Why Do Good Product Marketing Strategies Fail?
Reason 1: No Clear Business Strategy
- No problem definition
- No solution
- No target audience
Reason 2: No Clear Message
- Random messages
- Ineffective statements
- No clear positioning
Reason 3: No Case Studies
- No trust factor
- No proof of its usability
Do’s and Dont’s for Failed Product Marketing Strategies
| Do’s | Don’ts |
|---|---|
|
Being Honest About the Product |
Misleading Statements |
|
Conducting Market Research |
Use Quick Fixes |
|
Using Strategic Insights |
Overcomplicate the Messaging |
How Product Lifecycle Marketing Works in 6 Stages
1) Introduction Stage
The product is newly launched in the market. At this stage, the product lifecycle marketing creates awareness through targeted advertising, public relations and content marketing. You may get the USPs highlighted and drive initial demand in this stage.
2) Growth Stage
As the product gains popularity, sales increase rapidly. The product reaches a wider audience and enters new markets. Here, your product digital marketing agency identifies competitor strategies and new market segments and targets them with customised product lifecycle marketing.
3) Maturity Stage
Focus on product differentiation is needed at this stage to stand out from competitors. Product marketing can help revive the brand through rebranding, product line extensions or new packaging.
4) Saturation Stage
Saturation takes place when sales growth begins to slow down and eventually plateau. At this point, the market is saturated, and competition is intense. Leveraging product digital marketing tools like social media, SEO, content marketing and Google My Business profile (GMB) can help reach a wider audience and drive sales.
5) Decline Stage
Sales start declining as the product becomes outdated or is replaced by newer products. A well-executed phase-out strategy can minimise negative impacts on the brand and customer relationships.
6) Revival Stage
In certain cases, a product that has entered the decline stage can be revived and reintroduced to the market. For instance, A complete rebranding can breathe new life into an old product. This involves creating a new brand identity, packaging and messaging via effective product lifecycle marketing.
FAQs
1) What Is the Definition of a Bad Product in Marketing?
In marketing, a bad product is one that does not meet the target market’s preferences and most importantly, does not provide genuine solutions to their problems. Similarly, it might not help the buyer reach the objectives and get the job done via improved day-to-day operations.
2) How Long Does It Take to See Results From a Product Marketing Strategy?
Typically, initial improvements can be seen within 1-3 months, but significant results may take 6 months or longer, especially in competitive markets. The timeline for seeing results depends on your product’s quality, the target market and how well the strategy is executed.
3) How Do I Know If My Product Is Ready for a Full-Scale Marketing Campaign?
Before launching a large-scale marketing campaign, you need to ensure that your product has been sufficiently tested and that there’s a strong demand for it in the market. A lack of market validation can lead to wasted resources and poor results.
4) How Can Product Lifecycle Marketing Improve My Sales?
Product lifecycle marketing involves aligning your marketing efforts with where your product stands in its lifecycle, from introduction to potential decline. At each stage, a different strategy is required to maximise sales and customer engagement and your product digital marketing agency knows that very well.
5) Should I Focus on Product-Specific Marketing or Brand-Focused Marketing?
Product marketing is important in the introduction and growth stages, while brand marketing helps maintain customer loyalty over time. A reliable product digital marketing agency knows what approach to use at what stage and how to balance both.