Why YOUR Product Needs to be AWESOME
In case you don’t know already, marketing can be broken down into what is called the four P’s of marketing – Product, Price, Place, and Promotion. This is also called the marketing mix. Pretty much everything related to marketing falls into one of these four categories. If you want to sell something, you first design a product, determine a price, pick a place to sell your product, and promote the product so people know about what you’re selling. But out of these four factors, which is the most important? The answer is the product.
The product is the most important because if it’s awesome, it will sell itself. Conversely, if it’s bad, your product won’t sell with a bargain price and multiple celebrity endorsements. Well, it might sell with that combination, but not as well as it could.
Don’t get me wrong. Every product needs the right combination of all four P’s. It needs a competitive price, the right place to sell, and effective promotion. The difference is that with an awesome product, you can charge a premium price, sell your product just about anywhere, and the product will promote itself. I’ll give a small and a big example to prove my point.
A friend of mine is a painter who has been painting for thirty plus years. He spent the first ten or so years of his career painting for an established painting company. Eventually, he learned enough to branch out on his own and start a painting business. That leaves twenty years of running his own business. In those twenty years, he hasn’t advertised one time. Not once. He found his first job, his next job, and his next job, all by word of mouth.
The reason is that he was awesome. He was awesome at painting, and he was awesome with people. His product was awesome. People liked his work. Because they liked his work, they told their friends and called him back when they needed more work done. In twenty years of painting, he didn’t spend a penny on advertising. He could have, but he made enough money and had enough work without it. His product was that awesome.
The next example is on a larger scale – Apple Computers. I’m not sure exactly when Apple started gaining popularity but it was somewhere around when they released the first iPod. The iPod was cooler than other MP3 players. It had white headphones. All of the cool people had them. IPods defined the MP3 market. Why? Because they were killer. Because they were awesome. Instead of settling for an MP3 player that played music, Apple developed the coolest MP3 player they could. They developed an awesome product. Eventually, they even made notebook computers cool. MacBooks were white and sleek. They had magnetic power cords. They were cooler than PC’s. To top it off, Apple came out with the iPhone. It was expensive, but it was awesome. IPhones sold like hotcakes.
The most important variable in both of these cases is the product. If your painting product is awesome, people will pass the word on. If your electronic products or whatever products are awesome, people will pass the word on. In Apple’s case, the advertisements were cool, but people didn’t buy iPods or iPhones because the ads were cool. They bought them because cool people were wearing white headphones and making calls on iPhones. They bought them because Apple products were cool.
This is even more important with internet and social media. Product reviews are available everywhere on the internet, and people recommend products on sites like Facebook and Twitter all the time. Not too mention, if a product is bad, it’s going to get slammed online. People will complain on twitter and facebook and bash it in reviews.
With this kind of word-of-mouth promotion (or demotion) going on, having a great product is more important than ever. If your product is awesome, people will digitally recommend it to their friends. If it’s not, it’s going to get bashed around online. This makes product development more important than ever before.
The take home point is this: you can spend a lot of money on advertising, research to find the optimal price, and utilize the best selling outlets, but if you don’t pay adequate attention to your product, you won’t make nearly as much money as you could otherwise. Remember to make your product awesome. You’ll be glad you did.