What is Product Marketing?

Instructor: Tara Schofield

Tara has a PhD in Marketing & Management

The success of a product is highly dependent on the quality and type of marketing that is done to get the attention of potential buyers. Use the tips in this lesson to make your product marketing more effective.

You've created a new, exciting product. But you're not sure how to make people aware of your invention. By marketing your product, you can increase the likelihood of people wanting and buying your item.

Understanding Product Marketing

Product marketing is the process of telling potential customers about your product and encouraging them to buy it. When you consider the thousands of new products developed daily, it's critical you create a plan to market your new item to ensure people know about it.

Let's imagine you've created a new, safer can opener. Your can opener has a unique material and design that ensures it will never get dull. Not only that, it cuts cans open in a way that removes any sharp edges. While there are electric openers that will remove sharp edges, there has not been a handheld opener that does everything that your opener does. You have shown your opener to many friends and family, each time getting a very positive response. As a result, you think there would be great interest in your product. But how do you get people to buy it? You need to market your product.

Determining Your Target Market

Before creating a marketing plan, it is important to understand who will likely buy your item. Your target market is the group of consumers that are the best fit for your product. For instance, a baby item is best targeted to parents of infants or grandparents who have a young grandchild. However, people who do not have young children or buy baby items are not the best fit for your product. Therefore, when you consider where to market your baby item, you want to find places where parents and grandparents are most likely to see your baby goods.

In returning to the previous example, you realize people who cook at home are the best target for your innovative can opener. People who do not cook will not have a need for this device. You identify your target market to be home cooks, people who get recipes online and through social media, ages 25 - 40, and earn approximately $35,000 - 60,000 annually. Knowing this helps you understand where to market your product most effectively.

Methods of Product Marketing

Now that you are armed with your target market, you can determine the best way to reach those consumers.

Social Media

Social media has become an important and powerful way to market products. Facebook and Twitter have millions of users and are actively viewed on a regular basis by consumers. Placing ads, posting photos, and offering tips can increase the visibility of your product online.

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