What Is Pragmatic Marketing? Benefits of Pragmatic Marketing

Aakriti

16th Aug'22

Have you come across the term “pragmatic marketing” and wondered what is pragmatic marketing? how can it help you scale your business?

If so, then this blog is for you. 

 

What is pragmatic marketing?

 

Pragmatic marketing is a clever way of creating and marketing a product. This is a sophisticated process that adapts itself based on the requirements of the customer. In the process of adapting the marketing strategy is scrutinized and tested in order to make sure that the product is relevant to the customer and that all their expectations are met.

 

Pragmatic marketing is used by companies to deliver goods/products that match the requirements of the customers. It is a process that involves researching the needs of the customers, developing products, and assessing customer response throughout the cycle of a product.

 

The main objective of pragmatic marketing

 

The primary objective of pragmatic marketing is to deliver a product as per the customizations and specifications of the customer. This is a reason why pragmatic marketing is considered to be the most efficient way to deliver.

 

It is a precise process that involves a lot of tests of a product to make sure it will satisfy the market/ customers. For example, a smartwatch business might design a smartwatch with specific features as per the requirements of the customers. They use pragmatic marketing by testing the smartwatch with a sample crowd. As per the feedback from the sample crowd, the business will bring changes to the smartwatch so that it fits well with the costumes upon entering the market.

 

How to implement pragmatic marketing in your business?

 

Pragmatic marketing and product management go together. These are the following ways in which you can implement pragmatic marketing- 

 

1. Identify market problems 

 

market research

 

It is essential for every business to know how to identify consumer wants and needs. Hence brands can use surveys and research to identify what features customers are looking for. Furthermore, brands should build their profiles according to the wishes of their potential customers.

 

2. Build a prototype

 

The product team of a business needs to create a product prototype that satisfies a requirement in the market. Before entering a competitive market stakeholders may want to see a product be tested to gauge customer response.

 

3. Test with a small group

 

test market

 

Before developing a formal strategy for the distribution of a product, marketers need to beta test their product with a small target audience. Testing or market sampling may be done through an industry-specific show/ exhibition or a special event. Brands can test free samples in such events in exchange for critical feedback.

 

4. Analyze the results

 

 After the soft launch of the product, the business will assess the performance of the product and conduct a win-loss analysis. Relevant data will be collected from various sources, including but not limited to social media, feedback or reviews, customer representative calls, etc.

 

5. Improving the product

The project management team will work on improving the product according to the customer review and feedback. This is done to refine the product as per customer requirements.

 

6. Testing the product again

The testing cycle will be repeated one final time. This time the sample audience will comprise a new and larger group. The marketing team will mainly focus on the pricing of the product, to make sure that the sample audience is comfortable with the pricing. They will also pay close attention to the responses of the customers, such as whether or not they are offering referrals.

 

7. Launch of the product 

This process does not end with the manufacturing and testing of the final product. The marketing team and the business itself will analyze the response, feedback, and criticism from the audience after the launch of the product.

 

How is a product being used by a customer? Who else will be interested in purchasing our product? Should we add more products to our pipeline? These are some of the many questions companies should ask after a product launch.

 

Benefits of Pragmatic Marketing

There are many benefits of a pragmatic marketing framework. Let us look at some of the advantages of pragmatic marketing:

  1.  Eagerness: A pragmatic marketing product aims to sell products with untapped potential, ones that answer the customer’s call. Creating ads and buzz around these products means you will release them to a more enthusiastic audience.

 

  1.  Efficiency: Working together is the staple of pragmatic marketing. Product teams and marketers must work in a union in order to sell the product effectively. Repeated research and testing remove defects and useless features, hence making the end product more useful and in accordance with the preferences of the market.

 

  1.  Refinement: Pragmatic marketing is a full-proof way to estimate customer response to a product. This eliminates the risk of failure. As a result of repeated testing, the end product is made with the suggestions of the market.

 

3 Drawbacks of Using Pragmatic Marketing

 

Although there are many benefits to pragmatic marketing there are some drawbacks to pragmatic marketing. These are :

1. High expenses: creating the product and then advertising it can take a significant amount of funds. Even though this investment is necessary it may not always yield desired returns.

 

2. Time: Testing the product multiple times and then advertising it on multiple platforms requires a lot of time and patience.

 

3. Unpredictability: Research can tell brands a lot about the market. These insights are very useful. Although there is no way of knowing for sure what matches the current need of the market. In other words, it is not possible to accurately guess the market response to a product. The companies, however, based on research can make a pretty close guess about the same.


 

I hope this blog helped you in understanding what pragmatic marketing is all about. If you are a business owner or an entrepreneur then you should definitely look into pragmatic marketing. 

 

We, at OpenGrowth, are continually looking for trending startups in the ecosystem. This was a blog on blockchain explained in simple words. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to the other blogs at OpenGrowth. If you have any suggestions, do let us know in the comment section below. 

A student in more ways than one. Trying to feed her curiosity with news, philosophy, and social commentary. 

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