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.
