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?
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
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?
EBN Dialogue enables and encourages you to participate in live chats with notable leaders and luminaries. Not only editors and journalists, but the entire EBN community is able to comment and ask questions. Listed below are upcoming and archived chats.
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Thailand Stages a Comeback 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.
Euro-Crisis: What It Means for High-Tech Firms Join EBN Editor in Chief Bolaji Ojo and Contributing Editor Jennifer Baljko on Thursday, July 12, at 10:00 a.m. EDT for a Live Chat on high-tech and Europe's economic difficulties.
Microsoft Surface: Potential Winners & Losers What are the implications for the electronics industry supply chain of Microsoft Corp.'s decision to launch its own tablet PC? Join industry veteran and EE Times' systems and OEM expert Rick Merritt on Tuesday, July 3, at 12:00 pm EDT for a Live Chat on this subject.
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.
While no one really can accurately predict the future, we can take guidance from another Drucker saying which is the best way to predict the future is to create it.
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.
Where are these people? Are universities properly preparing the next generation supply chain professionals? How do train your existing workforce for these new, demanding positions?
Brian Fuller, editor-in-chief of EBN, will lead a 60-minute Avnet Velocity panel discussion that will ask and answer these and other questions swirling around today's supply-chain talent challenges.
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