When I give someone an overview of what I do, I typically use an explanation based on the definition supplied by the Marketing 101 college textbooks. However, if the person hasn't taken Marketing 101 in college (and I'm sure many haven't, or it's been awhile!), I initially get a vaguely interested but puzzled look. It usually isn't until about 5 minutes of discussion when comprehension actually sinks in -- and that's where the interest begins.I don't think I'm bad at explaining myself. Quite the contrary! However, in our ADD, 500mph society, I'm still striving to find the succinct explanation that encompasses the real breadth of marketing -- and how that helps small and medium businesses -- within a 30-second commercial.
It's almost impossible, because there's so much.
I think everyone in business should take Marketing 101, because it's really the basis for any company, small or large! Without the basic understanding of how the 5P's interconnect and how they're pertinent to get any product or service to the marketplace, you'll fall short.
First of all, let's talk about the actual definition of marketing, because if you ask 5 different people what marketing is, you'll very typically get 5 different responses. So, let's start at the definition resource, Mirriam Webster, and take a look at their definition:
Marketing: An aggregate of functions involved in moving goods (or services) from producer to consumer.
Pretty broad, huh?
Typically, when I do a presentation about the marketing puzzle, this is how I start. I ask several people in the audience about their personal definition of marketing, and then I show them this one. It's usually pretty eye-opening.
Because contrary to what many believe, marketing isn't just an ad, logo, promotion, Website, news release, launch event, or Facebook page. It's much, much more than that -- and thinking it's "fluff," something expendable, or something that doesn't need a lot of focus will hurt any company, small or huge.
It's the heartbeat of any organization, feeding oxygen and vigor to all functions throughout!
So, let's get back to the basics. The marketing model used to be based on the 4 P's; today, they're the 5 P's (thanks to today's socially based society, adding "People" to the mix):
- Product (or service)
- Price
- Place (or distribution)
- Promotion
- People
Product (or Service) - Know Thyself
Today, I'm focusing on the first of the 5 P's: Product (or Service). Seems simple, right? Many people get into business to do something they're good at, and/or to do something they enjoy. And it's true: These two elements are crucial. However, there's much more to what you offer than that.
When you're starting or expanding a business, first you should do a little bit of market research. Why, you ask? You just know your product is the best? That may be; however, before you're even out of the gate, there are many things you should consider. You can do a lot of the research yourself, or hire someone to do it for you. However you do it, you need to understand not just what you think, but more importantly, what your target market thinks:
- Is there an adequate market for this product/service in the current world? You might be the best darn portable typewriter repair person in the world, but how many people have typewriters today? If you're set on repairing typewriters, is there possibly a market with antique shops, or something similar? I can't tell you how many companies have failed because they had a great product or service, but no market, or one too small to sustain the company.
- Do you have competition, and if so, how are they perceived? There's something to say about the terms "Keep Your Friends Close, But Your Enemies (aka Competition) Closer." Are they perceived as the best? Worst? Why? What do they do that's good to replicate, or good to avoid? Learn from their mistakes... and their successes!
- Why is your product/service better than the competition, and does the target market perceive it that way? In marketing, this is called your differential or competitive advantage. Make a list, because these will be your key message points for your target market. If you don't have these, CREATE THEM! How? Find a way to make your product/service different and better than the others. Create a new niche, approach, or packaging. Change the playing field. Do something that will make you stand out above the others competing in the same space... or, simply create your own space. How do you think Baskin Robbins took the corner on the ice cream market? Or Ben & Jerry's?
- How should this product/service be packaged? Sometimes, your packaging can be a differentiator. It can store better, stack better, fit better (as a product), or be more convenient, easier to use (as a service)... the list goes on and on. Find out what people think. Try it out in real life situations.
Coming up next... Where, oh where does my product(/service) go out? Oh where, oh where should it be?


