The Importance Of Product Marketing

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By - 30 June 2009

Do you truly understand the importance of marketing your product to its’ full potential? It really doesn’t matter how awesome or how bad your idea is, poor marketing can ultimately lead to your business failing.

 

All you need to remember - if you cannot promote and advertise your product effectively, you’re almost certainly stuffed (so to speak).

 

What is Product Marketing?

 

Product marketing is a wide subject that covers a lot of things. It can include advertising, sales, and promotions. Although sales, and product marketing (or advertising) are two are very different things, a lot of people seem to mistake sales with marketing.

 

Product marketing is the preliminary task and it requires getting a product into the market, promoting it and encouraging the sale of it. Whereas sales, is actually selling your product or service to the customer. Can you differentiate the difference?

 

Product Marketing Sounds Easy. Can I do it Myself?

 

Some people have a misconception about the term ‘marketing’ and they think that it is an easy job that anyone can do. While it can be financially beneficial for you to do all of your marketing in-house, it might pay off in the long run to hire the services of a professional marketing consultant.

 

Your product marketing professional will be able to concentrate on all of your business’ marketing strategies without being bothered by the office politics etc. Sometimes it can be good to get a fresh set of eyes within your business, find someone who can think outside the square.

 

A good product marketing professional will know which are the best marketing strategies that will work for you and the strategies that won’t work as well. This saving you much time and resources, now and later down the track!

 

What are the Business Costs Involved in Product Marketing?

 

Some experts recommend that a business serious about its product marketing should invest around 20% of their time and money into product marketing.

 

If you persist and continue to reinvest into marketing on an ongoing basis, you should see improved results. You may then find that some experts suggest (when your business continues to grow) that it is ok to decrease the amount invested in marketing. Less money spent and more money in. - It may sound nice, but unfortunately, it’s rarely the case.

 

Think of the most famous soft drink company in the world. Coca Cola. Now they spend a LOT of money and resources on advertising even though they are number one. They want to stay there! And they will if they continue to market their product the way they do.

 

There is no way to give you a set dollar amount of how much marketing business costs.

 

To get a rough indication, you will need to find the best marketing strategies that will work best for you to attract your target market. These days’ the internet should always be utilised, but what about the local newspaper? How about the radio or even television? You should consider all avenues that you think may be effective.

 

The internet is definitely one of the most cost effective marketing strategies available to you. A lot of business owners are cutting down their marketing costs by marketing online.

 

Think about this. If it costs you $100 to manufacture something, how much can you then sell it for to make a decent profit? Now you don’t need a degree in Mathematics or Business to work this out. It’s simple. If you’re thinking about taxes, marketing, manufacturing costs and overheads etc, you are thinking all wrong… Well not entirely.

 

Remember, you can sell your product at the price your customers willing to pay for it and that is why it is so important to market your product effectively!

About the Author

George Butler
Raj Aryan has varied interest in the field of business. In particular, he has a keen interest in SME's and the challenges these businesses face. He has written numerous articles about small business.