Aligning Product Development and Growth Marketing
Growth marketing and product development might seem like they are two separate teams, but they can work hand-in-hand to help each other succeed. When thinking about business growth, the products that your business offers can ultimately lead to its growth and success. Here’s what you need to know about aligning product development and growth marketing:
Product Development Strategies
A product development strategy is the intentional redirection or focus of existing products. It can also involve the creation of new products for your line. A product development strategy will involve everything from goals and objectives, marketing, and funding. Product development can be an in-depth process which includes: ideas, idea screening, concept development and testing, market strategy, product development, market testing, and market entry. Your strategy can help you to gain an advantage over your competition and succeed in your chosen market.
A product development strategy has a number of benefits including:
- Business growth
- Risk reduction by eliminating guesswork during the product ideation and conception stages
- Help existing products respond to market changes
- Increase revenue
- Improve market strategy
A product development strategy can help you to achieve your business goals by improving performance and growth.
Growth Marketing
Growth marketing is the use of data received through marketing campaigns to drive growth. Analyzing data can help you understand where campaigns are thriving and where they need adjustments. Growth marketing focuses on building relationships with customers and fostering loyalty so that they trust you and continue coming back to you for their needs. Growth marketing aims to acquire and retain customers and increase revenue.
Aligning the Two
Aligning product development and growth marketing might seem like two different areas, but they can work together for the success of your business. As mentioned, customer loyalty matters. If you have customer loyalty, you can be confident that when you push out new products, they are going to be interested. If you improve on an already existing product, they may be curious enough to repurchase it because their experience with the previous version made them happy.
But how exactly do you align the two? Product development can’t be done on its own. Your marketing team understands best what your target audience wants, so these teams need to work together. Creating a product requires that everyone is customer-focused. Consider the following when thinking about your target audience:
- Their needs
- Their problems that you can help solve
- What you can offer them that your competitors can’t?
- What would exceed their expectations?
- How much will it take to create, and how much will we sell it for?
The marketing team has access to information from customer feedback that comes from surveys, emails, and landing page submissions as well as what they are saying about your products, services, and brand on social media. This information is crucial when improving on a current product or creating a new one. The alignment between the marketing team and the product development team will create the best products possible for your target audience and that, in turn, will generate more sales. Being customer-focused also means saving you money and time when creating a new product. Without alignment, chances are you’ll have a few missteps before landing on what your target audience truly wants.
Product development is a growth strategy that your business should take seriously. By creating what your customers truly want, your business will find itself on the road to success.
Categorized in: Digital Marketing
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