Your Company Was One Step Away from Shutdown
You’re one step away from a shutdown. Invest in marketing to save your business. Learn from Steve Jobs.
Let’s start with a great quote that I love to share with every business owner:
The business has two functions: Innovation and Marketing.
You had a great idea for a product or service, and after months of hard work and finding investors or funding, your business finally started. This is the structure for starting a business, whether it’s Amazon, Apple, or your own company. All of these companies are successful, and someday yours will be too. However, it’s important to keep in mind that having a great idea for a product or service is only half the battle in the initial years.
One of the biggest challenges that businesses face is building brand awareness. This involves creating a strong brand identity, developing a marketing strategy, and executing that strategy effectively. By doing so, you can attract new customers and build a loyal customer base.
The Story of Steve Jobs’ Marketing
Do you think Apple has more loyal customers simply because of its products? Yes, but not entirely. Have you ever listened to Steve Jobs’ presentation of any of the products like Macintosh, iPod, iPad, or iPhone?
Apple was not the first company to invent smartphones, tablets, or computers. However, what set them apart was the way they marketed their products. Steve Jobs was a master marketer, as Bill Gates says. If you watch the presentation of the iPod, he never just showcased the specs of the iPod, such as 1GB storage and LCD display. Instead, he started by highlighting the pain points of the customers and the pleasure that their products could provide. For example, with the iPod, he emphasized that in this small pocket device, you could store 1000 songs.
Similarly, with the MacBook Air, he showed the Mac in a paper envelope and showcased that it was the thinnest, lightest, and most powerful Mac ever.
The same is true for pricing strategy. At the iPad launch event, he talked about all the benefits of the iPad and later announced the price, “If you listen to the pundits, we should price it at $999.” He continued with, “When we first created the iPad, we had not only set goals of integrating the best software, goals not only for the best display, but we also had pricing goals. We decided to put it in lots of people’s hands and we are announcing the iPad price not at $999 but at just $499.”
Here, he deliberately made people’s expectations too high with the initial pricing and gradually shifted to make it worth $499. Instead, he said, “Our iPad starts at $499.” Most people didn’t care. They may have thought it was okay and that it was like an iPhone on a bigger display.
This is the reason why Steve Jobs was not just a developer, designer, or other staff, but the best marketer.
Learning for Your Company
Your company may have the best product or service, but until you start explaining how it can be useful, it’s just trash. The main role of the company is not just to innovate but to showcase it to people. There are different lifestyles of people, and your goal is to target your audience and explain the benefits, not just the features.
To do this, you need to create a comprehensive marketing plan that includes market research, product positioning, messaging, and promotion strategies. By doing so, you can ensure that your product or service is reaching the right audience and delivering the right message.
From Rich to Failure
I have worked for and closely observed many companies in various industries, and I found some Rich to Failure companies. Most people have heard of Zapier, an automation platform. But before Zapier, there was IFTTT, which had similar functions and was the industry leader at the time. Zapier entered the market, started saying it was the alternative to IFTTT and used content, ads, and various digital marketing strategies. Today, Zapier has more than 70% market share, and IFTTT is invisible.
This is the power of marketing. By developing a strong marketing strategy and executing it effectively, you can not only survive in a competitive market but also thrive and become a market leader.
Things You Need to Do
Now, I think you understand the importance of marketing, and if you still believe that a good product speaks for itself, you are one step away from a 67% shutdown. To avoid this, you need to invest time and resources into developing a comprehensive marketing strategy that will help you reach your target audience and communicate the value of your product or service effectively.
If you need a marketing consultation, book a call, and let’s have a 15-minute Koffee chat☕ to discuss how we can help you take your business to the next level.
