Definition: Product Marketing Plan
A product marketing plan typically refers to the outbound marketing plan for executing the overall marketing strategy.
This plan may be alternatively referred to as a "channel marketing plan," "GTM (Go-to-market) marketing plan," or simply “marketing plan” or "launch plan." The exact term used differs depending on the company.
Regardless of the term used, the product marketing plan typically includes the following elements:
Marketing Channels: Determine which channels will be utilized for marketing efforts such as paid media, social, public relations, email and in-product messaging and influencers.
Marketing Initiatives: Define the specific activities and initiatives that will be implemented within each marketing channel. For instance, retargeting campaigns on Facebook, email campaigns targeting cart abandonments, SEO-optimized landing pages for specific long-tail keywords, or webinars tailored for sales teams.
Marketing Calendar: Plot the start and end dates of each marketing initiative and share this collectively in a single calendar view.
Creative and Messaging: Develop the visuals that will capture customer attention and craft compelling messages that will resonate with the target audience.
KPIs and Budget: Define the KPIs for success, budget allocation, and return on investment (ROI) for each marketing initiative.
In other cases, the product marketing plan may incorporate elements of the product marketing strategy. The product marketing strategy (sometimes referred to as GTM strategy) is often outlined in a separate strategy document but may also be integrated with the outbound plan into one document. The elements of the strategy document encompass:
Business Situation Analysis
Customer Segmentation and Targeting
Target Audience Personas and Insights
Pricing and Packaging
Branding and Naming
PSO (Point of Sale) or RTM (Route-to-market) Strategy
Irrespective of whether the information is presented independently or combined, and regardless of the specific name used within your organization, the product marketing plan plays a vital role in executing the marketing strategy and driving the business growth you intend. It serves as the roadmap to effectively reach customers and achieve your marketing objectives.