Every corporation or company is engaged in innovation and development of new products. Companies spend millions of dollars into the development of their product. The success of the new product capturing market and sales, and the maintenance of sales of current products depends a lot on how efficiently you’re able to deliver your product in the market. For this purpose, companies carry out massive advertisement campaigns. This job of product promotion, pricing, placement and everything else, is done by a product marketing manager. Product marketing manager can make or break the product, which is why this job is very important, and companies are willing to spend lots of money on the individual who is capable of doing this laborious task.
Before capitalism, privatization and the age of industrialization and corporations came about, there was usually one person carrying out every job. All jobs, including development, sales, advertisement, were usually carried out by the owner. So the product marketing manager was the owner himself. Therefore, the burden of that product’s success was put on the shoulders of the entrepreneur. But this wasn’t always efficient, which is why the speed with which progress took place was really slow. However, with the concept of division of labor and capitalism, jobs have been divided amongst different people. This has ensured productivity and efficiency. With capitalism booming and rapid industrialization taking place, corporations have redefined everything in the business world. Now we have dozens of product marketing manager in a company, who has the job to ensure a product’s success in the market.
If you’re aiming to become a product marketing manager, there are 5 things you must know and keep in mind. First thing, you should properly plan your strategy. Your product marketing proposal should include all of the following topics: customers, market segmentation, competitors, product positioning and of course the infamous SWOT. Having these factors will not only show that you did thorough analysis, but also demonstrate your marketing expertise. Secondly, you need to understand the people because it’s the public to whom you’re going to deliver the product. So, you need to know what the people want, and deliver the product accordingly. Thirdly, execute your tactics. Without proper execution, all planning is a waste. So make sure your team in on board, and also set deadlines for different tasks to ensure efficiency and accountability. Fourthly, you should possess the ability to change. Once the product has been launched, you’ll need to revise your marketing strategy. Also, at times when you’re still at the planning stage, a competitor company may launch their product. In such a situation, you would need to again research and see the weakness of your competitor’s product, and make that your strength, hence keeping you above your competitor. Lastly, you need to be creative. A successful product marketing manager is one who is creative and constantly reinvents his strategy.
Tips and comments
Every product marketing manager follows the principle of 7 P’s. These 7 P’s are: Product, Pricing, Place, and Promotion, Packaging, Positioning and People. Whatever strategy you’re planning, these 7 things should be taken into consideration in order to ensure proper execution of your plan. Following these principles can help you maximize your strategy. Moreover, no matter how hard you try, you’ll only be as successful as your product allows you to be. So you need to ensure that your product is unique and it has some useful value for the consumers.