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Today we are talking about the Product Marketing Plan. Keep reading to know how to create a plan that leads you to success. On our channel, we share thoughts on recent developments in the tech industry, follow us not to miss new articles.
Product Marketing Plan sets the objectives for promotion and describes ways to achieve them and is usually limited within a given period because all marketing plans have to be rewritten or revised at some point.
What is the Difference between a Product Marketing Plan and a Product Marketing Strategy?
Well, words like Plan and Strategy are often used together or even interchangeably and you still need both. It’s best to approach them from different angles.
What is Product Strategy?
It is a singular vision you have for the product. A product strategy is a high level plan describing what a business hopes to accomplish with its product and how it plans to do so.
A product marketing plan describes specific actions that should be taken to achieve the main objectives set in the strategy.
Product Marketing Plan Definition
- It defines methods for reaching customers
- It describes involved marketing mediums
- It has a section dedicated to tracking and measuring
- It describes the team’s involvement.
The product marketing plan is usually written by a marketing team together with a product manager.
What is the structure of a Product Marketing plan?
Well, for a plan to be clear and correct, it should start from a macro analysis of the industry and gradually zoom in to smaller aspects. Read further to know about the must-have elements of a marketing plan.
#1 Marketing Audit
This section is dedicated to analyzing the business climate. For the analysis of the macroeconomic environment, you can use the PESTEL framework, which analyzes relevant macroeconomic factors that will influence your product marketing. Among the PESTEL frameworks driving forces are:
- Political
- Economic
- Social
- Technological
- Environmental
- Legal aspects
#2 Microeconomic Environment
While at macroeconomic analysis, you review inflation, unemployment, interest rates, GDP. At microeconomic analysis, you need to look into your competitors, market demand, supply and market size.
#3 Customer Research
We always recommend our clients to perform this one at the very beginning of the project. There are three different types of customer research, such as:
- Demographics: age, gender, income, social status and employment.
- Behavioral analysis: when you research the audience’s needs and motivations
- Field experiments: when you monitor the way your target audience behaves in places they often visit.
#4 Competitive Analysis
To write a competitive analysis, you have to:
- Define your main competitors
- Explore the competitive products
- Define their main marketing strategies
- Research competitive content strategies.
#5 SWOT
- Strengths
- Weaknesses
- Opportunities
- Threats
It is a great summary of everything you’ve learned while making the software marketing strategy.
#6 Marketing Strategy
The marketing strategy section covers actual strategies to be included according to the marketing mix. The strategy centers on the traditional four P’s of marketing:
- Product
- Price
- Place and
- Promotion.
#7 Marketing Activities
A list of any actions concerning marketing goals that are scheduled for the period and the indicated timelines. Also, list KPIs to be tracked.
#8 Marketing Budget
We at EZtek include Marketing Budget to find all finances to be spent on marketing campaigns.
This article was prepared by the EZtek team. EZtek helps top brands worldwide to innovate and accelerate digital transformation. We provide world-class enterprise software development, design and technology consulting services.
