You are running a business and feel that you are fighting an uphill battle daily. Then this article is for you!
You have a good product but are scared to shout out to the world, as you feel that the competition might just pick it up? Then this article is for you!
You are constantly getting bogged down by the changes in the market laws, taxes and find yourself back to square one. Then this article is for you!
There are more scenarios that come to my mind, but let me get to the meat of the article!
The simple 1 word answer to all of the above scenarios is - “MARKETING”
Let’s deep dive -
What is Marketing ?
Quite simply, it is the answer to - “How to compete on things other than price?”
What Marketing is not
- Marketing is not about the product. You can outsource manufacturing of the product.
- Marketing is not advertising.
Let’s look at what Marketing really is
- Marketing is a way to attract leads
- It is taking those leads and converting them in to customers
- Finally Customers turn into Raving Fans and that’s all Marketing Magic.
In essence, Marketing starts before a product even exists. It is the homework one puts in to understand the market need, what people really need and then deciding - “ I can build this! “
“ Observe a gap in the market that you can fill in. “
This leads to some very important decisions -
- How do i launch my brand / product?
- How do i price my product?
- How to distribute?
- How do i promote it?
Does marketing stop once we have all the above answers?
Rather, we re-strategize with the insights that we have month over month / quarter over quarter and look at new ways to do all of the above. It really is a long term effort. But one that is truly foundational to your business. And if done right then it can very well have rewards that make your business perennial.
In the early days, things were simpler. You made a product and hit the market stating -
“This is what I made. Would you please buy it?”
And more often than not it worked as there were shortage of skilled labour, machinery, technology was non-existent. So you could win the game through manufacturing in large numbers as the demand was more and the choices were none.
Today, however, the scenario is different, We have the tools, the labour, the technology and the distribution channels that serve worldwide. The demand is more and the choices are infinite. The whole scene has now shifted to the customer - who asks -
“This is what I want?
Won’t you please make it?”
What will your answer be?