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Business fails very often for one reason. Your goodies are not selling. This might feel to be too simplistic an explanation. But in so many ways, business failure usually begins with this, does it not? You’re not selling enough. You’re not selling fast enough. You’re not selling at all … …
The prevention for such a tragedy is marketing. Again, this might be an overly rudimentary statement. To begin with, there are so many forms and theories of marketing and quite often, an error in marketing strategy is equally a recipe for failure. Generally though, I believe marketing could still be differentiated into distinctive tiers of sophistication. Each tier embodies an overall mentality towards business and commerce. The inability or unwillingness to evolved through tiers lays the foundation for overall marketing failure.
The Non-Marketer
The Non-Marketer is your medieval village storekeeper. He consolidates his products, sets up shop, and then he waits for business to come. Occasionally, he might perform some elementary promotion effort, such as coercing fellow villagers into buying from him. In short however, his marketing model is one of waiting for business to arrive.
Such a marketing model has little chance of survival in our modern world, if any chance at all. With millions of competitors, the technology for instant communications and a myriad of communication channels, the existence of the non-marketer wouldn’t even be noticed. Personally, I consider the non-marketer a business plan for disaster.
The Traditional Marketer
The Traditional Marketer embraces the fundamental principles of marketing. He collects relevant information and approaches the task from the classic “4Ps” of marketing. He sets an attractive and sensible price. He produces the sellable product or service. He determines the ideal place of business. And finally he informs potential buyers about his offering, i.e. he does promotion. Promotion effort could be via direct or indirect contact. Sometimes, promotion is enhanced by industry accreditation, past-client endorsements, and so on.
This approach is the polar opposite from that of the non-marketer. Already, it reflects a shift in mentality from waiting for business, to drawing in business. It continues to have its merits in our modern world, except, how long would it stay effective for an audience increasingly sophisticated and informed? An audience that is also distracted by endless alternatives on so many fronts. In order to compete with these alternatives, would the Traditional Marketer end up incurring too much cost and time? More and more so, this traditional approach could be turning obsolete.
The Savvy Marketer
The Savvy Marketer does everything the Traditional Marketer does, but he performs it with finesse. He uses modern methodologies such as surveys and focus group discussions to consolidate market opinions. Every step of the way, he ensures he remains in active contact with the target audience. It could be said that every decision he makes is indirectly endorsed by his clientele.
In addition, the Savvy Marketer consistently refines his products and services based on client opinion. He projects the impression that it is not his product but the product for his clients. More importantly, he doesn’t rely on information transmission alone as promotion. In other words, he doesn’t only distribute flyers or put up a website, and expect business to develop. He hunts for business. His instruments are modern channels of communication, such as social media. As much as possible, he narrows in and contacts his target audience directly. There is little dependency on chance.
Most successful businesses today, big or small, are Savvy Marketers. Especially the ones that had embraced technology in the quest of shortening the journey to the customer.
The Evolved Marketer
The Evolved Marketer is the Savvy Marketer with one additional game-changer. He recognises fluctuating market demand could be a destructive force, and so he devotes significant effort into manipulating demand. His promotional messages are subtly finetuned to imply superiority over the competition. In many cases, the promotional message itself could also crafted to generate demand.
Naturally, the product of the Evolved Marketer is also designed to complement the promotional message. Marketers who merely promise but do not deliver could not be considered as evolved. That is instead again a recipe for disaster.
At the same time, Evolved Marketers embrace the concept of finite product life cycles. Few things in the world can sell forever, so their overall marketing strategies always pave the way for future product introductions. In other words, the decline of one product is always negated by the birth of another. In this way, the Evolved Marketer sets in motion a recurring cycle. This cycle ensures he does not run out of things to sell, that he does not run out of things to promote. In time, his influence over demand generation could even lead to industry leadership. That is the most desirable pinnacle for all marketers.
Which type of marketer are you? Traditional, savvy, or evolved?
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business fails, marketer, marketing, marketing model, promotion, types of marketer