As a CEO or founder, you’re used to wearing multiple hats—steering your company’s vision, driving growth, and ensuring operational efficiency. Within the scope of responsibilities, product marketing can often stand as a linchpin for success. While the term might sound familiar, its impact and necessity might not be entirely clear. Let’s delve into why product marketing is important for your company.
Why are we talking about this today? Our 2023 SaaS Marketing Capability Survey results showed that 73% of Kiwi SaaS businesses think their product marketing practices are average and could do better – a number that hasn’t changed much over the last four years.
Why should this number be improved?
In a nutshell, leveraging product marketing can result in increased sales, improved customer satisfaction, and create a competitive edge in the market. It streamlines your go-to-market strategy, maximises the impact of your product, and ultimately drives business growth.
What is Product Marketing?
Product marketing is more than just promotion; it’s a strategic function that bridges the gap between your exceptional product and your target audience’s needs.
It involves:
- understanding your customers deeply
- crafting compelling messaging
- strategically positioning your product in the market
Essentially, the engine drives your product’s success by ensuring it meets customer needs and stands out from the competition.
“A good value proposition is not a statement of features; it’s the benefits the user will get from your product. Product Marketers are specialists who understand your product, your users, and the value they extract. They tie it all together to create a solid strategic base so your marketing team can create impactful campaigns with effective messaging to help you grow.”
Greg Stack, Senior Product Marketing Manager at Canva
Why is it Crucial for Your Company?
1. Customer Understanding
Product marketers dive into market research, analysing customer behaviour, preferences, and pain points. Gathering the knowledge to tailor the product to fit customer needs precisely.
2. Differentiation
In a crowded market, standing out is critical. Product marketing crafts a unique value proposition, highlighting what sets your product apart and why customers should choose it over alternatives.
3. Effective Communication
It’s not just about having a great product; it’s about articulating its value. Product marketers create compelling messaging that resonates with your target audience, driving engagement and sales.
4. Sales Enablement
By equipping your sales team with the right tools and messaging, product marketing ensures that they can effectively communicate the value of your product, leading to increased conversions.
How do you go about improving your product marketing efforts?
Start answering the following three essential questions:-
- Why does our product exist?
- Why does our product matter?
- What sets our product apart from our competition?
These might seem like simple questions, but if you can’t articulate the answers in one succinct sentence, you need to keep working on it.
So, in summary…
If you want to understand more about answering these questions and getting your team aligned, check on our 2023 SaaS Marketing Capability Report. By investing in product marketing, you’re investing in the success and longevity of your product. It’s not just an expense; it’s a strategic move that reaps significant rewards, especially in today’s hyper-competitive business landscape.
In conclusion, embracing product marketing is not just an option; it’s necessary for any company aiming for sustained growth and customer loyalty.
