Especially now that almost everyone has a smartphone and connected to the internet, it's easy to sell your product without having to do the tedious work of planning and high expense of hiring a marketing agency. I've seen a lot of meh products that sell like hotcakes just because of how they present themselves on the internet, especially Tiktok, Instagram, and Facebook. Also, influencers will be swarming on items that are unheard of to create content, and that also gets the word out for your product relatively easy.
Invest in learning how to shoot a video, edit it, and do some touch ups and you're golden. Social media platforms are built to advertise a lot of brands fairly easily, you just have to post your content and pay for additional fee to reach a lot more audience.
Topic: Invest in Marketing - page 6. (Read 769 times)
I have heard a lot of people say and believe that "if your product or service is good, it would sell itself". That's not entirely true.
No matter how good your product/services are, if people don't know about it or are not willing to patronize you, then you will have no customers or clients.
Some companies sell water and market it so well to the extent that people believe it is more nutritional than normal clean water when in fact it may just be water.
Good products having to sell itself doesn’t mean they don’t get to have some form of publicity campaign on them, on the contrary they do. The difference in most cases is that, they are unsolicited.No matter how good your product/services are, if people don't know about it or are not willing to patronize you, then you will have no customers or clients.
Some companies sell water and market it so well to the extent that people believe it is more nutritional than normal clean water when in fact it may just be water.
If we use BTc for a case study, it’s not typically a product but, a commodity or should I say project that allocates nothing for its publicity and yet, have attained several highs in its short time and with a very high market cap.
So yeah, people talk and when the product is good, you’re sure to refer to someone else and there it goes. Should you be well enough funded, you could speed up the process with some publicity campaign and be good.
-cut-
A product is only as good as advertised.
It really depends what you are building. Minecraft invested zero in marketing, but the marketing was the innovative game itself. If you are building something that doesn't have competition, people who need it will find it. And competition always comes behind. Sometimes it's not worth building competition as they don't see the huge potential. No one saw what Mojang was building before it was too late to compete with it. It had the network effect and fans. And perfect understanding of pr as they listened to players all the time directly.A product is only as good as advertised.
But if you have build something that people don't really need but it might be slightly better or different version of something there are already 10 versions of, then marketing is really the only way to get it front of people. Wether you have a company that offers services or a physical product, it doesn't matter if you need money to keep it alive, you need customers. And sometimes your product isn't just good or innovative enough that any marketing could save.
I have heard a lot of people say and believe that "if your product or service is good, it would sell itself". That's not entirely true.
This is not to be taken by its face meaning. This means if you have good products then you have made the marketing job easy. That is at a point even your initial customers will be the ones to introduce other customers to the products by testifying to the benefit of the product. A bad product usually takes much publicity and at the end the company may still fold up.
It is only agricultural produce that don't need marketing because it is part of our basic needs.
Agricultural products still need marketing. It has layers of marketing for agricultural products. The local way and that of formal marketing.
The local way is done in the market where the products are advertised even though it is done without the radio station, television or media. For example, when you go see women in the market staking corn, they display unequal numbers of corn to customers. Some present much more higher number of corn for the same price with the number to attract customers, that is adverts and marketing strategy. Corn is not the only commodity on that scenario but all other farm products.
For the former agricultural sectors, there are agricultural companies that deal on processed foods, juice and beverages, they also market such agricultural products.
Marketing is an important key to a successful business, if your products is seen in various ways of advertisement then you need to worry less because that will speak to your customers and bring more customers to you. However, small business lack the idea of marketing their product in a smaller way through social media but I think that nowadays youths makes use of social media to advertise their stuffs than before.
It is only agricultural produce that don't need marketing because it is part of our basic needs. The good thing with marketing is that it creates awareness for people both far and near.
It is only agricultural produce that don't need marketing because it is part of our basic needs. The good thing with marketing is that it creates awareness for people both far and near.
Lucky that we are in the digital age today, you can very well use social media platforms to market your services or products for free.
Before, companies are spending tons of money with their ads. Now, even small time businesses can easily launch their product via social media channel.
And at the same time, make sure your customers will be satisfied with your services or products.
Because once they are happy about it, word of mouth is a powerful tool in marketing, which is free as well.
Well said and nice write up! As someone who went to college for Business management with a focus on marketing, I view the world now in this manner and to this day when I look at certain business...I laugh just understand exactly what they are doing right and often times wrong.
Here's one perfect example of the importance of marketing..
Subway...the largest restaurant chain on the planet, having even more stores than McDonalds, has built it's empire of marketing, not food. Subway is actually trash food. They use low quality ingredients, and tons of additives and preservatives. Ireland's health dept rated Subways bread and not real bread. Someone recently did an analysis on their tuna and results came back that there was no evidence it was tuna. Yet, Subway remains a behemoth.
Why? Because they market as well as any company I can think of. Their "healthy sub" campaign that they ran for years, with spokesperson Jarrod ( who turned out to be a pedophile and is rotting in jail) who lost an incredible amount of weight, resignated with people. I remember a friend telling me "lets go to subway instead of Quiznos, because it's healthier". I remember laughing. People are often just that stupid that they can't put two and two together that "oh wait, yeah it is all the same stuff and Quiznos does use much higher quality ingredients, I can lose weight with their food too". This was all from the power of marketing This subway marketing effort was a MASSIVE success. I never understood why no other sub chain did the same thing.
Marketing matters, even if you have a great product!
Here's one perfect example of the importance of marketing..
Subway...the largest restaurant chain on the planet, having even more stores than McDonalds, has built it's empire of marketing, not food. Subway is actually trash food. They use low quality ingredients, and tons of additives and preservatives. Ireland's health dept rated Subways bread and not real bread. Someone recently did an analysis on their tuna and results came back that there was no evidence it was tuna. Yet, Subway remains a behemoth.
Why? Because they market as well as any company I can think of. Their "healthy sub" campaign that they ran for years, with spokesperson Jarrod ( who turned out to be a pedophile and is rotting in jail) who lost an incredible amount of weight, resignated with people. I remember a friend telling me "lets go to subway instead of Quiznos, because it's healthier". I remember laughing. People are often just that stupid that they can't put two and two together that "oh wait, yeah it is all the same stuff and Quiznos does use much higher quality ingredients, I can lose weight with their food too". This was all from the power of marketing This subway marketing effort was a MASSIVE success. I never understood why no other sub chain did the same thing.
Marketing matters, even if you have a great product!
Marketing is an important key to a successful business, if your products is seen in various ways of advertisement then you need to worry less because that will speak to your customers and bring more customers to you. However, small business lack the idea of marketing their product in a smaller way through social media but I think that nowadays youths makes use of social media to advertise their stuffs than before.
It is only agricultural produce that don't need marketing because it is part of our basic needs. The good thing with marketing is that it creates awareness for people both far and near.
It is only agricultural produce that don't need marketing because it is part of our basic needs. The good thing with marketing is that it creates awareness for people both far and near.
I have heard a lot of people say and believe that "if your product or service is good, it would sell itself". That's not entirely true.
Marketing starts with the product the product should first be good and customers will not hesitate to recommend it to other people and customers will not have second thoughts about buying it again, there's truth to it but for a product to grow it reaches its needs to be marketed, the products' and services' sustainability depends on the product and marketing, they will always go together Quote
No matter how good your product/services are, if people don't know about it or are not willing to patronize you, then you will have no customers or clients.
There's still such a thing as word of mouth or returning customers, products, and marketing go together.Quote
Some companies sell water and market it so well to the extent that people believe it is more nutritional than normal clean water when in fact it may just be water.
Quote
For your business, brand, or product to grow you have to make a conscious effort to make it more. Your service or product has to be superb, but I believe your marketing needs to be better.
A product is only as good as advertised.
A product is only as good as advertised.
It's easy to market a good product it will sell itself and will gain a lot of loyal followers if you're a good businessman developing a great product is a must and marketing it properly will establish its reputation, marketing is the vehicle.
One hundred percent true. Marketing is the main key to the success of any new or old platform. You have taken many examples and they are legit. But Other than the bright side of it there exist a dark side too. Which is, because marketing has led many people to buy such things and services which worth not a single penny. Take an example of various new DeFi projects, Metaverse projects, and Gaming projects in the era of Cryptoindustry.
Most of them are just in a nutshell and once they gather enough funds they just flew away with all the money. How did they convinced so many people to invest in their product? Even though they had not still released the product. i have to see many platforms that just promised to bring their product or services soon but before that, they just wanted to fill up their bags and wanted to fly away. All those new projects do is, just hire marketing managers like many mangers are managing bounties here. And some of the bounties always end up fraud. I am not criticizing anyone.
Not the main key to success but it is one of the biggest factor on which it would make the business would really be that effective or would really be getting that recognition because exposure is always been that recommended but not all would really be having that kind of assurance that it would succeed because even if you do put all in of your budget on marketing but the product or service you are offering Most of them are just in a nutshell and once they gather enough funds they just flew away with all the money. How did they convinced so many people to invest in their product? Even though they had not still released the product. i have to see many platforms that just promised to bring their product or services soon but before that, they just wanted to fill up their bags and wanted to fly away. All those new projects do is, just hire marketing managers like many mangers are managing bounties here. And some of the bounties always end up fraud. I am not criticizing anyone.
is shit then it would really be still that useless. This is why it would really be basing up on multiple options and criterias when it comes to success. You cant really be able to achieve on just focusing on
marketing alone but cant really be denied that you would really be able to give out that exposure and attention which might lead to success but of course nothing is guaranteed as i said earlier.
As an owner then you would really be basically be thinking up with these things which are really that standard on a business or any venture.
I have heard a lot of people say and believe that "if your product or service is good, it would sell itself". That's not entirely true.
The quality of a product or service is the major determinant of its success. The goods will be useless if prospective customers are not informed that such product exists. The major means of attracting customers to your product or services is through marketing. For you to maintain and gain their loyalty, marketing is also important. Customers should constantly know what makes your product unique and why they should buy it. Quote
"Marketing is expensive, I don't make much as a business to compete with the rest"
Take advantage of the digital world we are in today and put yourself out there.
Different forms of marketing will be effective for a target. Social Media advert might not be effective if you are targeting the elderly. Billboards, radio, and television will be the ideal means of reaching out to them. The most potent marketing channel for the younger generation will social media. The youths are more active users of the social media platforms. So most times we won't consider the cost but the target customers. Take advantage of the digital world we are in today and put yourself out there.
I know people will argue and point out a few companies that don't advertise their products, yet they're successful, but I tell you for a fact that those companies invest in marketing one way or the other. They just might have found a formula that works for them since they most likely have a relatively smaller target audience.
Some people pay more attention to the quality of the products they buy, even though the price is slightly higher than other products and there are some other people who might prefer a cheap price even though the product is not of high quality. I used to remember how the Chinese state took a marketing role for the Asian market for electronics production and they try to imitate all forms of electronic products that sell so cheaply in Asian markets.The marketing they did was very successful and the Asian market was quite dominated by products from China at that time. In the end, talking about quality depends on the marketing market you are trying to target. For example, like today's iPhone products and there are some areas, the brand is not widely used, because maybe talking about prices that are not economical.
If big companies like Google, Coca-Cola, Binance, Pepsi, and the rest still invest heavily in marketing, then how much more you that is still a small business or brand operating on a street in your neighborhood, or you with a laptop and a phone on your bedroom table?
The products you mentioned have won a place in several marketing areas and they are strong both in terms of company and product excellence, because their target has reached the right marketing stage. Therefore knowing the market will make you more flexible in selling the products you want to trade and if the nature of the product does not yet have market value, the marketing team must first make a survey.That's why the marketing team is the driving force in the company and if they are able to dominate the market, the product will be easily marketed. Marketing is not easy to do and requires a team that understands market conditions, that's why marketing is considered to require large capital and is not cheap to do.
One hundred percent true. Marketing is the main key to the success of any new or old platform. You have taken many examples and they are legit. But Other than the bright side of it there exist a dark side too. Which is, because marketing has led many people to buy such things and services which worth not a single penny. Take an example of various new DeFi projects, Metaverse projects, and Gaming projects in the era of Cryptoindustry.
Most of them are just in a nutshell and once they gather enough funds they just flew away with all the money. How did they convinced so many people to invest in their product? Even though they had not still released the product. i have to see many platforms that just promised to bring their product or services soon but before that, they just wanted to fill up their bags and wanted to fly away. All those new projects do is, just hire marketing managers like many mangers are managing bounties here. And some of the bounties always end up fraud. I am not criticizing anyone.
Most of them are just in a nutshell and once they gather enough funds they just flew away with all the money. How did they convinced so many people to invest in their product? Even though they had not still released the product. i have to see many platforms that just promised to bring their product or services soon but before that, they just wanted to fill up their bags and wanted to fly away. All those new projects do is, just hire marketing managers like many mangers are managing bounties here. And some of the bounties always end up fraud. I am not criticizing anyone.
I have heard a lot of people say and believe that "if your product or service is good, it would sell itself". That's not entirely true.
No matter how good your product/services are, if people don't know about it or are not willing to patronize you, then you will have no customers or clients.
Some companies sell water and market it so well to the extent that people believe it is more nutritional than normal clean water when in fact it may just be water.
I know people will argue and point out a few companies that don't advertise their products, yet they're successful, but I tell you for a fact that those companies invest in marketing one way or the other. They just might have found a formula that works for them since they most likely have a relatively smaller target audience.
If big companies like Google, Coca-Cola, Binance, Pepsi, and the rest still invest heavily in marketing, then how much more you that is still a small business or brand operating on a street in your neighborhood, or you with a laptop and a phone on your bedroom table?
The rate of Gambling today has increased partly because of the marketing of online casinos and sports betting companies.
I don't think there's any industry today that doesn't have a high rate of competition. It is now the survival of the fittest everywhere.
Having a perfect product or service to offer is not the only way to remain in business, if it were so many companies won't go under. A major reason a business stays in business is through effective marketing.
"Marketing is expensive, I don't make much as a business to compete with the rest"
Yes, I'm well aware of how much it cost to get a billboard, hire a marketing firm/agency, get your ad on TV or radio or get an ad space in a magazine, or pay an influencer, but the world has gone way beyond that and we all know it. Now, these mediums listed above are not irrelevant (on the contrary, they are still very relevant ), but there are other less expensive and easier ways to market your product.
Take advantage of the digital world we are in today and put yourself out there.
A simple social media account that posts relevant stuff about your business and interacts with clients and potential clients is marketing.
Very few people on this forum don't use at least one Google product. Google has made it very easy to market your products and business using "Google ads". You can put out an ad that gets to your target audience for as low as $10 a month. You can use the cost-per-click (CPC) formula, that way you'll only pay for an ad when someone clicks on your ad.
Facebook ads are also very similar. You can place an ad that costs from $1-$10 per click. The same goes for youtube ads and many others.
These platforms have very good tools that can help you achieve your goal and achieve the objective set for your marketing campaign.
These may seem very complicated but they're not. There are step-by-step guides you can follow. They also have tracking tools you can use to track the effectiveness of your marketing campaign.
If you can't set it up by yourself or you don't have the time, you can hire someone to do it for you.
For your business, brand, or product to grow you have to make a conscious effort to make it more. Your service or product has to be superb, but I believe your marketing needs to be better.
A product is only as good as advertised.
You should not assume that the reader is familiar with your product or service. So be sure to explain and describe it carefully. Start by generating some interest in your product or service. Be honest and enthusiastic.No matter how good your product/services are, if people don't know about it or are not willing to patronize you, then you will have no customers or clients.
Some companies sell water and market it so well to the extent that people believe it is more nutritional than normal clean water when in fact it may just be water.
I know people will argue and point out a few companies that don't advertise their products, yet they're successful, but I tell you for a fact that those companies invest in marketing one way or the other. They just might have found a formula that works for them since they most likely have a relatively smaller target audience.
If big companies like Google, Coca-Cola, Binance, Pepsi, and the rest still invest heavily in marketing, then how much more you that is still a small business or brand operating on a street in your neighborhood, or you with a laptop and a phone on your bedroom table?
The rate of Gambling today has increased partly because of the marketing of online casinos and sports betting companies.
I don't think there's any industry today that doesn't have a high rate of competition. It is now the survival of the fittest everywhere.
Having a perfect product or service to offer is not the only way to remain in business, if it were so many companies won't go under. A major reason a business stays in business is through effective marketing.
"Marketing is expensive, I don't make much as a business to compete with the rest"
Yes, I'm well aware of how much it cost to get a billboard, hire a marketing firm/agency, get your ad on TV or radio or get an ad space in a magazine, or pay an influencer, but the world has gone way beyond that and we all know it. Now, these mediums listed above are not irrelevant (on the contrary, they are still very relevant ), but there are other less expensive and easier ways to market your product.
Take advantage of the digital world we are in today and put yourself out there.
A simple social media account that posts relevant stuff about your business and interacts with clients and potential clients is marketing.
Very few people on this forum don't use at least one Google product. Google has made it very easy to market your products and business using "Google ads". You can put out an ad that gets to your target audience for as low as $10 a month. You can use the cost-per-click (CPC) formula, that way you'll only pay for an ad when someone clicks on your ad.
Facebook ads are also very similar. You can place an ad that costs from $1-$10 per click. The same goes for youtube ads and many others.
These platforms have very good tools that can help you achieve your goal and achieve the objective set for your marketing campaign.
These may seem very complicated but they're not. There are step-by-step guides you can follow. They also have tracking tools you can use to track the effectiveness of your marketing campaign.
If you can't set it up by yourself or you don't have the time, you can hire someone to do it for you.
For your business, brand, or product to grow you have to make a conscious effort to make it more. Your service or product has to be superb, but I believe your marketing needs to be better.
A product is only as good as advertised.
Description of goods and services
-What are products and services and how do they work?
- Product or service uniqueness - Why your product or service is different from others
- Describe the characteristics of the product or service - How does your product or service use technology?
-How will the benefits benefit the customer?
Compare products
-Why is your product or service unique or superior to what is available on the market?
Product and service recognition
-Have you certified the product?
-Do you have permission to release the product to the market?
-Do you have copyright and trademark patents?
Product and service recognition
-Have you certified the product?
-Do you have permission to release the product to the market?
-Do you have copyright and trademark patents?
pricing
-For the goods or services you are providing
How much do you charge?
- Your price in line with what is currently available in the market
How does it fit?
Sales and distribution strategy
- How to sell your product?
-Do you sell online or in retail stores?
-Have you lined up any vendors? -How will your product or service be delivered?
-How do you fulfill or deliver orders?
-Who will manage the distribution? How?
Stage of improvement
- How do you develop your business?
-Which way will you expand your business?
-Are there any barriers to the development of your product or service?
How do you stand?
-On how and why you are competitive
emphasize
-How you stand out and how to survive in business
will stay
-How your offering makes customers' lives better
Will make it profitable?
In short, your product or service category
to the reader
-Why are you in business?
-What are you selling?
-How do you compete in the market?
Gives a clear understanding of etc.
I have heard a lot of people say and believe that "if your product or service is good, it would sell itself". That's not entirely true.
No matter how good your product/services are, if people don't know about it or are not willing to patronize you, then you will have no customers or clients.
Some companies sell water and market it so well to the extent that people believe it is more nutritional than normal clean water when in fact it may just be water.
I know people will argue and point out a few companies that don't advertise their products, yet they're successful, but I tell you for a fact that those companies invest in marketing one way or the other. They just might have found a formula that works for them since they most likely have a relatively smaller target audience.
If big companies like Google, Coca-Cola, Binance, Pepsi, and the rest still invest heavily in marketing, then how much more you that is still a small business or brand operating on a street in your neighborhood, or you with a laptop and a phone on your bedroom table?
The rate of Gambling today has increased partly because of the marketing of online casinos and sports betting companies.
I don't think there's any industry today that doesn't have a high rate of competition. It is now the survival of the fittest everywhere.
Having a perfect product or service to offer is not the only way to remain in business, if it were so many companies won't go under. A major reason a business stays in business is through effective marketing.
"Marketing is expensive, I don't make much as a business to compete with the rest"
Yes, I'm well aware of how much it cost to get a billboard, hire a marketing firm/agency, get your ad on TV or radio or get an ad space in a magazine, or pay an influencer, but the world has gone way beyond that and we all know it. Now, these mediums listed above are not irrelevant (on the contrary, they are still very relevant ), but there are other less expensive and easier ways to market your product.
Take advantage of the digital world we are in today and put yourself out there.
A simple social media account that posts relevant stuff about your business and interacts with clients and potential clients is marketing.
Very few people on this forum don't use at least one Google product. Google has made it very easy to market your products and business using "Google ads". You can put out an ad that gets to your target audience for as low as $10 a month. You can use the cost-per-click (CPC) formula, that way you'll only pay for an ad when someone clicks on your ad.
Facebook ads are also very similar. You can place an ad that costs from $1-$10 per click. The same goes for youtube ads and many others.
These platforms have very good tools that can help you achieve your goal and achieve the objective set for your marketing campaign.
These may seem very complicated but they're not. There are step-by-step guides you can follow. They also have tracking tools you can use to track the effectiveness of your marketing campaign.
If you can't set it up by yourself or you don't have the time, you can hire someone to do it for you.
For your business, brand, or product to grow you have to make a conscious effort to make it more. Your service or product has to be superb, but I believe your marketing needs to be better.
A product is only as good as advertised.
No matter how good your product/services are, if people don't know about it or are not willing to patronize you, then you will have no customers or clients.
Some companies sell water and market it so well to the extent that people believe it is more nutritional than normal clean water when in fact it may just be water.
I know people will argue and point out a few companies that don't advertise their products, yet they're successful, but I tell you for a fact that those companies invest in marketing one way or the other. They just might have found a formula that works for them since they most likely have a relatively smaller target audience.
If big companies like Google, Coca-Cola, Binance, Pepsi, and the rest still invest heavily in marketing, then how much more you that is still a small business or brand operating on a street in your neighborhood, or you with a laptop and a phone on your bedroom table?
The rate of Gambling today has increased partly because of the marketing of online casinos and sports betting companies.
I don't think there's any industry today that doesn't have a high rate of competition. It is now the survival of the fittest everywhere.
Having a perfect product or service to offer is not the only way to remain in business, if it were so many companies won't go under. A major reason a business stays in business is through effective marketing.
"Marketing is expensive, I don't make much as a business to compete with the rest"
Yes, I'm well aware of how much it cost to get a billboard, hire a marketing firm/agency, get your ad on TV or radio or get an ad space in a magazine, or pay an influencer, but the world has gone way beyond that and we all know it. Now, these mediums listed above are not irrelevant (on the contrary, they are still very relevant ), but there are other less expensive and easier ways to market your product.
Take advantage of the digital world we are in today and put yourself out there.
A simple social media account that posts relevant stuff about your business and interacts with clients and potential clients is marketing.
Very few people on this forum don't use at least one Google product. Google has made it very easy to market your products and business using "Google ads". You can put out an ad that gets to your target audience for as low as $10 a month. You can use the cost-per-click (CPC) formula, that way you'll only pay for an ad when someone clicks on your ad.
Facebook ads are also very similar. You can place an ad that costs from $1-$10 per click. The same goes for youtube ads and many others.
These platforms have very good tools that can help you achieve your goal and achieve the objective set for your marketing campaign.
These may seem very complicated but they're not. There are step-by-step guides you can follow. They also have tracking tools you can use to track the effectiveness of your marketing campaign.
If you can't set it up by yourself or you don't have the time, you can hire someone to do it for you.
For your business, brand, or product to grow you have to make a conscious effort to make it more. Your service or product has to be superb, but I believe your marketing needs to be better.
A product is only as good as advertised.
It's true what you say, and to take it a step further - there is so much junk out there being pushed in the form of "multi level marketing schemes" where the idea basically becomes - it doesn't matter how junky the product is if you can sign people up who will sell it for you and you can take a commission. There are lots of idiots out there and people who love to waste money on materialistic possessions, a lot of the time they can be convinced to buy any product if you put the right spin on it and catch them at the right moment in time. There have been lots of fads in the past, just look at fidget spinners, which were all the rage one year until the next gimmicky gadget came along to steal the show.
Back in the day, there was less competition. So the one that was the best, people were able to choose that easily. Nowadays, we have an almost infinite amount of the same product but different branding. It has become hard to choose what to use. Also, this marketing that uses paid service could be misleading. You can pay 100 people to write positive reviews about something, let's say $10 per review. That will cost you $1000 but the sale will be much more than that. That's why people find it annoying these days.
Marketing strategy does work. But if everyone starts using it, we will be in a place where we will be unable to choose which one is the right one. Keep working on your products and service. Make less profit and sell more. That will be the best option IMO.
Marketing strategy does work. But if everyone starts using it, we will be in a place where we will be unable to choose which one is the right one. Keep working on your products and service. Make less profit and sell more. That will be the best option IMO.
Building and Scaling or sometimes called as Selling are two core components of a company's success in capturing the market share of an industry. If the company has built great products and provides an edge over their competitors in terms of quality and affordability, they have indeed Built the product which can dethrone the competitor but scaling is equally important in making the created product reach the mass audience. To scale a product, either you need to market a good product as much as you can so that you have reached the target audience but once you have reached the target audience with a strong product the product will eventually find it's way to make profits or you need to find a niche product which is higher in demand and one which can take the humanity from zero to one. Well, if you have indeed found such a product investing lesser percentage in marketing is always advisable as your product will eventually spread like a wildfire in the industry and thereby dominate the monopolies even one day.
OpenAI, the company behind Chat-GPT used the latter concept where they created a very strong product which had higher demand and took the humanity from zero to one by solving multiple problems which we have been facing in our daily lives. OpenAI never advertised Chat-GPT but they were one among the fastest app to reach one million users in a matter of five days. OpenAI believed in their product and the word of mouth favored them along with the investments and partnerships from Microsoft has made them a market leader in Artificial Intelligence space.
To the contrary, I know a crypto company personally which received huge funding from various investors during the 2021 bull run in their seed round but they built an extremely poor product which was easily replaceable in the market and had spent almost 40% of the seed funding on marketing unnecessarily. The end result was that, the company is in a mere bankruptcy and the whole company would fail miserably thereby putting the entire investors funding at risk. It's equally important that every company build a great product which can never be replaced and market them appropriately so that the product reach the target audience and then the word of mouth strategy picks up from that.
I would like to point out a famous quote from Naval Ravikant who is a modern day business philosopher :
OpenAI, the company behind Chat-GPT used the latter concept where they created a very strong product which had higher demand and took the humanity from zero to one by solving multiple problems which we have been facing in our daily lives. OpenAI never advertised Chat-GPT but they were one among the fastest app to reach one million users in a matter of five days. OpenAI believed in their product and the word of mouth favored them along with the investments and partnerships from Microsoft has made them a market leader in Artificial Intelligence space.
To the contrary, I know a crypto company personally which received huge funding from various investors during the 2021 bull run in their seed round but they built an extremely poor product which was easily replaceable in the market and had spent almost 40% of the seed funding on marketing unnecessarily. The end result was that, the company is in a mere bankruptcy and the whole company would fail miserably thereby putting the entire investors funding at risk. It's equally important that every company build a great product which can never be replaced and market them appropriately so that the product reach the target audience and then the word of mouth strategy picks up from that.
I would like to point out a famous quote from Naval Ravikant who is a modern day business philosopher :
Quote
Be a maker who makes something interesting people want. Show your craft, practice your craft, and the right people will eventually find you.
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I have heard a lot of people say and believe that "if your product or service is good, it would sell itself". That's not entirely true.
Yes, a good project selling itself is no longer the situation in a broad market where there are already a lot of good projects that have already gained huge traction, especially in the cryptocurrency where there's already a lot of competition in the market, and the best thing a new project will do to get the needed attention if doing the right marketing and listing on good liquidity provider exchange. This is what the team of the SUI project did despite the project's unique concept.
Marketing is very important to send an introduction to custumer, and indeed many business sectors need marketing to increase their popularity and sales, especially products that have many competitors in the same industry, of course various ways need to be done to do marketing, and yes like that said @poker player there are several companies that do not do marketing in such a way because they have a strategy in their own marketing about the product I agree with that.
Ads on Facebook, YouTube, Google, and others, and others, I don't know how effective it is for marketing, because there is no ratio of the percentage of how much the product you sell, so for me who is lay in marketing by utilizing social media like that, I Don't know how effective it is to marketing.
I think it is more effective in marketing carried out by influencens on social media than relying on services provided directly by the platform.
Ads on Facebook, YouTube, Google, and others, and others, I don't know how effective it is for marketing, because there is no ratio of the percentage of how much the product you sell, so for me who is lay in marketing by utilizing social media like that, I Don't know how effective it is to marketing.
I think it is more effective in marketing carried out by influencens on social media than relying on services provided directly by the platform.
The art of marketing today is limitless where you can put an implicit impression on even the smallest space wherever people congregate and even you can not need to contact a marketing firm. And there are also stupid forms of marketing that actually violate morale for the sake of brand visibility, for example "it was announced that the founder of a certain company helped $xx millions to save citizens from drought".
If big companies like Google, Coca-Cola, Binance, Pepsi, and the rest still invest heavily in marketing, then how much more you that is still a small business or brand operating on a street in your neighborhood, or you with a laptop and a phone on your bedroom table?
Well, you talk about those brands but not the typical ones that are usually talked about saying that they don't need to run ads because their products sell themselves:
This Is Why You Will Never See A Ferrari Or Lamborghini Commercial On TV
Although it could be said that these brands and others use a marketing strategy, as for example Ferrari spends many millions in Formula 1, but of course it is essentially different.
You are right that nowadays you have to apply some kind of marketing, especially if you create a product or service from scratch, so the CAC is budgeted as an expense to be taken into account.
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