I occasionally attend meetings of entrepreneurial groups. I have hosted these meetings and been a speaker, but sometimes just attend to observe. They are attended by new and aspiring entrepreneurs, most of whom are making the same mistake. They each have a product or service to offer and have little or not idea how to market that product or service.
A major business myth is, “Build a better mousetrap and the world will beat a path to your door.” This myth leads to failure. A business can’t be successful without marketing.
When most people think of marketing, they think of sales, advertising, or a web site. The current in thing is having an app. A web site or an app is not a marketing plan. Unfortunately, any of these things used alone, will fail.
I define marketing as; “A total system of interacting business activities designed to plan, price, promote, and deliver want satisfying goods and services to present and potential customers.” The key part of this definition is that it is a “total system of interacting business activities.” This definition includes every aspect of business, including manufacturing.
Marketing is interesting because it is both time and location sensitive. The market and competition are constantly changing.
Many people think marketing is simple. I have a BBA and MBA in marketing, and have worked in marketing for over forty years, and I recognize that I still don’t have all the marketing answers.
Most innovating entrepreneurs never get rich from their ideas. Some great innovators and inventors have died destitute. The people that are the most successful are the ones that market the innovation properly. The history of these inventors and innovators can teach us a lot. There is not a lot new in business.
Don’t ignore the marketing for your venture. A good place to start is reading my book Business Fits. As the saying goes, “You don’t know what you don’t know.” Business Fits is available on Amazon as an e-Book or a paperback.
Marketing is critical to any venture including politics. Look at what Donald Trump has done in his Presidential campaign while spending less than any of the other candidates. That is effective marketing.