What are the 4 growth strategies?

What are the 4 growth strategies?

Product Marketing Strategy-

Product marketing strategy basically consists of positioning, promotion and pricing of new product which helps to develop and launch product and there target audience.

Now, let us take a look at five steps that can help you optimize your product marketing strategy.

1.Product target audience and the buyer persona for them.

One of the vital factors for product marketing strategy is to define the specific set of audience and at the same time create a buyer persona for them, jotting down what type of products are buyed with respect to specific set of audience. Try to understand the needs and requirement of your customers, what challenges they are facing, write down their pain points.

2. Determine the positioning and messaging to set your product unique

After analysing your customer, you get the idea of their needs, challenges, and the pain points, so now you can market your products to resolve the problems of people. The message you want to give through your product creates a deep impact on the minds of your audience.

3.Set goals for your product

Goals for your product can vary with respect to different specific products, also on company’s name and its brand image. Your goal should be specific to your business and situation. some of the common goals would be to engage maximum customers, improve the market share of your product, improve the brand recognition and bring max leads for your company and try to convert them for sales to gain maximum revenue.

4. Pricing of your product-

You have to set the pricing of the product by looking at what quality of product you are providing, also you must check your competitor who are selling the same product at different price, so be very specific and clear to this and then you can cement your product in the market. Either way, you can consider competitive vs. value-based pricing.

5. Launch your product.

There are two main parts to the launch to focus on as a product marketer: the Internal launch (what goes on within your company upon product launch) and External launch (what goes on outside of your company, with customers and audience members, upon product launch).

If you are product manager, your job as a product marketer entails making sure the entire organization is on the same page about your product. This way, your customers only receive consistent and accurate details about the product.

The four main growth strategies are:

1) Market Penetration: increasing market share for existing products or services within existing markets.

2) Market Development: expanding the market by finding new groups of customers or new geographical areas to sell existing products or services.

3) Product Development: creating and introducing new products or services to existing markets.

4) Diversification: developing new products or services and entering new markets that are not currently served by the company.