be positioned in the marketplace. Product position incorporates a number of factors, including product branding, ensuring that the product garners a positive image or perception, developing unique value propositions and a well-crafted positioning statement and communicating product features and brand values effectively through marketing media.
Life Cycle Management
Once a product marketer has done the appropriate market research and determined how the product should be positioned, they may bear responsibility for ensuring an effective product launch and ensuring the profitability of the product throughout its entire life cycle (until the business stops selling or supporting it).