The Product in Marketing
Marketing is not only all about advertising your product. It is the conceiving and packaging and moving of a specific product into public hands. So, who is your public and how do you know what product would be remunerative for your business to produce? This starts with an idea and ends with the response you get from your public. For example, in today’s market that would be in the form of “reviews” on Google or endorsements on social media. Imagine marketing is a flow line which would go as follows: Idea → Research → Development → Production → Sales → Response.
“Your first step is you’ve got to have a product to market that will market.” L. Ron Hubbard
That would seem like a truism, a “duh,” but this is among the top five most violated marketing principles.
Besides, it’s never good practice to start competing with your own products – it’s much better practice to compete with the competition!
There’s another angle to this, which is that the product might be good, but the marketing is so bad that nobody wants it.
So, the lesson to avoid costly mistakes is this: Have a product or service for which you can create a demand and that will market!Stay tuned for more marketing tips!