So I had an interesting discussion with a colleague and friend about product/ market placement. It was in reference to an article published about product market fit and how a lot of people go to the effort brand way too early and advertise (not market).
A detail that gets lost in the mix is calling advertising marketing. It is not. Paid ads is one tactic used by marketers (and a lot of them) to get attention to what someone is doing with the business.
So if advertising is not marketing, what is marketing then?
I summed it up in a simple sentence but there is a lot of complexity to the answer.
Marketing is the study of the markets.
This study of the markets (or your particular market) is for the benefit of your company and to create a customer.
As Peter Drucker states:
"There is only one valid definition of a business purpose: to create a customer."
There are a lot of activities when it comes to marketing. Some people do not even realize when they are doing it.
You must study the market you are in. Use this knowledge to create your product or service.
Then you must adjust. Over and over and over. Until it fits.
The best products sell themselves.
But often we have to work on convincing others to purchase this product.
You should not have to use slimy sales tactics or twist people's arms to buy what you are selling.
When you are working on product/ market fit, you must work on the 4 P's concept as well.
This is: Product, Placement, Promotion, Price
To learn more about this and what marketing is, check out this article on Hubspot.
Until next time my friends.