The first cardinal sin in marketing is assuming your product or service is THE answer to everyone’s dreams and prayers.

Although there are a few examples of such products (Pet Rock, Chia Pet… 😉) let’s assume most products will require a little MARKETING to get your customers in the right frame of mind to purchase. 

Here are a few ideas to help with this.

Solve for and market to your customer’s needs, not yours. You see it over and over again – products with long lists of features that tout how great the product is, not what it solves for the customer. The FIRST question you should ask yourself when evaluating a potential product is what problem does it solve? When you identify that, you’ll have the foundation of your marketing approach. And all advertising and marketing collateral should be developed to explain to your customers, the problem(s) it solves. The old cliché is true; people don’t buy a drill because they want a drill – they by a drill because they want a hole! Your job is to figure out how to get your customers to believe your “drill” will deliver the best “hole”! Figure that out, and the world will beat a path to YOUR door.

People don’t buy a drill because they want a drill – they by a drill because they want a hole!

Price is important, but not the only consideration. This is a tricky one because it’s very dependent on the product you’re selling. If you have a low engagement, commodity type product then price is an important component. If you have a proprietary, high engagement product, you have more latitude with your pricing strategy. Remember, price is only one component of the marketing mix and the others (product, promotion, placement) are equally as important and can differentiate you in a sea of price competitors. Whether competing on price or not, don’t ever forget your customer’s journey doesn’t begin or end with the purchase. There’s delivery, and support and …??? Do you stand out in one of these areas vs your competition? Make sure you point that out and explain how your total offer is different/better. As price becomes important, a USP (unique selling propositions) becomes even more so.

As price becomes important, a USP (unique selling propositions) becomes even more so.

Follow the trends. Marketing is half the right product, half the right placement and half the right timing. Wait… 😉. OK, but you get the point. There are a lot of reasons products succeed, and fail, and you need to capitalize on all the opportunities you can to make sure you’re in the camp of success. So, what is a trend? Google defines trend as, “a general direction in which something is developing or changing”. So … important? Ask a producer of buggy whips in 1919 if it was??? Trends can make or break a product or campaign. So how can you stay ahead of the curve when it comes to market direction? There’s really no easy solution. You have to invest the time and stay informed. Read … constantly! Find websites or blogs or podcasts that represent your market segment and consume all you can. Use tools like Google Trends to look at macro and micro movements. Attend conferences in your industry. Watch your competition! If they’re aware of a trend, and you’re not, that’s called a competitive advantage. Make sure the trend advantage is in your camp!

Here’s a great TED Talk by Bill Gross on what factors matter most to startups and a few ideas on how to get started from our blog. You might be surprised…??? 

Watch your competition! If they’re aware of a trend, and you’re not, that’s called a competitive advantage.