The 7 Fundamental Laws of Marketing
Fundamental Law #2: Know Your Product / Service
Before we get into knowing your product or service, I want to do a quick review of last week’s blog which was on the topic of the 7 Fundamental Laws of Marketing. Basically, there were 2 key messages within the blog.
Message # 1
In an ever changing and face paced world fraught with frustration and overwhelm it’s nice to know that somethings don’t change. While tools and technology may change rapidly in marketing, the fundamentals stay the same.
Message # 2
Knowing your customer is everything and that while demographics are important, psychographics is where the money is. This is where you get really good insight into your custom and are able to better serve them.
Finally, before we get into today’s topic here is a review of the laws.
- Know Your Customer
- Know Your Product or Service
- Know Your Market Position
- Have a Proper Plan & Strategy
- Define Marketing Message
- Test, Test, Test
- Refine, Refine, Refine
Today we are going to talk about knowing your product or service and for simplicity sake, I am going to refer to it as your offering.
You can watch the Facebook Live Stream I did on this topic last week, below. Please humour me as I am learning the technology, having some fun with it and still sorting through such issues as lighting, sound quality and the best way to present content.
You can like my fan page by clicking here, and by doing so you will also receive notification of when my Facebook Live Streams are airing.
Law #2 Know Your Offering (Product or Service) – Make Sure Your Product / Service Appeals to Your Customer.
There can be a bit of a chicken and an egg conundrum on this one. Should I know my customer first or my offering first? Well, without a customer you don’t have a business. So the customer definitely comes first. If you don’t know what your customer likes then you can’t serve them properly. While you might start out with a certain product or service, this can change to meet the needs and demands of your customer.
Make sure you define your offering in relation to your customer. The better you get to know your customer over time, the better able you are to serve them. When you get to know your customer better, be prepared to adjust your offerings. This can lead to dramatic increases in sales, profits and the growth of your company.
Remember, in last week’s blog I wrote about the importance of psychographics. The deeper you get inside your customers’ psyche, the more insights you are going to have and the better you can serve your customer.
Is it alright to start with one offering and evolve?
Of course, in the beginning, you may only have one skill set or offering and you may not have any customers. So it will be impossible to know your customer, have insight on them and tailor your offering to them. You have to start somewhere.
Once you are able to get enough information from your customer, then be prepared to modify your offering based on what you learn and what your customers want. Starbucks has done this, as mentioned in the video above and so has Chapters, as have many other companies. The best and most successful companies are the ones that are responsive to the changes in the marketplace and to customer needs.
What if I don’t have a business yet or any customers?
Believe or not that’s o.k. too! In fact, it may be ideal.
In today’s digital age, prior to putting all the work into developing your offering and seeing if there is a demand for it you see if there is a demand for it first then you develop it.
This is a proof of concept approach, where you mitigate risk, minimize potential losses and maximize your chances for success.
I’m actually enrolled in a program now called “The Ask Method”. They suggest before you go and develop your product or service that you create a survey and questionnaire and deliver it to your target market.
The survey and questions help you understand your customers wants, needs and desires, which allows you to create a “proof of concept” which is the first step to validating your offering.
Basically what you end up doing is getting a large enough sample size to support your hypothesis. Then you get feedback from the marketplace about your offering. Then you tailor the offering to a market that has indicated what it wants.
When thinking of launching a new product, service or company I suggest that you hold back a bit on your creativity and ideas and ask the marketplace what they want and then give it to them. I realize this is an over simplification but what a concept … give the customer what they want by asking them .. this is pure genius and a positive pathway to success.
Give it a try. In today’s digital age with the tools that are available, you can lower your risk and increase your chances of success by asking the market what they want before you invest in the actual product development. By doing so you will have increased your chances of success dramatically.
Stay tuned for Law #3 Know Your Market Position …
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