A product that uses underlying data to offer value to the customers is a data product. It can be a simple tool that uses data visualization techniques to promote transparency or a tool that uses data analytics to derive insights from data. It can be a product for retail customers as well as for businesses. Irrespective of the nature of the data product, it will need marketing to reach to its target audience.
A good marketing strategy should typically implement the following steps:
Understanding the market is extremely important. Identifying various service providers and current gaps can help us identify the niche segment where our product can truly add value. It helps us identify the target customer segment and geography, and help us in defining our value proposition to our customers.
While your product can be used for multiple applications, we need to identify that one compelling use case that will truly differentiate the product from the competition, and will help people to quickly identify with the product.
The value proposition should be communicated to the target customer segment via marketing channels, both online as well as offline. A portfolio of various marketing channels should be carefully created, considering the target audience, channel nature and reach, and budget constraints. The portfolio mix should typically involve advertising, promotions, publicity and public relations, as deemed suitable.
A feedback loop should be created to constantly hear back from the customer in order to build more features on an on-going basis.