Digital marketing has become a gigantic part of marketing over the past decade. Using data and trends, digital marketing agencies can target the perfect group for your product. In a lot of ways, the internet has facilitated the growth of entrepreneurial startups and businesses.
With all that marketing, you would assume that any business can succeed – so long as they have a strong marketing plan. After all, marketing expert Dan Kennedy once said to spend “90 percent of the time on marketing the product” to create a successful business. The truth is that your marketing strategy isn’t the most important focus when creating a product. You can market as much as you want, but your business is going to fail if you don’t create a worthwhile product.
Can your product survive without marketing?
If you have an idea or product that you’re ready to take to the market, you need to step back and ask yourself some serious questions. By this point, you’ve probably considered what the target group is for your product, and perhaps you’ve done the research to back it up. But is your product something that someone would want to pay for?
Consider this: if there was no such thing as marketing, is your product something that would thrive, or would it be forgotten like all other businesses? Of course, this is a ridiculous scenario since your product could very well be tied directly to marketing, and it would be a bad idea to take a product to market without a marketing strategy.
If you’re trying to build a serious business and trying to sell a specific product, you need to start being realistic about its chances. If your product isn't viable, then even the greatest marketing strategy won’t keep your business afloat forever.
Review your product and think about what makes it different. If you’re offering something that is sub-par, then odds are that your business isn’t going to last.
Marketing can be fun and exciting, but you need to be realistic, a bad product is going to lead to a bad business. No amount of marketing can make up for a product that nobody wants – not to mention that it’s easier to create a successful marketing campaign for a product that stands out.
Marketing can’t do it all
Anyone with a decent amount of experience in marketing knows that a business will only succeed if the product is marketable. When I created Status Labs, I dealt with a number of companies that understood this better than most.
Marketing is critical to your business. Without a proper marketing effort, you’re going to watch your business slowly fail and your product is ignored. But marketing can’t do everything. Any marketer who tells you that they can single-handedly grow your business is lying. While marketing is important, it’s not a knock-out punch.
If you are shelling out a lot of money for a great marketing campaign, you’ll need to take a closer look at what it is you want to be marketed. Your product isn’t going to be dictated based on how you market it – it’s going to be dictated based on its quality.
Create your product, then market
As an entrepreneur, I’ve seen countless people who have their entire marketing strategy down. They know exactly what they’re going to call their product, they’ve had a logo designed by a professional, they’re in the process of having a website created – all important steps when marketing.
But the issue is always the same: they don’t have a product. As an entrepreneur, I can’t stress enough the importance of having an idea, then the product, ready to take to the market before committing to any type of marketing effort.
There are plenty of reasons for this. If you market a product that doesn’t exist or isn’t finalized, you are wasting your time. By the time your product is ready, it could be a complete shell of what you were marketing. Any potential customers aren’t going to like it if you market a product and sell them something completely different, and there could even be some legal ramifications.
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