Ford, I actually agree with your estimate that 9 out of 10 companies are lacking a truly competitive marketing strategy.
I personally would guess that out of those 9, you'd probably get around 3 that would say, "oh, we don't need to do marketing."
Most of the companies I've worked at, in fact, did not do anything even remotely significant in terms of marketing. They relied on word-of-mouth or viral promotion not initiated by anyone officially employed by the company (just fans, for lack of a better term).
There are some out there that believe that a great product or service doesn't really need to be marketed because word-of-mouth is free and commonly believed to be the most effective marketing strategy.
Now I'm not saying I share that opinion, but Ford, what would you say to someone who doesn't see the need to have a marketing strategy at all?
There are some out there that believe that a great product or service doesn't really need to be marketed because word-of-mouth is free and commonly believed to be the most effective marketing strategy.
In as much as i like the write up, i partly share from DennisQ's assertions. Why? Marketing strategy can only add more to sales and revenues but once is not happening companies can only be limited to their niche market.
I dont think i have ever come across any form of marketing or advertisements from the following:
1 - ExxonMobile, Chevron, Shell, Total and other players in the field of oil and gas
2 - Luxury car makers such as Rolls Royce, Lambrougini or Burgatti
Dennis - Thank for the question. I get that one from people a lot with a tech background, who love their product and believe a path will be beaten to their web site by people craving their products.
The quick answer is: How much faster might you create business success,however you care to define it, by employing an organized approach to promoting your brand and products? Certainly nothing wrong with word-of-mouth, which any marketing effort (on or off line) seeks to create. The problem with it is when it fades and it always does.Reliance on any single form of promotion to sustain a brand is poor management.
Another answer is, your competitors, who are investing and applying an effective marketing strategy and tactics are going to eat you for lunch! You can also row a boat with one oar and an arm tied behind your back as well, perhaps with a crowd of your admirers cheering. But why?
Wale - I'm unclear on what' smeant in your second paragraph. However, I assure you that ExonMible, Shell, Lambo, Roll Royce, Bugatti, and especially Apple spend a bundle on advertising. That you haven't come across their promotional efforts tells me you're eaithe rliving rather remotely and/or not being exposed to the media they're using to promote themselves. Here in the SF Bay Area we see Apple's billboards (very expensive) for iPads as well as periodic TV advertising. That's likely just the tip of the iceberg.Shell sponsors Formua I auto racing as well as advertises gllobally.Guessing you're reading the wrong publications to miss some of the other high-end product marketers.
The word-of-mouth approach sometimes work if you just want to maintain a current level of business, but a more aggressive marekting strategy is needed to promote significant, sustainable growth.
Thanks Ford. What i was trying to pass across, with or without all those sponsorships, market still huge for the likes of Shell, Total and Chevron on daily basis.
Wale - Yes. The market is huge for those brands and if one on them didn't compete with the others for mindshare with a marketing investment, that company would lose market share and not be around much longer.
It is possible that many a companies may have the marketing strategy ,but will not disclose it to keep their competitors guessing. So when explicitly asked their management may give evasive answers but they will be secretly working on strageies to counter their competition.
Similarly Many a companies are strong followers. So these companies first see the moves by their leader competitors and plan their strategy in line so that they also get a share of the market created by the market leaders. Their marketing strategy can be summed up in one sentence - Follow the leader. The example of AMD in their earlier years can be given as the strong followers of Intel.
Marketing strategy should typically be company confidential. It will become obvious to competitors once you start executing tactics. However, whatever market position your brand is in, it still needs a strategy. From "The 22 Immutable Laws of Marketing" by Jack Trout and Al Reis "If you are shooting for second place, your strategy is determined by the leader."
Ford - I couldn't agree with your comments more. Especially the part about doing the same things over and over again - even without any tracking statistics to support their strategies. It's amazing how so many companies are reluctant to try something new. Or to shake things up a little bit. I just recently posted a blog on the subject - http://makeitcountmarketing.com/blog/?p=132. I also agree with Dennis about how many businesses do not market at all! It's hard to convince companies that if they want to grow, they need a marketing strategy - especially now in this economic climate.
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Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Peter Drucker famously said "Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window." Yet in the razor's-edge world of electronics—with a lean supply chain and just-in-time demands—the need to know the future is vital.
You've heard the saying "the No. 1 supply chain risk is your people." That hasn't always been the case. But today's complex global supply chain requires a new type of multitalented employee. It's one who understands, finance, marketing, economics, is savvy with technology, graceful with relationships and can think analytically.
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