Companies - Stop Launching Mediocre Products, Please.
Just as marketing is sometimes guilty of not going deep enough into the hoods of the true value proposition of what they are promoting on behalf of the company, business is just as guilty of launching mediocre products.
What is considered as a mediocre product? Is there such a thing as a bad product if it can sell?
In my experience, a mediocre product is one that is positioned largely on the following:
being first to market as its pure competitive advantage and nothing else
offering an incentive or price based positioning that can be easily displaced by its competitor who is willing to go lower or offer better
not making a real effort to tailor the products/services based on the needs of your target customers. Instead, you rely on marketing to position it and pretend that it is tailored for their needs when in fact, it is just a generic product/service that is catered for everyone
Based on above, it is telling that if a company focuses purely on quick wins and conversions, they are not looking to build a sustainable solution based product that addresses their customers’ actual needs. They are in it purely to make a quick buck from willing customers and what they usually end up with is a bunch of products/services that they have to keep topping up with more and more incentives/discounts/promotions/fancier taglines or creatives just to outdo their competition. I.e., they realize they don’t really have a truly unique selling point as they didn’t put in enough effort and thinking into developing something that cannot be easily replaced. Such approach will only work if you are the only seller or if the product and service is really hard to develop, thus you are confident most of your competitors are not able to achieve it..
Take for example, if you decide that there is a need currently in the market by for student aftercare services to support working parents who don’t have supportive company policies and flexible working arrangements. If you are offering a mediocre service, you will simply offer say - Free aftercare service for the first 3 months of signing up and 30% off if you sign up now for the next 3 months.
If you want to look at a more sustainable approach to avoid situations where a competitor offers say free aftercare for the first 4 months and 40% off if you sign up now, you will make an effort to find out more the other pain points associated with working parents and their children and try to bundle it into a more holistic “working parents aftercare services package” centered around - aftercare services, guided special out of school curriculum based on their children’s interests, customizable late afternoon snack option to cater for dietary preferences, access to resources for working parents and their children to adjust to such situations etc. Of these, some might be easily replicated but some like the out of school curriculum is not, as that’s unique to your company’s methodology and pedagogy.
It might take more effort and cost more but at least you won’t be caught in a pricing and promotional warfare with your competitors by tapping on your true strengths and unique capabilities. You might even be able to charge more or give less of a discount as you are selling the whole solution that addresses their pain points instead of a single, purely price/discount as-a-value based service/product that is more like a band aid that can be easily torn off and replaced.
The above is just a simple example of looking at why as marketers, we should pride ourselves as being valued business partners to bring the perspective of the customer to the table. Don’t be afraid to ask them hard questions, putting on the customer’s lens to ensure the outcome is a sustainable one, unless it’s part of the strategy to build something that is more seasonal or once-off to capitalize on a specific consumer trend.
About the Author
Mad About Marketing Consulting
Ally for CMOs, Heads of Marketing and C-Suites to work with you and your marketing teams to maximize your marketing potential with strategic transformation for better business and marketing outcomes.
Marketing is not just a change of underwear
Someone once asked me what I do as “a marketing person” in a bank. Too fatigued at that time to give a lengthy explanation, I simply said, “I take a bunch of old products, repackaged them a bit in terms of visuals and tagline, and make them look new”. The person laughed and acknowledged it’s the same for his “marketing people” as well.
The above is partially true for most product marketing efforts and how it’s often applied across industries basically.
For example, Person A wakes up one day and realises he’s been losing out to the hotter guys in the dating scene. He took one look at his wardrobe and his grimy face in the mirror, and decided to go for a makeover with a visit to the hair salon and hip downtown mall. With his trendy new look, he does attract some girls but then these girls just somehow don’t become lasting relationships, much to his exasperation.
Talking to some of his previous relationships, close friends and family members, he finally has an epiphany. He realises that due to his tendency to blow up at the slightest displeasure and having too big an ego to apologise thereafter, many of his relationships have failed to progress into something more serious. This means that regardless of how well-dressed he looks, as long as he doesn’t make an effort to change for the better, he will still likely to be a single, lonely and forlorn bachelor ten years down the road. He will date, yes but he cannot be in a relationship for long. In this situation, Person A can choose to go either way - 1) ignore the gaps and continue with just a physical makeover for short term gains or 2) to really spend time to overcome the gaps for longer term gains.
The above is a very simple way of demonstrating the difference between two different business scenarios - 1) a business that simply sells products by repackaging and/or redesigning on the surface or by throwing freebies to attract customers only to have them churn after a year or two or 2) a business who actually makes an effort to transform the mechanics and/or features of their product or service offering in order to keep up with changing customer needs/demands in order to build longer lasting relationships with them.
Based on the same example, if the business realises what is the real problem with its products and make an effort to actually improve them to better cater to the needs of the same customer base, they will find it easier to start building relationships with them. To put it blindly, it’s not as simple as just changing your underwear.
This improvement actually moves the business from selling just a product to selling a solution that resolves a problem or need for their customers – ahead or on par with its competitors.
Again, as organisations move towards solution-selling, they also increasingly realise how daunting a move this is and that it goes beyond just making changes to its products but the way it operates too. Story for another post.
That said, this doesn’t dispel the need for marketing and promotions. It simply means that businesses should move first from product to solution-selling before it goes out to buy a whole new wardrobe.
Meanwhile, before organisations make this move, most marketers can only continue to “make a bunch of old products look new”. As a self respecting marketer, we should also seek to influence the business positively to move towards solution selling by making consistent effort to engage them in our planning and vice versa. Marketing doesn’t exist on its own but more as an enabler of the business to be that voice to bring their proposition to life.
About the Author
Mad About Marketing Consulting
Ally for CMOs, Heads of Marketing and C-Suites to work with you and your marketing teams to maximize your marketing potential with strategic transformation for better business and marketing outcomes.