There is a lot above and beyond a product launch. It involves a series of iterations based on consumer response and feedback. Hence product marketing involves synthesis between various teams and a product marketing strategy.

Product Marketing Strategy

A product marketing strategy is a planned process to promote your product in the market, in various stages, which brings the cohesion of various product teams and processes.

1)Market Research and Understand your audience: Creating a product requires a lot of work. It requires product research, identifying problems and solutions to those problems. Researching the product requires a clear understanding and whether the product is good enough in solving the problems and fulfilling the needs of the consumers.

Post that a product marketer needs to define the audience and how to drive the consumer to buy the products. It involves, finding the niche audience, and their mindsets and tapping the consumer behavior.

2) Positioning your product: Positioning your product in the market is important. It shouldn’t be ambiguous and should convey the features, benefits, and characteristics. It should convey what is USP of your products is and what pain points are they solving.

3) Pricing of your Product: Pricing the product could be difficult. It will involve a lot of research and will depend upon the value you are providing to the consumers. The pricing could be Cost-based pricing, competitive pricing, value-based pricing, or penetrative pricing models.

4) Product Launch: Product Launch is when the product is first introduced into the market. It might involve deciding the price, place, promotion, and other factors well.

5 ) Promoting your product: Promoting your product is important and it might involve a lot of planning. Whether you are launching it to a small segment, medium, or large segment. It will depend a lot on the company size, brand awareness, budget, and various other factors. For example: If you are a small company with not much brand awareness, launching the product with a niche audience is better, and once considerable awareness is created, further marketing to a greater audience could be done.

6) Post-launch: Post-launch of the product is crucial due to various factors as it will help in measuring your product success by:
1) Measuring KPI
2) Measuring the sales
3) Measuring the Customer Satisfaction
4) Measuring the response to the campaign
5) First Response toward the product

No product is perfect, although the first response could help in understanding the mindset of the consumers and their interest in buying the product after iterations. Hence measuring the post-launch product metrics are important.

These are some of the steps involved in product marketing strategy. Although no products are the same, and every product requires a different roadmap. Hence there is nothing like one size fit all approach.