On March 2nd, Professor Mark Burgess hosted a special guest speaker for his course Market Assessment and Analysis—MBS alum Kelly Patraju. She has over 5 years of experience working in Brand/Product Marketing for both Global and National markets. Currently, she works as Associate Product Manager, Bakery at Puratos, a bakery ingredient manufacturer for bread, sweet goods and chocolate. Patraju received an undergraduate degree in Chemistry from Rutgers. She continued into the PSM program to study Personal Care Science, graduating in January 2020.
In her lecture, Patraju discussed the real-life applications and processes of Product Management, bringing a product to commercialization. Here are the key takeaways from her presentation.
Know the difference between brand marketing and product marketing.
Bringing a product to market involves two different areas, said Patraju, product management and brand management. Product management involves product development and portfolio management, while brand management includes how the product is positioned within the market and communicated to external audiences.
Understand the stage-gate process.
The stage gate process, said Patraju, is a model used for product development. A product idea passes through a combination of stages, separated by figurative gates, to move toward market launch.
Although these exact stages and gates vary by company, they usually begin at ideation and end with product launch, the final gate serving as launch review. Each phase involves collaborative work between cross-functional teams, and each gate requires key stakeholder sign-off to move the product to the next stage.
Manage your portfolio.
Part of product management is being able to manage a portfolio as a whole, said Patraju. Review and rebalance your internal portfolio, or product range. Make sure that you have products a customer will value, that your products are differentiated, and that your portfolio is clear and comprehensive enough for a sales team to sell. When products are delisted, help your customers transition to a new product.
Set yourself apart.
Patraju outlined key ways to set yourself apart from other candidates in the field of marketing.
- Have strong public speaking skills. These skills need to be practiced. Give yourself the opportunity to practice and make mistakes. The more confidence you’re able to show when speaking, the more often opportunities will be presented to you. Of course, an MBS education will help you hone these skills in courses such as Principles of Leadership and Communication.
- Have a foundational knowledge of intellectual property. In marketing, asking the right questions will help you advance your career. Patraju highlighted our course Fundamentals of Intellectual property. “If you have the opportunity to, take it,” she said.
- If you have the chance, gain agency management experience. Managing relationships with external partners is invaluable. A demonstrated ability to work with others outside your organization will set you apart from other candidates.
Patraju’s tips for marketing success:
Patraju shared three tips for marketing success within the industry.
- Put yourself in the shoes of the audience. Imagine yourself as your customer and ask, “what’s in it for me?” Consider why your target audience will want this product from you and not a competitor.
- Representation matters. Make sure the language and imagery of marketing materials (both internal and external) are representative of the target market you’re pursuing. Your audience values seeing themselves in targeted ads and communications.
- Keep pushing the boundaries by bringing new ideas to the table. Pitch all your ideas, said Patraju. She recommended writing them down, developing them, and then consulting key stakeholders.
“I really enjoy being able to impart some of the observations or experiences that I’ve had in the last few years since being a student onto people who are in my position before,” said Patraju. “It’s something that I personally valued when I was in the program, hearing the experiences of people who came through the program before me.”
Patraju shared advice for current students, passing on wisdom that she received during her first semester in the program.
“Get involved in as many things as you can,” said Patraju. “You never know who you’re going to meet, how you’re going to build your network, what might pique your interest, or what you might get your hands into. It really helps define what direction you want to go in. For me personally, I was in Personal Care Science, and I was getting involved in so many different things—I was involved in the New York Society of Cosmetic Chemists. And somehow, throughout that journey, I realized that I really loved the area of food because of all those things I kept getting involved in, and it helped build a stronger relationship between me and the MBS program.”
If you missed the last guest speaker, we recapped Wendy Bishop’s presentation on the roadmap to a successful new product launch. You can also read about Professor Burgess’ class trip to IKEA, where students studied the store’s experiential marketing tactics first-hand. To find more workshops, speakers, and panels, visit our events page. Stay up to date by following us on Twitter and LinkedIn.