More of – You have a big vision, a great product, how do you promote your product to beat other competitors…

I see three operative sections to this comment:
1. Big Vision
2. Great Product
3. Promotion

All three of which would fill any self-respecting MBA’s heart with joy and enthusiasm (and the added bonus is that you have also hit 2 of those 4 ubiquitous ‘P’s’ of Marketing in Product, Promotion, Place and price!)

However here is the caveat – Big Vision does not by itself guarantee any future success of the endeavor. Nor does a great product guarantee return on investment. And we all know that promotion does not in and by itself guarantee great market penetration?
So what do we need to do in addition?

1. Big vision: The vision needs to challenge the status quo in terms of technology, scalability, competitive offerings, breakthrough thinking, and design anticipation to fulfill needs and wants the consumer does not realize they have in the first place.
The vision needs to be something the entire organization at every level can buy into with commitment, credibility and patience (Think Robert Browning: “Ah but a man’s reach should exceed his grasp, Or what’s a heaven for?”

2. The product needs to fill a basic need – which could be real and obvious as a cellphone that does not feel like a brick and is easily affordable and connects you with the people and places you need to be connected with.
Or it could fill a more latent or hidden need…for a device that doubles as a cellphone as well as a music and book library. A device that tracks your health and fitness levels and keeps you informed.
A device that makes you stand out from the crowd (lifestyle needs).

3. Promotion: Promotion is predicated upon a few critical success factors
a. what is the promise we can offer in terms of product or service quality – a promise we are confident we can live up to
b. Do we have access points for consumers to feel, touch, test or experience the product or service we are offering
c. Do we have a strong value proposition that differentiates our product/service offering such that the consumer buying decision is positively influenced
d. Do we have a past history of consistency and reliability – in terms of product/service performance and customer satisfaction

If we can address the three points above we should be well on the way to a strong position play in the market place.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s