The Foundation of Success

As you read alarming news reports about finances and economics, your knee-jerk reaction may be to slash your marketing budget.

Don‘t do it! This is not the time to pull back on your marketing efforts.  Successful marketing provides the life‘s blood of your business:  customers.

Here is a quote from the most famous business consultant from our time and arguably in history.

“Because its purpose is to create a customer, a business has two and only two functions:  marketing and innovation. Marketing and innovation produce results. All the rest are costs.” ─ Peter Drucker

Whether the economy is good or bad, whether you‘re cash-rich or cash-poor, you should always be working actively to be the smartest and savviest marketer in your industry.  Your most powerful ally in this campaign is cost-effective marketing that delivers a positive ROI (return on your investment).

I honestly believe that

Marketing is what drives successful businesses, even more than a good product or service

Now according to the saying, ―If you build a better mousetrap, the world will beat a path to your door.  Unfortunately, however, that just isn‘t the case.

If you go down to the patent office today you will see many different and highly superior designs for mousetraps, many dating back well over 100 years. Yet, the best-selling trap…the one that has been around for almost 200 years… is the simple-spring operated one that you and I picture when we think of a mousetrap.

If all of the designs are better than the one that still sells the most, why don‘t people buy them? Simple:

People don‘t buy what they don‘t know about

Marketing raises the visibility of your product or service.  It puts your sales message front and center for the consumer and creates demand.

Let‘s say that Mr. Smith is selling an amazing product his customers love, but he doesn‘t advertise that fact and no one is talking about it. The only people who will buy Mr. Smith‘s product are the folks who happen to walk by his store front. It‘s a recipe for disaster with diminishing sales and a bankrupt business the likely outcome.

Unlike Mr. Smith, Mrs. Jones is selling a good product. Not necessarily as good as Mr. Smith‘s, but still a quality product. Her customers like the product and are talking about it in a positive way. Her business immediately benefits from word-of-mouth marketing, a free, passive marketing strategy that requires no effort or expense.

Mrs. Smith‘s customers tell their friends and family about her product and they in turn tell their friends and family.

Because of marketing, Mrs. Smiths‘ sales will continue to grow exponentially despite the fact that it is not the best product.

In this way, it‘s easy to see that good marketing can overcome a multitude of business sins, from a bad store location to a product that is still being ―perfected.  But make no mistake:  marketing doesn‘t excuse the sins…it just helps counter-balance them.

If you‘re selling a bad product at a bad price from a lousy location, no amount of marketing will turn that sow‘s ear into a silk purse. Oh sure, you can use marketing to run a scam and make some quick, easy money. But if your goal is to grow and maintain a successful business, you can‘t do that selling garbage.

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