The development of new products is essential to the success of a company; nevertheless, the percentage of new items that are unsuccessful is shockingly high due to a dearth of marketing expertise and inventiveness. The significance of enhancing marketing management and the measures undertaken to achieve this objective are of utmost importance. In addition to the marketers who possess the necessary qualifications, an individual has assumed the aforementioned position. There is a significant amount of focus, both academic and managerial, on finding ways to reduce the high percentage of failure experienced by new goods. Product marketing is sub-field of marketing that is responsible for crafting messaging, go-to-market flow, and promotion of a product. Product marketing managers can also be involved in defining and sizing target markets along with other business stakeholders such as business development and sales as well as technical functions such as product management. Other critical responsibilities include positioning and sales enablement.
Product marketing deals with marketing the product to prospects, customers, and others. Product marketing works with other areas of marketing such as social media marketing, marketing communications, online marketing, advertising, marketing strategy, and public relations, to execute outbound marketing for their product.
Product marketing addresses five strategic questions:
To inform these decisions, Product Marketing Managers (PMMs) act as the Voice of the Customer to the company. This includes gaining a deep understanding of—and driving—customer engagement with the product, throughout its lifecycle (pre-adoption, post-adoption/purchase and after churning). PMMs collect this customer information through surveys and interviews and when available, product usage and competitive data. The respondents are only allowed to choose from a small number of predetermined answers, rather than being given the opportunity to supply any information they choose. This informs the product roadmap, as well as driving customer product education to enhance engagement.
PMMs answer these questions and execute the strategy using the following tools and methods:
Product marketing generally performs different functions from product management. Product Managers take product requirements from sales and marketing personnel and create a product requirements document (PRD) for the engineering team. The product marketing manager creates a market requirements document (MRD), the source material for the PRD.
These roles may vary across companies. In some cases the product manager creates both MRD and PRD, while product marketing does outbound tasks such as trade show product demonstrations, marketing collateral (hot-sheets, beat-sheets, cheat sheets, data sheets and white papers). This requires skilled in competitor analysis, market research, technical writing and in financial matters (ROI and NPV analyses) and product positioning. Typical performance indicators for product marketers include feature adoption, new revenue, expansion revenue, and churn rate.
Product marketers are chartered with developing the content for sales, marketing communications, customers, and reviewers. In most cases, the existence of collaborative consumption leads to a decrease in product marketer profits. On the other hand, consumers who share their goods in a sharing market are more prepared to pay a higher price for a product of greater quality than they would be in a market where collaborative consumption is not present.
The typical education qualification for this area of business is a marketing or business degree, e.g. a BBA, MBA, M.A./M.S. in Marketing, M.A./M.S. in I/O Psychology, advertising, public relations, communications, graphic design, and other related fields. Along with work experience which helps employees improved their qualifications for the specific jobs for which they are applying. Being able to communicate effectively in a second language is an invaluable asset for anyone working on a project with global or wide-scale implications. A key skill is to be able to interact with technical staff, increasing the value of a background in engineering or computing.
Bodlaj, & Čater, B. (2022). Responsive and proactive market orientation in relation to SMEs’ export venture performance: The mediating role of marketing capabilities. Journal of Business Research, 138, 256–265. https://doi.org/10.1016/j.jbusres.2021.09.034
Moon. (2020). The Strategic Impact of Collaborative Consumption on Product Marketers. eScholarship, University of California.