As per Peter Drucker – the revered Father of Management – there are two things that bring cash to a company. The first being ‘Innovation’, the second ‘Marketing’.
With Innovation not being an easy to come by as it is being told, Marketing remain the other secret sauce to grow your business.
Quite often, Marketing is seen as cash burner, by many business owners, so they let the product offerings do the talking for themselves.
What a pity!
When the product is excellent and something very innovative, marketing activity can not only help in reach out, but also can help in influencing purchasing decisions. Additionally, it can also create a firewall against the competition, thereby giving the competitive advantage to the owner.
When the product is just like any other available in the market… Isn’t marketing the only way to differentiate from it’s competition?
And if the product is up to speed, can marketing really help? The answer lies again in marketing. Can the product be of thought to be given a certain unusual benefit that is not being exploited by the competition? Like the Post-it pad glue was created when the glue mix came out to be so weak that it could not hold the paper for long against another!
As a bottom line, it is not advisable to market a bad product, as it might lead to a disaster, but a creative way to taking your product to consumer’s mind and heart through marketing in other scenarios is definitely a big step towards business success.