The Future of Digital Marketing: Why Product Management is the Missing Piece

| Updated on March 29, 2024
digital marketing

We have all seen just how much impact digital marketing can have on a company trying to survive in the modern business scene.

But what about the future?

The market today is pretty fierce and you will need to give your customers a little bit extra if you want to keep ahead of the competition.

Besides, customer’s expectations change all the time.

This is why, once your business has gained some traction, you need to start focusing more on product marketing.

Why, you ask?

We will be discussing just that.

In this blog post, we will see what product marketing is and why it is thought of as the future of digital marketing.

And, if you want to learn more about product marketing, you can join a product management course to learn more about the basics and how you can grow your brand and products to the next level.

So, What Exactly is Product Marketing?

Digital marketing is a way for businesses to reach out to you digitally to make their existence known to the market.

Product marketing is pretty much the same but with a difference.

In this stage, companies introduce their products and services to customers and advertise them beyond just launching them.

For example, just think of your favorite local restaurant that started serving meals online recently.

They advertised on social media and contacted their customers via WhatsApp messages, etc. to let people know about their services being online. 

That’s the basic definition of digital marketing.

Now, what if they want to promote a special meal box for the 4th of July celebrations?

How do they decide what dishes to put in the meal box? How do they price it? Where can they promote it to make it a festive bestseller?

Well, this is where the power of product marketing comes in.

DID YOU KNOW?
In a research work published by Harvard Business School, Professor Clayton Christensen opined that over 30,000 consumer products are launched yearly. Out of these 30,000 new products, 95% of them fail woefully without having any significant impact on the market. 

Why Do You Actually Need Product Marketing?

Just as you know, digital marketing simply takes your brand and puts it in front of the masses.

And if you’ve posted an ad, you can know just how many people have clicked on it.

This can give you a rough idea of how many people are interested in your company or its products and services.

Product marketing takes it a step further.

It can tell you why people clicked on your ads and how you can turn them into paying customers.

This type of marketing also helps you get a better understanding of the entire lifecycle of your products.

Besides, in a place where every business is competing for the same piece of the pie, product marketing can help your products stand out among the crowd.

Benefits of Product Marketing

As we have stated above, product marketing gives you an idea of the end-to-end journey of a product’s lifecycle and makes sure of its growth.

And, while it may involve many steps like customer data analysis and feedback, etc., in a competitive space, product marketing can give your business an advantage that you can’t miss out on.

Here are some of the benefits product marketing can have for your business:

  • Better Product Visibility: This means that your products have a higher chance of getting noticed by potential customers.
  • It Speaks to Your Audience: Product marketing can help you craft a clear and compelling message that speaks to your audience and makes them want to buy your product.
  • Stand Out Among the Crowd: It can also make your product stand out among a crowd of similar products.

What Does the Future of Product Marketing Look Like?

The way of marketing has come a long way in the past couple of decades.

We have moved on from flyers and billboards to a completely digital space where, with just a simple click, you can get a detailed overview of the product right on your screen.

And new changes are coming to product marketing thanks to innovations and the introduction of new technologies.

Yes, we are talking about AI and machine learning.

Today, it has become a lot easier for businesses to understand what customers want, when they want it.

And now, with AR and VR in the mix, they can give their customers a taste of their products right in front of them in real time.

40% of marketers report that the biggest benefit of creating video content is to help their customers understand its products and services (Source: According to a recent study by McKinsey, word-of-mouth influences 20% to 50% of all purchase choices, and 50% to 80% of word-of-mouth is based on personal experience with a product or service.)

Conclusion

Product marketing is pretty much the future of digital marketing.

From bringing a new product to the market to seeing its growth and adaptation, product marketing is much more than meets the eye.

With its benefits, which can improve product visibility, create compelling messaging and help businesses and their products stand out, this type of marketing is a magic tool that can help your business thrive.

And, as we look into the future, we will need to keep up with the evolving needs of the time and introduce new tech into our marketing efforts.

In simpler terms, product marketing is not simply a choice.

It is an investment that can help you make your place in the competitive world of business.




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