Product Marketing
Product classification is key to uncovering the reasons behind your consumers’ buying behaviors. For example, I’ve been buying the same toothpaste for years. I don’t think about testing out a different brand or buying from another retailer. Toothpaste, as it turns out, is a “convenience good.” Shoppers like me usually buy this product without putting too much thought into it. Understanding product classifications like this can help you better market, price, and distribute your products. There are four types of product classification and a variety of reasons why these classifications are important. Let’s dive into each type, so you can decide where your product falls, and learn the top marketing strategies for each. Continue reading, or jump to the section you’re looking for: What is product classification? Product Classification in Marketing What are the four classifications of products? Why the Classification of Consumer Products Is Important Product Classification Examples Product
A product ecosystem functions in a very similar way to an environmental ecosystem. Like the symbiotic relationship found in nature, a product ecosystem is when products can coexist in a way that’s beneficial for the customer (not to mention, brings in more revenue for the business). In this post, we’ll take a look at how to build successful product ecosystems and why buyers want to be a part of them. Skip to: What a product ecosystem is Importance of product ecoystems How to build a product ecosystem Product ecosystem examples Why is a product ecosystem valuable? The process of building a successful product ecosystem is valuable for businesses for numerous reasons — product ecosystems work … To solve for all of the needs of your customers — which helps improve brand loyalty and advocacy. To boost revenue by making it easy for customers to expand their library of your products.
I’m a huge homebody who prefers the ease of shopping online from home. However, the problem with buying items online is that I can’t try on, measure, or get a good feel for the product until it arrives at my door. So, before deciding to purchase, I always check the item’s product attributes to ensure it’s right for me. Product attributes play an essential role in the decision-making process for buyers. They’re also crucial for marketers when promoting or advertising a product. Read on to learn more about product attributes, their importance, and how to incorporate them into your marketing strategy. What are product attributes? Product Attributes vs. Product Benefits Why You Need Product Attributes Product Attributes Examples Use product attributes in your marketing strategy. Product attributes fall into two categories: tangible and intangible. Tangible attributes are physical attributes that the senses can perceive, such as color, shape, size, and
Like a tree falling in the woods, if you plan a product launch without spreading the word — will anyone use it? Will anyone even want it? Probably not. Whether you’re launching something huge, something small, or you’re updating a current offering, you’ll want to start your preparation well in advance of the launch date with a product launch checklist. Because there are so many moving parts in this process, bringing your product to market can be intimidating and tricky. To help you, we’ve come up with a step-by-step checklist for a successful product launch and gathered the best product launch tips from a HubSpot Product Marketer. 1. Learn about your customer. Whether you call it “market research,” or “customer development” it’s key to learn about what drives your customer. Identifying their goals, motivations, and pain points could lead you to developing and marketing a valuable solution. You don’t need
When I was 12 years old, I used to be confused about my cousin’s CD collection. Why have CDs when I could go on iTunes and listen to all my favorite songs? This is a perfect example of a product life cycle (PLC) in action. No one wants their product to become “obsolete” and reach the end of its product life cycle. That’s why it’s important to understand what stage your product is in so you can make better marketing and business decisions. Below, we’ll learn about the product life cycle inside and out. If you’re in a pinch, use the links below to jump straight to what you need: What is the product life cycle? Breaking Down the Product Life Cycle Theory What are the stages of the product life cycle? Product Life Cycle Examples International Product Life Cycle When to Use the Product Life Cycle In the marketing
Everyone wants their business to grow. This seems pretty intuitive considering effective and successful growth means your business is experiencing boosts in revenue, brand awareness, brand loyalty, and more — and we know this to be true by looking at the most successful and well-known companies today (e.g. Apple, Amazon, etc.). The question is: What do these highly-successful companies do to ensure they put themselves in a position for strong and consistent growth? Of course, there are a number of answers to this question based on who you ask. However, the one we’re going to focus on in this blog post is market penetration. So, what is market penetration? How to Calculate Market Penetration If you’re using market penetration as a measurement, use the following formula to discover how much a product or service is used by customers compared to its total estimated market. In other words, take the current…
Your research and development team has been working on a new product for months and putting valuable resources into its design and manufacturing. They’ve carefully researched the market and the problem they intend to solve. They’ve brainstormed and planned out the best possible product, and then meticulously crafted it before testing its functionality to make sure that it does indeed do what it was meant to do. You are convinced that this is the best addition to the world since chocolate. With an amazing product ready to go to market, there’s only one question left in your mind. How are you going to announce your product and get it in front of potential customers, i.e. the people who will actually buy it? For this step of the process (and ideally since the very beginning of research and development), you’ve got a product marketing manager ready to take the next step…
Recently, I took a leap of faith and bought leggings online. I was nervous because of the obvious: I couldn’t see the leggings in person or try them on in-store, and I wasn’t sure how the sizing worked. I didn’t want to pay for shipping and item tax without even knowing if I was going to love my purchase. Even though ecommerce is a booming industry, projected to earn $6 trillion in 2022, there’s still some anxiety for consumers when buying products through a screen. Fortunately, some brands have taken that into consideration, and have come up with a way to let consumers try products and services before purchasing them: Try before you buy. Let’s dive into what it is, how it works, and see examples of brands who use this strategy. According to the 2021 Virtual Shopping Habits Report by Pertfitly, shoppers name the inability to try clothes on…
Great marketing copy doesn’t just sell a product, it builds a connection with the audience. The beauty of proper messaging is that by communicating either the benefits or features of your product or service, you can tell customers what they need to know in a clever, concise way. Without knowing when you should use benefits versus features in your content (and the difference between the two), you could run into poor, or ineffective messaging. We’ll dig into when it’s best to use each of these options below. Both terms are useful and give customers important information they’ll need during their buyer’s journey, such as design, price, and real-world relevance. Ultimately, the benefits of having a product or service are what make consumers purchase, which means it is often best to highlight benefits over features when writing marketing copy. This paints a picture of what life will look like after the…
Imagine shopping at a grocery store that doesn’t have any signs pointing you in the right direction. Odds are you’d spend a lot of time wandering the aisles until you found what you needed. People want a sense of direction when they’re shopping, and they want to see their options grouped together — whether that’s kitchen tools, breakfast cereals, or winter coats. One way to do this is with product categories. Product category marketing helps your brand stand out among related items, so your company’s products wind up in the shopping cart — whether real or virtual. Let’s explore product categories, how it differs from product classification, and see some examples in action. Your distinct offerings and customer personas should guide the organization and grouping of your product categories. For example, Dick’s Sporting Goods offers a variety of outdoor gear. To guide customers, they group products into interest-based categories, such…