Marketing – it’s a word that often conjures up images of ad agencies, catchy slogans, and big budgets. But in reality, marketing is an essential component of virtually everything we do in the business world. Whether you’re an entrepreneur, a product developer, or a creative artist, understanding the fundamentals of marketing can be your ticket to success. In this 12-step crash course, we’ll delve deep into the world of marketing for non-marketers.
1. Everything You Do Is Marketing
First and foremost, let’s shatter the misconception that marketing is limited to advertising and promotion. In reality, marketing encompasses every action you take when trying to sell something. It’s the process of creating, communicating, and delivering value to your audience. From product development to customer service, it’s all part of the marketing puzzle.
2. The Go-To-Market (GTM) Strategy
Now that we’ve broadened our view of marketing, let’s introduce a crucial concept: the Go-To-Market (GTM) strategy. This is the technical term for your approach to bringing your product or service to the market. Your GTM strategy is your game plan for success.
3. Product Development as GTM
Surprisingly, building a product is a pivotal part of your GTM strategy. Your product is your vessel for delivering value to your customers, and it should align seamlessly with your overall marketing goals.
4. Your Unique Combination of Assets
Take stock of your unique blend of skills, knowledge, experience, reputation, assets, and connections. These elements create opportunities for you in the market. Your individuality is a powerful marketing tool.
5. Setting Payoff Expectations
When you identify an opportunity worth pursuing, it’s essential to set a payoff expectation. This could be a financial goal, such as making $100,000 within 12 months with a specific project.
6. The Viable Hypothesis
To achieve your payoff expectation, you must craft a viable hypothesis. Consider the math: if your goal is to make $100,000 by selling a $100 product, you’ll need 1,000 customers. To get 1,000 customers with a 1% conversion rate, you’ll require 100,000 visits to your landing page. This kind of calculation forms the foundation of your marketing strategy.
7. Adjust or Abandon
If you can’t convince yourself that your hypothesis is viable and profitable, be willing to adjust your payoff expectation or consider alternative opportunities. You’re not obligated to pursue every venture you encounter.
8. Recognize When to Abandon
If your payoff expectation doesn’t justify the time and money invested in bringing your project to market, it might be best to abandon it. Be mindful of your resources.
9. Risk vs. Business Survival
Never put yourself in a position where the worst-case scenario of your GTM strategy could jeopardize your business. Take calculated risks, but never risk the business itself.
10. Continuous Improvement
Once your project is on the market, you have the option to improve it continually. Each new feature or enhancement is a new element you’re bringing to market.
11. The Importance of Attention
In the world of business, a product or service with no attention is as good as non-existent. You might have the best offering in the world, but if no one knows about it, your efforts are futile. Marketing is the bridge between your creation and your audience.
12. Building and Marketing Are One
Lastly, remember this golden rule: there’s no distinction between building and marketing. Everything you construct or develop is a part of your marketing strategy. Whether it’s a product, a service, or an idea, it’s all a piece of the marketing puzzle.
READ MORE:: The Marketing Crash Course for Non-Marketers: Mastering the Art of Selling
In conclusion, marketing isn’t just a department within a company; it’s a fundamental mindset and approach that can elevate your success in any field. By mastering these 12 steps, you’ll be well on your way to becoming a savvy marketer, regardless of your background or expertise. Embrace the power of marketing, and watch your ventures thrive.