How many potential customers do your competitors have yet to reach?Įven in a saturated market, the answer to that last question could still be “yes.” New companies can, and do, move in and claim a share of a saturated market for themselves. What does your product offer that theirs doesn’t? What makes you different? What is your USP?
You can do this by analyzing reviews, asking questions in your market research, and of course, testing out the product yourself.įrom there, you can determine how you differ from them. Prioritize figuring out your competitors’ strengths and weaknesses. One of the first and most important steps in creating a successful product marketing plan is to not only know who you’re up against, but to understand them.
The reasons why vary from bad management to a lack of financial backing – and, of course, having a crap product that no one wants to buy.īut there’s one other thing that frequently causes new products to fail: a substandard, incomplete, or (in some cases) non-existent product marketing plan.ĭo you want to learn how your product can be one of the 20% that succeed? Here are 6 key elements you need to consider when creating your product marketing plan.