- Top of the Funnel(TOFU): This is the stage where you make customers aware of your product or service and what problem it solves.
- Middle of the Funnel(MOFU): The goal of this stage is to provide enough value so the user will continue engaging and spend time progressing through your funnel.
- Bottom of the Funnel(BOFU): A user with high purchase intent reaches this stage. All you need is a gentle nudge like a discount coupon to convert time into buying customers.
Measuring the Results for Your Product Marketing Plan
There are three key quantitative metrics for evaluating your product marketing plan:
- Cost per acquisition(CPA): This metric evaluates how much you spend on marketing to attract each new customer. Simply divide the cost of your marketing campaign by the number of conversions.
- Customer lifetime value(LTV): It is a measure of how much continuous revenue an active user on your website brings through their use of your product or service.
- Conversion rates: It is the number of people who take the action you want divided by the number of actions taken. Conversions can be sales, leads, or signups.
Takeaways for Your Next Product Marketing Strategy
Every startup has a vision of a successful future, and that vision is embodied in a product. No matter how much potential a startup has – no matter how good its idea, how talented its people, or how well-capitalized – it will fail if it doesn’t get traction in the market.
The right product marketing strategy can create the right messaging that clarifies the value of the product in the customer’s eyes.
Is there anything else that we skipped? Please let us know in the comment section below.