In the very fast-moving and highly competitive markets, a product or service must constantly create new incentives and be one step ahead in order to be able to compete at all. Product marketing provides the basis for analyzing industries and markets as well as developing and marketing products and services in line with demand and managing them successfully in the long term.
Here you can find out which basic rules in product marketing lead to success from a communications perspective and why the best product with the best brand is not enough.
Product Marketing: Consumers at the Heart of the Product Concept
The first step in product marketing is not, as the name "product marketing" suggests, the product itself. Rather, it is about intensively dealing with the consumer and market reality. The consumer should be (in)directly involved in the conceptual process in order to identify needs and wishes at an early stage. After all, only innovative products and services that are new and relevant will ultimately lead to enthusiasm. Innovation should not be understood as a radical change, but as a step-by-step development from the existing. The best idea can be improved over and over again by taking into account ongoing adjustment loops and feedback from consumers. The product concept is ultimately the brand promise to the consumer, which, after a satisfactory initial purchase, makes repeat purchases more likely.
A Clear Brand as an Anchor in the Overstimulation
Today, a brand is much more than just the logo behind a product or service. There were 225,000 active trademarks registered with the U.S. Patent and Trademark Office in the 1980s. Each year, 25,000 new trademarks were added; today, there are already 250,000 new ones annually. In Austria, approximately 114,380 trademarks were registered in 2004. Around 40 brands are added every day. If one takes into account that the consumer comes into contact with 8,000 to 12,000 advertising messages every day, the phenomenon of sensory overload is obvious. For this reason, a clear brand image that is uniformly carried, communicated and lived outwardly and inwardly is essential. This enables a consistent understanding of the brand positioning to be built up and anchored in the minds of the people. In the end, the consumer's approval determines the value of the brand and the company.
It’s a Match: Product, Brand and Mix of Measures!
The functional and emotional spectrum of benefits from the product concept must match the developed brand image in every respect. Otherwise, the product does not benefit from the brand and the brand does not benefit from the product, as something inseparable is separated. But to get consumers excited about a new product or service, it takes even more. The right message, at the right time, in the right place must be placed in a coherent marketing mix. A helpful "tool" here are the 8 P's (Product, Price, Place Promotion, People, Project, Problem, Profit) to ensure a targeted and holistic 360 degree communication for the product or service.
Product Marketing - Realistic Instead of Over-Optimistic Planning
Based on the planned marketing mix, realistic rather than over-optimistic financial planning should be carried out. Based on market data and consumer feedback, careful consideration is essential, otherwise the launch of the product or service may result in a negative surprise. After the launch, consistent and, above all, neutral observation is necessary in order to be able to quickly initiate evaluations and necessary, fact-based corrective measures. Trust in the product or service is good, but control is better.
A "well thought-out" and strategically planned product concept creates the basis for credibly differentiating and establishing innovative products and services on the market. Add to this a deep consumer understanding with an unmistakable brand world and a target group-oriented marketing mix as well as realistic financial planning and neutral monitoring, and (almost) nothing stands in the way of a successful product launch.
We will be happy to advise you on your product or service and accompany you in every phase of product marketing. Make an appointment for a consultation now!
Source and book tip: Al Ries and Jack Trout: "Positioning: The Battle for Your Mind".