Launching a product is exciting.
But doing it without a solid plan is like launching a rocket into space without a destination.
You need a strong product marketing strategy to ensure your product lands right where it needs to be—in the hands of your ideal customers.
In this guide, I’ll show you a step-by-step process to build a product marketing strategy that drives demand, boosts sales, and contributes to long-term success.
What Is a Product Marketing Strategy?
A product marketing strategy is a plan that shows how you’ll market and sell your product.
It guides your efforts from product development to launch and beyond. It also helps you keep improving your product over time.
Product marketing acts as a bridge between product, marketing, sales, and support operations to:
- Guide product development based on market research
- Create a go-to-market strategy—how you’ll price, position, promote, and sell your product to the target audience
- Extract insights from customer feedback data to improve product features and user experience
- Develop sales enablement assets to help sales teams clearly communicate product benefits
- Track product performance and market trends to optimize strategies and hit sales goals
8 Steps to a Successful Product Marketing Strategy
To better understand the process of building a product marketing strategy, we’ll take a hypothetical business case.
Let’s say you’re planning to launch a fitness tracker band called “BioTrack.” (We’ll stick to this example through all the steps.)
Here’s a breakdown of the process:
Step 1. Start with Market Research
Market research helps you avoid assumptions and make data-driven decisions.
It involves two types of research: primary and secondary.
Primary research gathers first-hand insights directly from your audience.
You can use methods like interviews, focus groups, or surveys to explore customer opinions and behaviors.
Using the right business marketing tools can help you gather and analyze customer data more effectively.
Secondary research uses existing third-party data, which is faster and often more cost-effective.
Industry reports, government records, and academic journals are useful sources.
Combining both approaches will give you a full view of your target market, customer needs, and the competitive landscape.
Here’s an example of a typical market research plan for our product, BioTrack:
Research Type | Data Source | Details |
Primary Research | ||
Surveys | Survey fitness enthusiasts, gym-goers, and tech-savvy individuals. Collect data on their preferences, features they value in a fitness tracker, and willingness to spend. | |
Interviews | Conduct in-depth interviews with fitness trainers, athletes, and current fitness tracker users to understand their expectations and challenges. | |
Focus Groups | Organize focus groups to discuss their experiences with current fitness trackers. And what improvements they desire. | |
Secondary Research | ||
Industry Reports | Look at reports from market research companies like Nielsen and Gartner to learn about trends in the wearable tech market. | |
Government Publications | Use data from health and technology departments to learn about the adoption rates of fitness technologies. | |
Academic Journals | Review studies on consumer behavior regarding fitness and health technology. | |
Competitors | Study reports on leading fitness tracker brands to benchmark BioTrack against competitors. |
Step 2. Identify Your Ideal Customers
Defining your ideal customers allows you to tailor your product and marketing strategy to their specific needs.
Start by conducting audience research.
Focus on key factors like who your customers are. This includes their age, where they live, and how much they earn.
You should also examine their media consumption habits and buying behavior to guide your campaigns.
Use Semrush’s One2Target tool to get deeper insights into your audience.
The tool helps you look at things like your audience’s age, media habits, and behavior. And gives you useful information to adjust your marketing strategy.
Buyer Personas
Once you have your customer data, make buyer personas. These are fictional profiles that show who your ideal customers are.
They help your marketing, product, and sales teams understand your audience’s needs and why they buy.
Each persona should reflect key details like age, location, pain points, and goals.
These profiles help you position your product as the perfect solution to their needs.
For example, a buyer persona for BioTrack would look something like this:
Step 3. Conduct Competitive Analysis
Competitive analysis helps you understand your competitors’ strengths and weaknesses.
Why?
So you can develop strategies to outperform them.
Start by identifying three types of competitors:
- Primary competitors: Brands offering similar products to the same audience (e.g., Fitbit, Garmin)
- Secondary competitors: Brands with similar products but targeting different segments (e.g., Apple Watch, Google Pixel Watch)
- Tertiary competitors: Brands targeting the same audience with different products (e.g., Gymshark, Lucozade)
Once you’ve identified your competitors, analyze their websites, product offerings, and pricing.
Look to see how they market their products to appeal to their audience.
For example, Garmin positions its fitness bands as tools for improving users’ health and fitness journeys.
Step 4. Define Your Value Proposition, Positioning, and Messaging
Defining your value proposition, positioning, and messaging is key. It shows customers what sets your product apart.
Value Proposition
Your value proposition tells your audience how your product solves their specific problem. And why they should choose it over competitors.
For example, BioTrack’s value proposition could be:
“BioTrack gives you real-time, accurate fitness tracking with personalized insights powered by AI. Plus, it connects easily to apps, helping you reach your health goals.”
Positioning Statement
Your positioning statement explains the unique space your product occupies in the market. It highlights how your product differs from competitors.
Here’s what it could look like for BioTrack:
“BioTrack is different from other fitness trackers because it’s more accurate and easy to use. All in a tough, stylish design.”
For comparison, Whoop positions itself as a wearable that focuses only on the most important health and fitness metrics:
Messaging Framework
A messaging framework ensures consistency across all communications.
It includes your core message, key features and benefits, and the proof points that back up your claims.
This is what a messaging framework would look like in our hypothetical business case:
Core Message | BioTrack Fitness Band—Your ultimate fitness companion powered by AI. | ||||
Messaging Pillars | |||||
Accurate Health Metrics | Track your heart rate, sleep patterns, and daily activities with unmatched precision. | ||||
Personalized AI Insights | Receive tailored recommendations based on your unique health data. | ||||
Seamless Integration | Sync effortlessly with popular fitness apps like MyFitnessPal, Strava, and Apple Health. | ||||
User-Friendly Design | A sleek, intuitive interface that makes tracking your fitness goals simple and enjoyable. | ||||
Proof Points | |||||
Customer Testimonials | “BioTrack helped me improve my fitness routine with personalized insights and accurate tracking.” – Satisfied Customer | ||||
Expert Reviews | Featured in top tech magazines for innovation in wearable technology. | ||||
Market Adoption | Over 10,000 satisfied users have reached their health goals with BioTrack. |
Step 5. Decide on a Pricing Strategy
Pricing is a crucial part of your product marketing strategy.
Set it too high, and customers may not buy. Too low, and your profit margins suffer.
The goal is to choose a strategy that positions your product competitively. All while maximizing profitability.
Popular pricing strategies include:
- Value-based pricing: Based on customer perceived value
- Competition-based pricing: Aligned with competitor prices
- Cost-plus pricing: Adding a markup to the product’s cost
- Penetration pricing: Starting low to build market share
- Skimming pricing: Starting high and lowering over time
For BioTrack, a hybrid pricing approach could work: Start with penetration pricing to build a customer base.
Then, switch to value-based pricing when the product becomes popular and has a strong customer base.
Step 6. Plan Your Go-to-Market Strategy
A go-to-market strategy is your plan for launching your product, reaching your audience, and driving sales.
It involves setting goals and selecting the right marketing and sales channels.
First, define your objectives.
These might include sales targets, customer acquisition goals, or brand awareness.
For example, aim to capture 5% of the market in your first year. Or set a goal to drive 100,000 visitors to your site in the first three months.
Next, choose your marketing, sales, and distribution channels.
Base this on where your audience spends time—social media, email, or in-store. Tailor your approach to reach them through the right platforms.
Here’s an example of a brief go-to-market plan for BioTrack:
Key Aspects | Details |
Go-to-Market Objectives | Attract 10,000 site visitors in the first three months Generate 1,000 pre-orders in the first monthAchieve a 15% conversion rate from pre-orders to purchases |
Marketing Channels | Content marketing: Publish blog posts, videos, and infographics on fitness tracking and health benefitsSocial media: Run campaigns on Instagram and Facebook featuring real-life use casesEmail: Send targeted emails with special offers and updatesPaid ads: Use paid search and paid social ads to drive traffic and salesPublic relations: Leverage media coverage, press releases, and influencer partnerships to build brand awareness |
Sales and Distribution Channels | Direct sales: BioTrack’s ecommerce website and pop-up stores in fitness centersIndirect sales: Partnerships with fitness equipment retailers and electronics storesOnline marketplaces: Amazon, eBay, and specialized fitness gear platforms |
Step 7. Develop a Product Launch Plan
Make a detailed plan for pre-launch, launch, and post-launch activities to generate awareness and drive sales.
Before the product launch, build excitement through social media campaigns, press releases, and influencer partnerships.
You can also use targeted email campaigns to engage your audience early.
For example, take a look at this new product email from Fitbit:
Ensure your website is ready to handle orders and that your sales and support teams are prepared.
On launch day, monitor performance in real time and make any necessary adjustments. Engage with your audience and respond to customer feedback across channels.
After the launch, keep up your marketing efforts and track key metrics like sales and traffic. Collect customer feedback to understand their experience and identify ways to improve.
Here’s the product launch plan for BioTrack:
Product Launch Plan: BioTrack | ||
Phase | Activity | Timeline |
Pre-Launch | ||
Beta Testing | Begin beta testing with selected users | Six weeks before the launch |
Teasers and Announcements | Start social media teasers and email announcements | Four weeks before the launch |
Sales Training | Conduct sales training sessions | Two weeks before the launch |
Launch | ||
Launch Event | Host a virtual launch event | On launch day |
Social Media Blitz | Run intensive social media campaigns | Starting on launch day and continuing for the next two weeks |
Promotional Offers | Offer a 20% discount | For the first month after the launch |
Post-Launch | ||
Performance Tracking | Monitor sales and engagement metrics | Daily for the first month, then weekly |
Customer Feedback | Send out feedback surveys | One month post-launch |
Content Updates | Publish a series of how-to guides and case studies | Within the first three months of launch |
Step 8. Optimize Your Product Marketing Strategy
A successful product marketing strategy doesn’t end with the launch. You need to keep refining it based on performance, feedback, and market changes to drive long-term success.
Track important numbers like sales, revenue growth, and the cost to get new customers to see how well you’re doing.
Regularly collect customer feedback to identify areas for improvement.
Stay up to date with industry trends and competitor activities. Adjust your pricing, content, and promotion strategies as needed to stay competitive.
By always improving, you’ll keep up with changes in the market and stay ahead of the competition.
Keep Your Product Marketing Ahead of the Curve
Product marketing is all about adapting to change.
You’ve laid the foundation for a strong product launch, but it doesn’t stop there.
The most successful brands are always one step ahead—constantly improving and optimizing.
Now’s the time to dig deeper and fine-tune your approach.
Looking for more guidance?
Join Traffic Think Tank Academy and tap into the latest strategies that can take your product marketing to the next level.