Product Management in building blocks – step by step guide

Doing everything at once is difficult… and frankly not sensible.

Take your time and go through the building blocks one after another. You will see that solving one building block gives you an amazing advantage and unlocks murky ideas about what to do with the rest.

Setting / Defining Target audience  

  • Segmentation by Primary audience and Secondary audiences
  • Use cases (pre vs. after)
  • Purchase intent – top of mind purchase decision
  • Purchase or Buying cycle (who, when, where)
  • Buyer vs. User
  • RTB (Reason to Believe)

Outcome: Clear strategy on who to sell too (qty), what tone, what message and where to attract your primary and secondary consumers.
=> This is an efficiency boost, although you might know most of it, defining it and setting goals to it makes the difference and you can measure against it.

Creating the right Product Marketing Strategy

  • Branding – CI
  • Product Naming
  • Product positioning vs. Market vs. Competitors
  • Product development roadmap (diversify for larger ranging and product lifecycle)
  • Product derivatives (derivatives create price stability)
  • Social / Classic Media Campaigns
  • Advertising / Promotion / Offline and Online content / Paper

Outcome: A visual guide to target audience is costly, the product roadmap essential to boost sales in various channels and not cannibalise your sales.
=> Without clear audience definition this is not a useful task because it can be a hit or miss. Luck.. so first things first = target audience.

Attack the Competition / Gain Marketshare

  • Market Research (markt insights, sales data,…)
  • Competition analysis (unit, Price, product comparison)
  • USP definition
  • SWOT
  • Benchmarking and Positioning (flanking or head on offence)

Outcome: define what qty and market share you want to achieve 6m – 1y – 3y and develop channel strategy and sales strategy to achieve this.
=> This is vital for product because you will want your product to be the best and to be defined clearly and have everything you need. This should be repeated  / updated on a 6m level.

Driving Sales through activation

  • Sell-in / Sell-out Promotions
  • Co-marketing activities
  • Seasonal marketing & sales offers, Coupons etc.
  • Bundle campaigns
  • Out of Home / Non-traditional sales channels

Outcome: You will have a package of promotions / sales activities to run and drive sales. Without Competition / Marketshare target this is not sensible and can get very expensive if not planned properly.
=>  Boosting your sell-in quickly when you need to is difficult without acting on price, having a tool-kit of known promotions gives you an advantage in negotiations for flyers, with procurement, etc.

Make use of your current placement at Retail Marketing

  • POS options, packaging…
  • Promoters
  • Online Shop
  • Brochures, etc…
  • Website (almost a single Workpackage), SEM and SEO

Outcome: Shelfspace is expensive but are you making the most of it? Most often there are so many ways to increase awareness and lock your consumer into a communication with you and your product.
=> This is truly an Art and often underestimated what impact it has to consumer purchase decision. You will have an own toolkit to use and boost your sell-out.

Good luck and if you have any question,… send me an email.