The significance of product If a business cannot sell its products and services, it simply will not exist. Those products and services must truly meet customer needs and must be priced appropriately so that consumers will want to spend money on them.
Take Quibi, a $2 billion flop that illustrates the importance of product marketing. Quibi was trying to solve a problem that didn’t exist: providing five-minute TV shows that people could watch in their spare moments, like waiting in line for coffee or watching TV commercials.
The problem is, people already have plenty
of free options for those moments, and no job function email list one wants to pay $7.99 a month for those shows.
A smart product marketing strategy could have prevented this failure. All it took was a simple survey of target customers to find out that they didn’t really want to watch more shows during those times, instead they wanted to do other things on their phones for free.
This is a classic example of a business
That doesn’t really understand its customers. The lack of effective product marketing means they don’t know their target audience, the sensitive to mainstream meia sites problem they’re solving for customers, and how to get their product to market.
Once you have a good product and know that customers have a need, product marketing will help you:
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Research and understand your competition.
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Position the product correctly in the market.
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Highlight the product’s differences from competitors.
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Use customer feedback to improve products or create new products.
How to Align Product Marketing with Sales to Accelerate Conversions
Marketing and Sales often have the common goal of growing revenue, but their approaches can vary. Therefore, close coordination between these two teams is key to accelerating the process of converting customers from Leads to Customers.
Here’s how marketing and sales departments can work together effectively to grow revenue and build customer loyalty for your business.
Unify product messaging
“No one buys a product they don’t understand.” – Seth Godin.
Product messaging is the foundation of all usa lists marketing and sales efforts. If the two departments do not communicate consistent messages, customers will feel confused and lose trust in the business.