Product Marketing in 2024: Why It's More Important Than Ever and How to Excel

Product marketing is a crucial aspect of any business that wants to stay competitive in the marketplace. In 2024, the need for product marketing is more important than ever as businesses face increased competition and changing consumer behaviour. This blog will explore why product marketing is essential in 2024 and what companies can do to excel in this area.

First, it is essential to understand what product marketing is. Product marketing involves promoting and selling a product or service to potential customers. This involves identifying customer needs, creating a product that meets those needs, developing marketing strategies to promote the product, and measuring the success of those strategies. Product marketing also involves working closely with other teams within a business, such as product development, sales, and customer support, to ensure that the product meets customer needs and is successfully marketed.

So why is product marketing important in 2024? Firstly, consumer behaviour is changing rapidly, with many people shopping online rather than in-person. This means businesses must have a robust online presence and effective digital marketing strategies to attract and retain customers. Product marketing is essential in developing these strategies, as it involves understanding customer needs and preferences and creating targeted campaigns that appeal to them.

“A study by McKinsey found that companies with effective product launches achieve 80% more revenue growth than their peers.”

— McKinsey

Secondly, competition in many industries is becoming more intense, with new players entering the market and established businesses looking for ways to differentiate themselves. Product marketing is essential in this context, as it involves developing a unique value proposition for the product and creating messaging and positioning that stands out from competitors.

Thirdly, technology is rapidly changing, and businesses must keep up with these changes to stay relevant. Product marketing plays a crucial role in this, as it involves staying up-to-date with new technologies and trends and incorporating them into the product and marketing strategies. This includes everything from social media and influencer marketing to artificial intelligence and machine learning.

So, what can businesses do to excel in product marketing in 2023? Firstly, they must invest in the right talent, including product marketing specialists with the skills and knowledge to develop effective strategies. They also need to work closely with other teams within the business, including product development and sales, to ensure that the product meets customer needs and is effectively marketed.

“The Content Marketing Institute reports that 72% of B2B buyers consume content during the research phase of the buying process.”

Secondly, businesses must embrace and incorporate digital marketing into their product marketing strategies. This includes everything from creating compelling content for social media to using data analytics to measure the success of campaigns.

Finally, businesses need to stay up-to-date with the latest technologies and trends and be willing to experiment and try new things. Product marketing is an ever-evolving field; companies willing to adapt and change will be the most successful.

In conclusion, product marketing will be more critical than ever in 2023. Businesses that invest in the right talent, embrace digital marketing, and stay up-to-date with the latest trends and technologies will be best positioned to succeed in this increasingly competitive landscape.

5 tips for excelling in product marketing in 2023:

1. Know your audience: The first step in effective product marketing is understanding your target audience. Conduct market research, analyze customer data, and create buyer personas to deeply understand your customers' needs, preferences, and pain points.

2. Create a unique value proposition: Develop a unique value proposition that differentiates your product from competitors and clearly communicates the benefits to your target audience. This should be the foundation of all your marketing messages.

3. Use data to drive decisions: Data should be the foundation of your product marketing strategy. Use analytics to measure the effectiveness of your campaigns, track customer behaviour, and adjust your plan accordingly.

4. Develop compelling content: Create content that resonates with your target audience, including blog posts, social media content, videos, and more. Use your unique value proposition and customer insights to develop content that addresses your audience's pain points.

5. Collaborate with other teams: Product marketing should be consistent. Work closely with other teams within your organization, including product development, sales, and customer support, to ensure that the product meets customer needs and is effectively marketed. Collaboration is critical to success in product marketing.

At B5 Intelligence, we take pride in being accomplished, data-driven, and revenue-focused Product Marketing professionals & Digital Project Managers with 15+ years of experience working with start-ups and Fortune 500 companies. Our creativity and analytical skills enable us to develop and deploy marketing campaigns that help propel commercial goals forward.