Is Marketing An Afterthought In Your Business?
Here is a conversation I’ve had with more business owners than I can count:
Business Owner: I created a great new product that I love, it is going to do great! I just need some help with getting the word out about it. Once people hear about it, this product will sell itself!
Me: That’s great, so you surveyed your target market and found out they everyone in your target market needs this product?
Business Owner: Hmmm, I didn’t survey anyone.
Me: Ok, so who is the target market for this product?
Business Owner: Everyone! This is a great product, and everyone needs it!
Me: So if you haven’t done any market research, have you created a marketing plan to promote this product?
Business Owner: Hmmm, no. But I think once I get the word out about this product everyone who hears about it will want to buy it.
…..
I have had these conversations with business owners too many times. The issue is that the business owners are so excited about the products they are creating, that the product creation takes up all of their time.
Marketing is forgotten about, or the business owners think that the product is so great that it will sell itself. The truth is, nothing sells itself. Behind every successful product there is a good marketing plan, good marketing people and lots of marketing and promotion.
So if you want to bring a product to the market and make it into a best-seller, here is what you should do:
– Find a target market for your product. And “everyone” is not a target market. A target market is a group of people who want, need and can afford your product.
– Do market research. It is not enough that you think that your product is going to sell great. Your target market has to want your product if you want to make money with it. Do research and survey your target market to find out if your product is going to sell.
– Spend the time and money on creating your product ONLY if there is market for it. Don’t spend time and money on creating something if you don’t know if it is going to sell. Only bring the product to market if there is enough demand for it.
– Create a marketing plan for the product BEFORE you actually create the actual product. If you want to make money with your product, marketing should be one of the first things you start doing. So create a marketing plan and start promoting your product BEFORE you even have the product for sale.