Marketing is the most critical function of any business. Marketing communicates to the market that your product or service solves people’s problems or fulfills their desires … the only things for which your business will be paid. Marketing brings in the money!
There are 3 key functions to every business.
- Production – the creation and delivery of the product or service.
- Marketing (& Sales) – the identification and communication to customers that the product or service solves their problem. It brings in the money.
- Operations – the systems and “glue” that holds the other two together.
Of these, marketing is by far the most important and is where your company should be spending most of its time and resources. Why? Because of the Law of Income.
The Law of Income:
You will be paid in direct proportion to the value you deliver according to the marketplace.
Your business is paid to solve customer’s problems. You get paid in direct proportion to the value of those solutions provided according to the MARKET place. If the market doesn’t know or understand the value you provide, you can’t solve their problems. And you will not be paid.
A great product with poor marketing doesn’t stand a chance against a mediocre product with great marketing.
- Example: McDonalds. They don’t make the best burgers, many competitors make a better product. But McDonalds has superior marketing.
Marketing is what builds great companies. Not products, not operations, MARKETING.
- Example: Amazon (sells products) @ $230 Billion vs Google (sells advertising = marketing) @ $420 Billion in market value.
There are 2 types of companies:
- Ones that are bad at marketing. We call those bankrupt. And
- Ones that are good at marketing. We call those successful.
o And the ones that are REALLY good at it; we call those Fortune 500 companies.
Marketing has the power to:
- Elects Presidents (Example: Obama’s campaign (marketing) was far superior to John McCain’s in 2008)
- It builds churches and religions. (Joel Olsteen’s TV ministry (marketing) with 250 million weekly viewers.)
- It shapes people’s needs, desire, and
- It even created Santa Claus and the Easter Bunny.
- Learn to be a great marketer or hire one. You must have this critical skill on your team.
- Once you have your product or service in place, spend 80% of your time and energy on marketing. Because:
- Marketing is EVERYTHING.