This is a guest post from Chetan Menaria. Chetan is the Partnership & Collaboration Manager at PixelPhant, an eCommerce & fashion photo editing service provider. PixelPhant edits product images to make them look professional & eCommerce ready.
The new year is here, and everyone we know is an established seller, new seller, or aspiring seller. No matter which one you are, creating a powerful product marketing strategy is a must to survive the 2021 eCommerce market.
What’s so special about eCommerce in 2021?
Due to the pandemic, people around the world have started shopping online more than ever. It ensures social distancing, enables people to shop without leaving their homes, provides quality products, and can even come with giveaways.
The eCommerce industry has grown dramatically, and it’s not stopping anytime soon. There’s an estimated 12 to 24 million eCommerce websites live, with more being created every day.
However, not every website gets the chance to flourish. eCommerce has about an 80% failure rate according to Tech.co.
To give your website the best chance to succeed, you need to leverage powerful and effective eCommerce product marketing strategies to boost your growth.
What is Product Marketing?
Product marketing is what catches shoppers’ attention, drives demand, and promotes the adoption of a product among its target audience.
Product marketers trace the steps shoppers take in their purchase journey and identify the touchpoints where they connect to any stage that can be equipped with a product marketing strategy.
Then, they build marketing campaigns to support the customers’ purchase journey.
Marketing strategy for products is focused on understanding a specific product’s audience in-depth and developing that product’s ranking and messaging to appeal to the audience.
It involves the participation of the marketing, sales, and business development team along with the existing loyal customers.
Why is product marketing important?
Wider reach: Product marketing enables you to reach more people. You’ll discover the strategies and channels that help you reach buyers.
Write your story: You can position your items better in the market. Product marketing is a great way to promote your product to the extent where it gains the capability of creating its own one-of-a-kind identity.
Build trust: The way you do product marketing and represent yourself can show customers you’re trustworthy and reliable.
Improve sales: The primary aim to perform product marketing is to generate sales. When you market your products, you reach more people, and influence them to purchase.
In a nutshell, product marketing spread product awareness → generates traffic → boosts online sales and conversions.
Steps for effective product marketing
1. Define your target audience
You need to know who you want to sell to. You don’t have to give them names or photos, but you should know what drives them. Learn about their motivations and buying triggers.
If you deal in sportswear, you want to consider athletes, gym-goers, and health-conscious individuals. You should also look at edge cases you wouldn’t typically expect, like yoga pants that became surprisingly comfortable for pregnant women.
2. Determine where your product stands in the market
Look at how your product currently performs in the market. Does your pricing need to be adjusted? Do you need to reframe your product uses?
If you’re new to eCommerce, it’s a great time to think about how to position your product to make it easy to market
3. Set goals
You’ll want to define what you’re looking to achieve with your eCommerce product marketing strategy.
Here are some common goals;
- Increase sales
- Improve engagement
- Spread brand awareness
- Expand market share
- Gain more customers
For example, if you’re looking to increase sales, you might want to start running ads with a CTA to “Shop Now.” You can also provide fast shipping to increase your conversions.
If you’re looking to improve engagement, you should start workshopping and posting content on your blog and social media to get more visitors. Instead of talking about your product, you would ask your audience questions and build a community.
Thus, how you execute your product marketing strategy will depend on what your primary goal is.
4. Leverage Social Media
With so many ads, competitions, and campaigns run over social media, customers want brands to come up with new things to help them satisfy their needs.
Social media is a great fit for product marketing, whether you’re B2B or B2C. (Leverage Facebook and Instagram if you’re B2C, and LinkedIn and Twitter if you’re B2B.)
5. Identify and resolve customer pain points
Customer pain points are the worries and concerns that your buyers have, and that you have a chance to solve.
For example, a customer with no time to cook turns to quick frozen meals. Similarly, a customer with oily skin turns to oil-balancing face wash to improve their skin.
Once you find your target audience, identifying their pain points can better help you understand how to tie in your product to encourage a purchase.
6. Use email marketing
Email marketing is one of the most powerful and effective tools for product marketing. It’s a direct line to warm leads, and a great way to get in touch for repeat purchases and upsells.
Here are a few things that you can use email marketing for:
- Sharing offers and discounts
- Announcing new arrivals
- Revisiting abandoned cart customers and inviting them back
- Sending back-in-stock alerts
- Cross-selling based on a recent purchase
7. Personalize your message
That means your product marketing needs to be personalized for your buyers. Pick out the offers, updates, and language that are most relevant to your buyers – and don’t forget to segment your audience for even better personalization.
For example, if you’re selling pet food, don’t share a discount on dog food with cat owners.
8. Edit your images
Your product images need to be captivating, alluring, and eye-pleasing.
The first thing that your shoppers will see are your photos. If they like them, they’ll proceed to investigate, thinking about the price and quality. If they don’t, they’ll move to your competitors.
Make sure to edit your product images to make them clear and high-resolution, have at least one image that is of the product alone, and include as many photos as your platform will allow.
9. Find the right pricing
Product marketing revolves around marketing your products, so think about how they look in images, their prices, and their quality.
Pricing is an important factor, as it can easily influence your buyers’ decisions. To come up with the correct pricing criteria, check these things:
- How much do these products cost to you? You want to at least double that price to protect your profit margins.
- Compare your prices with your competitors.
- Check if it’s under the budget of your target audience to avoid undercutting yourself.
You may gradually start to increase or decrease your prices as per the product demand.
10. Review and refine
Now that you’re all prepared, it’s finally the time you put your strategy in action.
Utilize your website, blogs, emails, and relevant social media channels to promote your brand and market your products.
Be sure to stay consistent with your efforts, bring in new techniques when necessary, and optimize as you go.
Product marketing is a great way to promote your products and bring them into the eyes of your customers. A product marketing strategy executed well can help you boost your eCommerce business to rapid growth.
Hopefully, this guide has shown you how product marketing can help your business and why it’s so important to have one.