Today's post is an excerpt from The MFS B2B Product Marketing Guide.
Considering the way product marketing has and continues to evolve, it is worth taking time to define exactly what B2B product marketing means today.
Our working definition is that B2B product marketing is the link between the product team, sales, marketing, and the customer—working closely with each to develop and hone a go-to-market approach for a product that meets customer value expectations. The modern PMM essentially works as a strategic integrator focused on the continuous alignment of disparate teams towards the ultimate goal of product success.
B2B Product Marketing - Key Activities
The role is multifaceted but there are some core product marketing activities to consider.
- Conduct Market Research - The PMM is responsible for the initial market research before a product launch. The PMM needs to learn everything about the target market including its size, growth trajectory, existing incumbents, and any developing trends.
- Identify the Buyer Persona - PMM’s must develop the buyer persona before launch. The persona should include details like ideal company size, persona job title or titles, and key concerns or pain points.
- Define Product Positioning - Building on the initial market research, the PMM needs to figure out how to position the new product in the marketing. Competitive positioning will come into play here too as the PMM figures out how the new product will stack up against existing incumbents and what is the best way to communicate this position.
- Create Product Messaging - Again, this task will build on the existing work on market research and product positioning. The task here for the PMM is to develop product messaging which will be used as the base for all supporting sales and marketing materials. Such is the complexity associated with many B2B products today that the messaging might need to be tailored for each of the various stakeholders involved in the buying process. The ultimate goal of the product messaging is to articulate the product value in a way that resonates with the customer.
- Create a GTM Launch Strategy - Product marketing as we have already stated is multifaceted. On the one hand, the PMM is a strategic integrator - aligning disparate teams towards the ultimate goal of product success. On the other, the PMM is also a strategy driver - creating and overseeing the execution of the product launch strategy. The GTM launch strategy will contain all the various activities that go into a product launch including PR, outbound sales, website updates, email marketing, paid ads, social media campaigns, sales enablement, and whatever you’re having yourself. Again, the role of the link player within the organization will come into play here for the PMM as they liaise with all the various teams that will be involved in a product launch.
- Develop Sales and Marketing Materials - The PMM will work with the content resources at the company to create all the materials needed to support the product launch. Sales materials will include updated sales decks, and sale enablement materials such as competitor comparison documents, ROI calculators, and any case studies as they emerge. Marketing materials will cover all the content needed to build out the launch strategy including web content, marketing emails, social media graphics, and sell sheets.
- Define, Measure, and Analyze Product Success Metrics - While revenue will be the ultimate product success metrics, there will be some key metrics to focus on that will help provide key insights into the success or otherwise of the product. In a sea of available metrics, it is up to the PMM to highlight which key metrics to focus on. B2B software products, for example, can provide PMMs with valuable data around usage metrics and which features are providing the most value to the customer.
- Collect Customer Feedback - The PMM must maintain an open-minded approach and seek out customer feedback at every opportunity. The sales team can bring a lot of value here too as it is they who are on the front lines dealing with customer feedback and objections on a daily basis. Similarly, the customer success team will have insights into which product features or use cases are achieving the highest levels of customer satisfaction. If there is an opportunity to speak with a customer directly or sit in on a sales call, it can be a source of invaluable insight for the PMM as they look to hone and develop the product.
- Liaise with the Product Team - The product manager is ultimately responsible for overseeing the development of the product, but the PMM has a lot of valuable feedback and even guidance to bring to the product team. Close-knit collaboration between the product team and the PMM throughout the entire product lifecycle will be key to the product’s success or failure. Remember, it is the PMM who will have visibility into all those other areas we have outlined including buyer pain points, customer feedback, sales insights, and more that can be leveraged throughout the product development lifecycle.
Product Marketing v Product Management
The areas of product marketing and product management are closely intertwined but there are some crucial differences. Product management is primarily focused on overseeing the building and development of a product including features, roadmap, and vision. Product marketing, as we have seen, prioritizes how to bring the product to market in such a way that clearly communicates the value proposition to the target market.
Similarly, product marketing would have a good deal of crossover with marketing teams but, while product marketing is hyper-focused on launching and driving adoption of a particular product, marketing teams are tasked with a broader set of responsibilities including brand building, awareness, and creating sales opportunities for the company as a whole.
Similarly, product marketing would have a good deal of crossover with marketing teams but, while product marketing is hyper-focused on launching and driving adoption of a particular product, marketing teams are tasked with a broader set of responsibilities including brand building, awareness, and creating sales opportunities for the company as a whole.
This post is an excerpt from our recently released MFS B2B Product Marketing Guide. If you would like to read more you can access the guide in full here. If you have a marketing challenge you are looking for support with, you are welcome to set up a no obligation initial strategy consultation with our team.