The Secrets of Marketing
This past week, the RASG Entrepreneurship/Business club discussed the in-depth concepts of marketing and understanding the most essential components necessary for a successful business. According to Forbes, eight out of 10 startups in the business world declare bankruptcy within 18 months. In other words, if you start a business, you have a 20 percent chance or less for your small business to take off. So how do you become a part of the 20 percent and become successful? Moreover, how can you make your product take off, like Steve Jobs did with Apple and Bill Gates with Microsoft?
Let’s face it, most of the things we think have not been created most likely have already been created. Today’s economy is saturated with new products, but not a lot of knowledge about how to endorse those products. Even though the product itself is crucial when it comes to success, it is the way you market your company that is the most important factor. Most CEO’s make the mistake of only marketing their product and neglect marketing themselves. You need to brand yourself and your company in order to distinguish yourself and sell your product. In today’s economy, you need to explain to your target audience why your company is different from all the other similar companies. So how do you distinguish yourself from all the other competitors? You can separate yourself from the pack by sharing the core values that created your company, explaining how your product is going to change people’s lives, and showing why you’re the only company that is able execute that objective. Showing your values and demonstrating who you are will make your audience remember you.
We see this marketing skill used by the biggest companies out there, and we do not even realize what they are doing. For example, Nike sells shoes without ever mentioning their product. Watch any Nike commercial and you will see that they never talk about their shoes. They never explain why they have better quality soles than other shoes on the market. Instead, they show professional athletes doing extreme sports. Nike honors great athletes, and they honor great athletics. That is who they are, and that is what they are about. That is the essential reason why everyone sees Nike as more than just a shoe company. Strive to brand yourself, build relationships with your target audience, and market your core values. This is the way you become a part of the 20 percent of startups that are successful.
The RASG Entrepreneurship/Business club meets every Monday at lunch time in room 4-3.
Written by: Abraham Hilu