5 Winning Tactics For Product Marketing Strategy



Product Marketing Strategy - StudyShout, marketing strategy, advertising strategy



Product Marketing Strategy:


Product Marketing Strategy includes marketing strategies used for a new product launch. Promotion strategy is for product marketing and for Brand Strategy.

A product is the King. If a company serves the product which does not meet the needs of customers, chances of getting failure will be high. Promoting the product actually meets the requirement of people is very important.


The product or service becomes successful when it adds value to the life of people. If it actually adds importance in the life of people, the cost in the marketing of product or service will be automatically reduced.


Marketers put a lot of efforts in the promotion of their product or service. If the product marketing strategy is well-formed, their product will be at the top.

Building a good product marketing strategy is an important thing because, in the initial stage of the product, people are unaware of the product, its quality, features etc. So, to make people aware of the product and its unique features, it is necessary to have a Product Marketing Strategy.

There are many marketing strategies used for product marketing. Promotion Strategy for every product differs from one product to another. New product launch in the market has to pass from many difficulties because people are unaware of the new product or service. The company may focus on building the brand of the product or in the Brand Strategy.





5 Winning Tactics for Product Marketing Strategy:


                   Marketing Management is one of the important functional areas in the management and business. Production department produces the product or service while the marketing department takes responsibility for selling that produced product.

For a new product launch, a company must have an effective product marketing strategy to make product or service successful in the market. There are many tricks for marketing but in today's world, having a unique marketing strategy makes the product different from others. So here are 7 winning tactics for Product Marketing Strategy:


1. Internet Marketing:

Internet marketing is one the best and low-cost technique for marketing of product or service. Internet marketing is growing rapidly and created a boom in today's world.

Offline marketing differs from digital marketing in many ways. Offline marketing or Traditional marketing is rigid as compared to online marketing. Online marketing helps in choosing the best media for online marketing.

Internet marketing helps in targeting specific gender, community, city, state, interest etc. for the marketing of any product or service. While traditional marketing tools, T.V., Radio, Newspaper etc are rigid in this comparison. Below mentioned things are included in Digital marketing or Internet Marketing:

  • Social Media Marketing (SMM)
  • Search Engine Optimization (SEO)
  • Google Adwords
  • Website
  • E-mail Marketing
  • Affiliate Marketing



2. Cashback, Coupons & Offers:

Cashback, coupons, and offers attract the customers and customer makes a repurchase. It is better to retain the existing customer than acquiring new customer because there is a cost in the acquisition of a new customer.

Deals and Offers attract consumers to make a purchase. Due to deals and offers marketing and advertisement budget of the business will decrease. Coupons, Cashback, and Offers are the tools of Sales Promotion.

Here's the list of Offers a marketer can offer to its customers:
  • Discounts
  • Coupons
  • Refunds
  • Exchange offers
  • Gifts
  • Flash Sale offers

3. Freebie Marketing:

Freebie marketing is one of the effective Promotion Strategy for product marketing. If a business has a new product launch, and it tries freebie marketing it also helps in building the brand of the product.

For example, Reliance Jio has used freebie marketing strategies and given free services to the whole country at the initial stage of their services. By using this strategy, Reliance Jio became one of the best cellular networks of the country.

Before using freebie marketing strategy, it is necessary to analyze that the product or service marketer like to use freebie marketing, is actually adds importance in the life of the consumer. If the product or service selected for freebie marketing actually does not make any importance for a consumer, it is impossible to get success through this marketing strategy.




4. Arrange a Loyalty Program for Customers:

Arranging the loyalty program for loyal customers makes them more loyal towards the product or service. Many companies arrange loyalty program and offer special benefits and deals to their loyal customers.

This marketing tactic helps in building a relationship with customers and it also helps in sustaining the customer for the long term.


5. Guerrilla Marketing:

Guerrilla marketing is the product marketing strategy which attracts a big audience. This type of marketing is done in public places like shops, streets, malls, parks. beaches etc.

It is an eye catchy marketing which grabs the attention of the people instantly. Guerrilla marketing is one of the best advertisement strategies with low cost and effective results.


Conclusion:

                     Above mentioned are the 5 Winning tactics for Product Marketing Strategy and also helps in developing Brand Strategy. These types of marketing are eye catchy and attract new customers. Generally, such Marketing Strategies are used a new product launch.






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5 Winning Tactics For Product Marketing Strategy 5 Winning Tactics For Product Marketing Strategy Reviewed by Bhavik Chhuchha on October 31, 2018 Rating: 5

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