One of the most important parts of any business plan and strategy is their marketing mix. This includes the 4 P’s, which we will cover later in this blog. The very first one I want to mention today, is Product. The quality of any product being released to consumers needs to be top quality before releasing it. It is the first of the 4 P’s for a reason. Without this being a key focus, none of the other parts of the marketing mix will matter. If the quality of a product is poor, all of the marketing and promotion in the world is not going to help.
Think of products being music. Marketing and promotion is an amplifier to your product. If it is a bad product, it will reflect much more. If it is a great product, that will be shown even more so. No amplifier will help the sound of a baby crying to be as elegant as a top performing singer. It will not matter where the sound takes place, how much it costs, or what channels people are listening to it through. If their singer does not have a beautiful voice, it will not be valued by the consumer. On the other hand, if a person has the most beautiful voice and they get the right promotion, it will help tremendously. Given the exact same marketing mix for both products, the product with the best quality will win out every time.
The main point I want to make this week is to make sure your product, whatever it is, is at max quality. Surround yourself with people who will give you honest feedback and help you improve the product in every way possible. Test with all the different demographics you expect to encounter with your product to see how it is received. Testing an idea or a product is often overlooked by many people in their business ventures. This is an area we will also cover later on down the road. For now, work on making the best product you possibly can. That is ultimately the most important step of your marketing strategy.
Thanks for reading this weeks Business with Bordeaux blog. For all of my blog postings and podcast episodes, you can visit businesswithbordeaux.com.
Thanks and God Bless!0