Product Marketing Strategies: Why Startups Should Adopt In 2023?
| 4 minutes read
Running a startup is not an easy job; starting a business is easy, but continuing a startup is stressful. Startups face difficulties in day-to-day operations. They have to manage staff, miscellaneous office expenses, and other additional costs. Cash flow is required to maintain the processes, and it also encourages to offer of goods and services for the long term. Apart from this, it is also a fact that most startups fail in the first three years.
Bank vs. Investor Funding: Which Option is Best for Your Business?
According to a report by Review42, 90% of all startups fail. Naturally, these figures might upset entrepreneurs and investors. However, it doesn’t mean startups can’t outperform; they have consistently shown the world why big investors and companies invest.
One of the primary reasons startups fail, and some of them despite having great products, is their lack of an adequate product marketing strategy. Unfortunately, in the messy process of trying to stay in business, most startup owners fail to address this crucial factor that contributes the most to the success of any business. Offering a product is easy, but your product will be successful if you properly implement the product marketing strategy.
How do Product Marketing Strategies Help Startups to be Successful?
In the busy schedule of running a new business, the primary focus of all startup owners is on their day-to-day operations and everyday management. While it is indeed true that products that solve a market need are essential for a startup to succeed, just offering a product is not enough if the product is not in demand.
Along with a great product, a well-thought-out marketing strategy is the one ingredient that can help make that difference between rising to new heights and fading into a stupor. But unfortunately, this is where many startups take missteps by overlooking the need for an appropriate product marketing plan using digital marketing services.
In this article, we will explore a few best product marketing strategies every startup should adopt in 2023.
Create A Useful Product
The heart and soul of any proper product marketing strategy have to be the product. Don’t impose the product because you like it to offer. Instead, analyze the market and its demand and check what the market offers and what solutions you can deliver to your customers.
Having a great product does not guarantee that it has all the features available in the market. A well-designed product that focuses on the user’s interest and delivers solutions to specific user problems.
Pro Tip- To attract or pull users towards your products, make sure your products are superior and capable of solving users’ problems effectively.
Form a Brand Story
When launching a new product, one of the most critical growth marketing strategies in 2023 is to promote the product as a new brand that fulfills the users’ needs. However, just remonstrating about the new features and uses of a product is not enough to engage customers in a way that resentments their interests. This is where storytelling comes into the picture.
Stories have been embedded in the human soul since time immemorial and can invoke powerful emotions that provoke action. Hence, converting a product marketing campaign into an account that reverberates with the users is one of the ways to ensure the success of the product in question.
Focus On Organic not Paid
Paid promotion is good, but you should focus on organic as a beginner. The product’s organic visibility and ranking could be improved if you utilize marketing strategies. In addition, an excellent organic ranking helps to build a strong foundation for your product marketing. It requires time and diligent effort, but once you successfully stay in a suitable organic position, it helps to maximize the product’s visibility.
Never Underestimate the Power Of Social Media
The entire world is on social media nowadays; if you want to go big, show your presence on social media. You can promote, offer, and bring traffic to everything possible on social media at any extra cost.
Further, a solid social media presence helps build a loyal fan following, which becomes a strong promoter of the product. This could be a slow process, but once you get the followers and fan following, trust us, they will always follow for the latest updates and be your consumers.
Lastly, they will promote your products. We are sure what mouth publicity is.
Build A Loyal Community
Another helpful product marketing strategy for startups would be targeting and developing relationships with the community that acts as the end-user for the product. This can be done through audience research, followed by community-building efforts through multiple channels, both online and offline.
Creating a community of devoted followers can go a long way toward ensuring the product’s long-term success and creating value in the market.
Think Outside The Box
By creating new ways to market a product, startups can save on costs and time while building a robust and loyal customer base at the same time.
Printing on print media, organizing giveaways, and press conferences are good ways to promote a new product. Startups should create new and innovative ideas for product marketing that can attract and create a buzz.
We published an article, Startups to Watch in 2023; which will give you complete information about startups to watch this year.
In startups, the competition is cutthroat, and the changes are frequent. The only way to survive in this challenging environment is to be innovative and provide solutions to the customers.
There is no specific size that fits all solutions when it comes to product marketing. But by using a combination of the information described above, startups can create effective marketing campaigns for their products and achieve their desired goals.
Suprotik Sinha is the Content Writer with Synkrama Technologies. He writes about technologies and startups in the global enterprise space. An animal lover, Suprotik, is a postgraduate from Symbiosis Institute of Mass Communication (SIMC) Pune. He carries 6+ years of experience in Content Writing, and he also worked in mainstream broadcast media, where he worked as a Journalist with Ibn7 ( now known as News18 India) and Zee Media in Mumbai.