You Can’t Build A Business On Product Alone

Bricks on a wall.

Ask anybody what the main aspect of a good business is and they’ll probably say a good product idea. It makes good sense, why would anybody buy from a company if their products weren’t any good? However, it’s not actually that black and white and often, other aspects of your business are more important to customers than the product itself. Even if you’ve nailed the product design and manufacture it well, you could still be losing out to your competitors for a lot of reasons. To help you build an all round successful business, these are the other areas that you need to focus on beyond the product itself.

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How It’s Made

This is becoming more important, especially amongst younger consumers. Environmental concerns are huge at the moment and manufacturing industries are a contributing to that in a big way. That means customers are increasingly looking to buy products that are manufactured in a responsible way. They’re usually willing to pay quite a bit more money for those products and they’ll also buy a product that they actually don’t like as much because it’s made in a socially responsible way. The packaging is also important and if you aren’t using something recyclable, you’re likely to lose quite a lot of customers because of it.

Branding

When consumers buy a product, they’re not just buying that one thing, they’re buying the entire experience. The branding is a big part of that and it can affect how people enjoy the product. For example, cereal packaging design varies a huge amount between brands, but the actual cereal inside is basically the same most of the time. Yet people still have a very clear idea about which one is their favorite. They aren’t being swayed by the product at all, just the branding on the outside. The branding that you put on all of your marketing campaigns gives consumers an overall impression of your company and what you stand for, if they like that then they’ll buy products from you, even if you aren’t as good as some of your competitors.

Customer Service

Like I said, customers are buying a full experience here, not just a single product. Making every aspect of that experience perfect is key, don’t just focus on the product. Customer service is probably the most important area to focus on. If you bought an amazing product, responsibly made and packaged with stylish branding on it, you’d be happy. You’d probably buy from that company in the future. But then you have some kind of issue with the product; if you call up and they’re very helpful and polite while they sort you out a replacement, which arrives quickly, you’re likely to forgive the mistake and deal with them again in future. However, if your complaint is met with rudeness and it’s an uphill battle to try to get a resolution, you’ll forget just how much you love the product itself and you won’t buy from the company ever again.

Don’t take this advice the wrong way, you still need a brilliant product to start with. Just don’t fool yourself into thinking that’s enough to build a successful business.

Product Marketing

Product Marketing is the function accountable for the success and growth of a product by connecting customer needs to product capabilities. The value of Product Marketing comes from its deep understanding of markets, customers and their needs.  It is the process of bringing a product to market and that includes deciding the products positioning and messaging, launching the product and ensuring salespeople and customers understand it. Product marketing aims to drive the demand and usage of the product.

product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted.

Product, marketing and sales.

 

Product Marketing Strategy

Your launch isn’t going to be successful if you don’t know who you’re talking to and why. It’s important figure out who you built this feature for, what the benefits are, and why they should care.  Now that you know who you’re talking to, figure out how you’re going to talk about this new thing. You want to make sure you can explain the product as clearly as possible, and we usually try to talk to users to get an idea of the words they use. You need to be able to articulate how your product or service provides value and be able to communicate this internally (your own employees) and externally (to customers, analysts, etc.)

You should be focused on how to improve sales by giving the team the right message, the right tools, and the right approach (GTM) so that your efforts translate into bottom-line revenue. Once you have a deep understanding of your target market, product marketers need to create messaging that resonates with them. Whether the target market is small business owners, enterprise clients, marketers, or developers – the messaging strategy should be as customized as possible.A lot of the groundwork prior to building out custom messaging is segmenting your userbase. Perhaps filling out a user profile is part of your product’s onboarding process, or you have another way of encouraging submission of information that can be a win-win: users get more relevant and helpful content, and your company gets a more engaged user.

Below are some examples of product marketing strategy answers.

Goals

Goals define what you want to achieve in the next quarter, year, or 18 months. Here are a few examples:

  • Increase revenue by 30%
  • Expand into 5 new countries
  • Increase mobile adoption by 100%
  • Reduce the number of support tickets by 15%

Initiatives

Initiatives are the high-level efforts that will help you achieve your goals. Here are some examples:

  • Performance improvements
  • UI improvements
  • Better reporting
  • Expand into China
Just a regular computer user. I write for regular users like me. When we grow up we are taught basic security tips like how to cross the street. But we are not taught how to take care of ourselves online.