By Stacey Weber
Getting your message to the right people, motivating them to investigate further or to purchase your product, is key to meeting your product’s goals. Most Product Marketing Managers will have to make difficult decisions as they decide where to spend their limited budgets.
Do not despair! Marketing can be done on a shoestring budget.
1) Check your strategy. New versions of products are released frequently – but that doesn’t necessarily mean that each launch needs the same level of marketing focus. Which releases tie most strongly to your goals? Is there overlap that we can take advantage of, where two or more product releases affect the same buyer? Think about where you think the revenue will come from, then prioritize your budget by market segment and product(s).
2) Consider your buyers. Who is involved in the buying process? Someone owns the budget, but who is actually making the purchase decision? Who else has the ability to influence the purchase decision? I like to look at the buying personas, considering their AUTHORITY to make the purchase decision and the INFLUENCE they have on the buying team. Target the personae who have the highest authority and influence.
3) Focus your execution efforts where they will get you the best return. You’ve considered priority by segment and product. You’ve determined the buyer(s) with the highest influence and authority. Now, you can craft a marketing plan that focuses squarely on the right target.
- What is their top reason for buying? What is the problem that will cause them to start shopping? What words do they use to describe it? Craft a message that shows you understand their problem and how they view it.
- Where do they go, and what do they read? Figure out how to get your message in the places that they naturally look for information.
- What action are you trying to get them to take? Be clear, and focus on your target. Do you want them to sign up for a download of a thought-leading eBook? Or are you trying to get them to click to purchase, or make contact with you?
We can do effective marketing on a shoestring budget! We just need to be mindful of our targets, the channels they use to get information, the messages that will cause action, and the ultimate goal of each marketing campaign.
Sound easy? Hold on…..it’s not.
In order to make our small budget act like a big(ger) budget, you must first understand your target buyers! Identify people who recently tried to buy your product, or those who seem like they SHOULD be trying to buy it.
When you have an opportunity to talk with them, take it…..but then, talk less than you listen.
Ask them about the problems they’re having, and spend your energy listening to them. How do they experience the problem that your product solves? What words do they use to describe it? How do they go about researching and eventually buying products?
Show curiosity, take copious notes, and use that information to create marketing campaigns that minimize expenditures while maximizing leads.
