Product and marketing are two essential components for the success of any project or business. Although they are often debated, they actually complement each other more than many believe.
PRODUCT:
- It is the core of any marketing strategy. It is what is offered to meet the needs of a specific group of people.
- Without a good product, even the most brilliant marketing strategy can fail. Therefore, investment in product development and improvement is crucial.
MARKETING:
- This creates awareness about the product, positions it in the market and generates demand.
- However, marketing cannot compensate for a poor product. If the expectations generated by marketing are not met in the customer experience, the brand suffers damage.
HOW TO IMPROVE ALIGNMENT BETWEEN PRODUCT AND MARKETING?
Constant comunication:
Schedule ongoing meetings to share updates, goals and challenges, and understand priorities and needs from both sides.
Two-way feedback:
Encourage teams to give each other constructive feedback. Marketers can offer ideas for improving the product, and developers can point out promotion opportunities.
Joint definition of objectives:
Set shared goals that span both product and marketing. For example, increasing sales, improving customer retention, or expanding the user base.
Align KPIs (key performance indicators) to measure success in both areas. This ensures that everyone is working toward a common goal.
Integration of tools and systems:
Use collaborative tools to share information. Make sure teams have access to the same data and can collaborate efficiently.
MEASURE THE EFFECTIVENESS OF THE ALIGNMENT BETWEEN PRODUCT AND MARKETING, WITH THE FOLLOWING KEY METRICS:
ROI (Return on Investment):
ROI = Revenue generated − Marketing cost / Marketing cost
Customer satisfaction:
Conduct surveys or feedback analysis to assess customer satisfaction with the product and marketing experience.
Conversion rate:
Conversion rate = Purchases made / Visits or leads
Shared KPIs:
Define specific KPIs that reflect your overall goals. For example, increasing website traffic, customer retention, or social media engagement. Monitor these KPIs regularly and adjust strategies based on the results.
