According to an AcuPoll study, each year more than 95% of new products fizzle and burn out not long after their launch. Studies show that a product’s marketing strategy can be the difference between a spectacular takeoff and a complete flop.
So, here are two of the best product marketing rules from the training experts at negotiations.com that could boost the odds in your favor.
Know your Target Market
Remember when Apple released the Newton? Its launch was an abysmal failure. Why? They didn’t understand their target market. Apple pursued business professionals known for their hectic, fast-paced lifestyles. However, The Newton was incredibly bulky and had disgustingly-short battery life. Also, software glitches plagued it like a swarm of locusts.
Business professionals want devices that are lightweight and reliable, not heavy and glitchy. It’s no surprise then that its nimbler competitor, the Palm Pilot, quickly overshadowed it. The moral of the story here could be to get to know your target market before your product launch.
To understand your target market, ask yourself:
- What are your customer’s pain points?
- What are their buying habits?
Once you have a deep understanding of your target market, you can create a product marketing strategy that deeply resonates.
Sell Value, not Price
In today’s online shopping era, customers can easily scour the web for the cheapest deals. So, if you’re selling on price, you may fade into the background noise. On the other hand, selling value can help you stand out and grab attention.
When you sell value, you focus on what your product can do for the customer. A study by Bain & Company found that companies using value-focused selling can increase prices by 3 – 5% without any negative impact on demand.
Consider these questions when thinking about value:
- How will my product or service make my customer’s life better?
- What needs does it address?
By selling value, you tap into emotions and give customers a reason to buy from you instead of the competition.
