The popularity of product marketing is sure to take over in 2023. As more companies are looking to position their product as the market favorite, no other than product marketers help turn this into reality.
Before we get right into the seven types of product marketing to look out for, here’s a quick recap on the definition of product marketing:
Product marketing is the process of positioning a product in the market to increase its sales and achieve a consistent stream of revenue. Product marketers identify target markets, understand trends, develop an internal communication strategy, and implement marketing methods to ensure sustainable product demand.
What are the 7 types of product marketing?
1. New product marketing
Bringing a brand new product to the market requires an in-depth understanding of potential customers and how to market the product with a firm product marketing strategy that reaches the right audience.
New product marketing involves introducing, launching, and promoting a new product to the market. Here are some tips on how to make new product marketing work for you:
- Identify competitors: Understanding competitors' products in the same niche can help you create a better strategy for your new product’s launch. Although this in no way means you should copy their methods. Find answers to what mediums they advertise on, whether it’s online or traditional, their messaging, their product’s price range, what the website looks like, etc.
- Research customers to reach the right ones: Get your research done right from ideal users’ demographics like gender, age, location, mindset, and buying patterns. Getting to the basics from the get-go lets you reach ideal customers.
- Involve influencer marketing: You can either tie up with an online influencer or an influential person to use and write detailed reviews or articles about your newly launched product. This way, you indirectly reach a broader audience that would otherwise take time with traditional marketing.
2. Product-specific marketing
Product-specific marketing means positioning a specific product for a discrete target audience. How does it differ from regular product marketing? With product-specific marketing, brands can create a highly effective product marketing strategy as the focus is primarily on a super-specific audience category.
With product-specific marketing, product marketers try to increase the visibility of the targeted product or product line by communicating its unique value proposition to the target market.
Developing a unique selling proposition (USP) is the most important step in this type of product marketing. When your marketing efforts are solely around a hyper-targeted product and audience, it’s critical to establish a USP that leverages the product’s features and benefits.
3. Product repositioning
Product repositioning is a vital aspect of product marketing that helps determine the existing products’ position and placement in the customers’ minds. It involves retargeting, market analysis, defining upgraded product positions among the existing ones, and identifying the product's characteristics that set it apart from the competitors.
Why is product repositioning important? Here’s why:
- Helps achieve a competitive advantage: Product repositioning lets the company differentiate itself from the competitive market. Product marketers can use unique angles and marketing takes to accomplish this.
- Higher sales and revenue: Product repositioning strategies address customers’ needs and evolve with market trends, thus attracting new customers to purchase. Product repositioning messaging is built to resonate with potential customers and is iterated to keep steady interest.
- Strong brand image: Product repositioning lets companies win customer loyalty to their brand and products. This is possible when marketers communicate key product properties with the customers and offer after-purchase support.
4. Product rebranding
Companies must review their product branding along with their marketing strategies. Product rebranding is when product marketers re-establish a specific product’s offering, promotions, imaging, and messaging.
Here are some benefits of product rebranding:
- Differentiates products from the competition and gives marketers a chance to refresh their existing marketing strategies.
- Achieve a refreshed look and connect with newer audience segments.
- Helps the brand stay relevant to the evolving market trends and user expectations.
- Increases the perceived product value and boosts sales.
5. In-store product marketing
As the name suggests, in-store product marketing is focused on marketing retail, store-based products. The world is slowly phasing out of the pandemic, and physical stores are back in operation.
With in-store marketing, product marketers implement strategies that target customers to keep them engaged once they arrive at the store. The success of in-store product marketing depends on the conversion rate and the number of cross-sells and upsells performed.
6. Guerilla product marketing
Guerilla product marketing is a method by which a company uses unconventional ways to market products and interact with customers. Most companies use guerilla product marketing to evoke customer interest through shock, surprise, or thrill.
McDonald’s zebra ‘McDonald’ crossing, KitKat park benches, and city wall graffiti are some popular examples of guerilla product marketing. However, the lack of effective result-tracking measures is a possible downside to this type of product marketing.
7. Online product marketing
Recent technological innovations have enabled more efficient ways to market products online. From online product placement to running social media ads and eCommerce stores to paid advertising, the online marketplace has been a tough nut to crack.
Online product marketing involves tasks such as content marketing, content creation, website management, running email campaigns, overseeing advertising strategies, and analyzing data, among others.
This product marketing type has huge potential for customer engagement and can reach a global audience to increase sales opportunities.
Types of product marketing: conclusion
These were just some of the most common product marketing types that would gain momentum in 2023. Other activities, such as advertising, branding, product development, sales, etc., also fall under typical product marketers' tasks.
With product marketing types, there’s really no one marketing that wins over the other. Depending on the company’s primary focus and milestones, one or more of these product marketing types can be used in tandem.
Here are a few well-known examples to give you a better understanding of product marketing.
And the most important point of all is to iterate strategies to meet the growing market demands and user needs. This way, as a product marketer, your product stays in the market and reaps profits for as long as possible.