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What is product marketing in SaaS all about? Read on this article to get in touch with some of its ins and outs and know better about the topic.
Getting your products to the market in the best possible manner is a subtle art that you need to learn. On that note, product marketing is the driving force behind getting your products out there and making it sell. Today, product marketers are constantly on the run to understand the customers better and market the products that best define and benefit their interests. This post will walk you through the ins and outs of product marketing for SaaS and spill all the beans about how to ace it. Without any further ado, let us dive right into the post.
Product marketing is all about positioning and promoting the product into the right frame. It is basically to understand what your customers actually want and then frame your product in a way that resonates. It typically delves into questions like: Who’s the product for? What unique problems does it solve? Why’s it different to the competition? How does it benefit our audience? In simpler terms, Product marketing hones in on essential functions of marketing to strike a balance between product users and product positioning.
Product Marketing zeroes in on the product life cycle and works through new product pipelines to create interest and rev up the existing customer demand of a particular product. Conventional marketing on the other hand focuses on driving more conversions, acquiring leads, and generating more sales. While this relies on various customer engagement platforms and other CRM software to drive perfect communications across channels, product marketing relies on project management, social listening, industry research, and other tools not always associated with marketing. Not just that, product marketers mostly enlist conventional marketing teams or their tools to aid with marketing a new product or service launch. And conventional marketers consistently club in with product marketers to better understand positioning and long-term product strategies.
First and foremost, conduct a deep dive into your target audience and market and know what your customers might be losing out on. What is it that your products can deliver to your customers that they are not receiving at the moment. One of the simplest ways of doing so is by competitive analysis. This will help you to look at the individual products in your space, how they compare to each other as well as to your product, and how they’re being positioned to consumers. Once you are done with that, you will have to understand the actual companies behind the products you’ll be competing with. This will help you apprehend how mature the space is, how many resources you’ll be competing against, and how the competing products fit into a company’s larger portfolio.
How you target and position your product is essential for differentiating yourself from competitors as well as resonating with personas and adjacent consumer targets. That is why, it is more than necessary that you craft this message right and give away enough detail in drilling down to specific consumer segments while also remaining high-level enough to appeal to a broader audience. On that note, most of the product marketers bring out different position statements that appeal to different personas. These are essentially product marketing campaigns that have been designed to form the product accurately but in a detailed, specific context for target consumer segments.
The second your go-to-market strategy has been created, all sales and marketing team members must be put together in a loop. Product marketers need to ensure sales leaders and their teams have all the collateral necessary to speak to the new product. Now, this might include sales sheets, pitch decks, product videos, and some of the other creative assets that be helpful in highlighting the product. Digital managers, social media coordinators, email marketers, advertisers, and other channel operators need to know about the product to be able to best promote it across their channel.
It is more than necessary to keep a tab on how you perform out there. Remember, it is an extremely competitive market and you want to ensure that your products shine out. Now, this might mean different things depending on the nature of your product that you are marketing. Now, you as a product marketer must lead sales and marketing through the launch, knowing when to stick to the script and when to pivot in order to maximize the launch effectiveness. Performance monitoring is essential to tracking consumer response to the product, ensuring it’s targeting the right audiences with the best possible messaging.11
Product Marketing for SaaS needs a perfect blend of disciplined research and constant agility throughout each of the stages. Today, product marketing continues to be an essential function in the fiercely competitive technology industry. It basically all simmers down on giving your customers a product that they can count upon and rely. While that holds true, how you market your product changes the ball game altogether. At the end of the day, it is the satisfaction of the customer that truly matters.
Simran hails from the content marketing backdrop with extensive knowledge in blogs, articles, and technical whitepapers in the non-fictional domain. She uses her ‘gift of the gab’ to explore new possibilities on her way and to make an exquisite impact on her readers. In her spare time, she likes to read journals on artificial intelligence or play with her cute kittens.
Published 26 Oct 2021, Updated 26 Oct 2021
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