Run time: 58 seconds
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When it comes to the 4 P’s of marketing, the first ‘P’, ‘Product’, is often overlooked: and in this case, every time you read ‘product’, you can assume I mean ‘service’ too! Many businesses rush to promote their offerings without asking: Does this really solve a problem or add value for my audience? Without a strong “yes,” even the best marketing can fail.
Businesses often design products based on assumptions, internal goals, and industry norms or because they can be made rather than listening to customers. This results in an offering that is no different to anything else in the industry and there is no genuine unique selling proposition, so a ‘battle of the brands’ commences.
Think about your product or service. Does it solve a real problem, and does it do so in the best way? If you understand what your customers want, is there a way for you to tweak your offering to do that better? The best offerings are built with the customer in mind. They don’t just meet market demand, they anticipate it.
When your product is valuable and impactful, it practically markets itself. Great marketing always starts with a great product.
Next week, we will look at the importance of price in your marketing.
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