Should you invest in the Product or Marketing Process?
Brand Plan or Business Product?
Just recently, I heard someone say ‘It’s not the best product that wins but the best-known one that wins’. Well, we’re occupants of a world where there are hundreds of different products to choose from. We’re literally spoilt for choice. However, in this day and age, the best marketing in the world can mask a bad product.
Do you agree to this? Have you ever bought a product only because you’ve been victim to flashy marketing and gimmicky taglines?
At some point in time, everyone has. Besides the glut in the market, we also face the burden of never-ending supply of advertising campaigns constantly pushing products at our already overloaded brain.
With campaigns literally becoming more intrusive and messages invading our social media feeds, web browsers and viewing habits, the escape is nearly impossible.
Are you a brand owner facing an age-old dilemma whether to invest in the product or process? If you are in that quandary, we have the answer!
Can Great Marketing save a Bad Product?
If you are confused whether to invest in the product or process, we would suggest investing in the product. Do this until the product is equal to or better than competition.
Once you feel like your product meets a particular benchmark set by you, invest in marketing to drive awareness or adoption of the product.
A great product and marketing strategy are like two sides of a coin. It’s pretty simple. Even if you choose to market a not-so-good product heavily, you might convince a customer to buy it once, not forever.
On the other hand, if you invest equally in building a product and a brand, you build repurchases, advocacy and loyalty.
Even before taking the decision to invest in the product or process, consider factors such as lifecycle of the product, the type of the product (commodity or niche) and customer behaviour (do they take interest in marketing or product quality).
Baba Ramdev’s Patanjali Ayurved is the perfect example of a great product with an even better marketing strategy. They’ve literally given sleepless nights to almost every FMCG multinational in India.
The Final verdict: Constantly invest in product improvement and marketing to win in a marketplace.