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The Problem(s):
You have a wonderful product or service but nobody knows
Buying habits of your customers don't include you
Prospects don't trust you
You don't have much money
You don't have much time
You've never 'marketed' a product or service like this before - you don't have much experience
(you may have sold them before, but marketing is different)
Competitors
Most of what you know is wrong (which leads to mistakes & wasted time & money - but adds to experience)
The rules, once you figure them out, change - and usually not in your favor
Definition of Marketing:
Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer. [source]
My model of the 'market' - a large rock, or a train
Key marketing vocabulary
- Brand - a promise to deliver
- Position - your stake in the customer's landscape of the market (Differentiation)
- Distribution channel - how you get to your customers
- Elevator pitch - 13 words or less
- CRM - Customer Relationship Management
- Advertising
- Selling, Prospecting, Closing
- Segmentation
- Packaging
- Product Life Cycle
- Elasticity of Demand
- Selling cycle
- Value added
Key marketing questions
- What are you selling?
- Why would somebody buy from you vs a competitor?
- Who is your ideal customer?
- How big is the market?
- Who/what are your competitors?
- What are your goals?
- Intellectual Property: Trade marks, Logos, Whitepapers (articles, documentation, ad copy, etc.) URLs, Twitter names, SMS codes, Patents, Trade secrets, "Special Sauce"
Key marketing decisions
- Pricing: terms, discounts, warranties, etc.
- Promotion mix, strategies and tactics: Advertising, PR, Networking (traditional/Social Media), Web/E-mail
- Distribution: direct or indirect, multi-level?
- Budgets for time, money, results
- Invention, Leverage, Collaboration
- Input: consultants, contractors, friends
