Did you know?
McKinsey states that we are in the dawn of marketing’s “New Golden Age.”
Why is it so?
If one has been monitoring, compared to before today’s Marketers are boosting their precision as well as broadening their scope for telling better stories as the new trends which include a massive expansion of television as well as the online channels has led to the transformation of the idiot box as well as the desktop into retail channels, but that doesn’t end there, after them we have the unrelenting rise of mobile social media which has resulted in growth of marketing expenditures.
But I have found out, that it has raised the question with many, doubting the need of product quality.
To help solve this query let me share a small calculation I came across on the internet shared by Dan Freedman
Think of both the utilities like two parts of a multiplication. If either part is zero, the output will be zero. But as long as both are greater than zero, the result can be very positive.
1000 x 0 = 0 — great product, crap marketing
0 x 1000 = 0 — crap product, great marketing
2 * 1000 = 2000 — cheezy product, great marketing
1000 * 2 = 2000 — great product, cheesy marketing
1000 * 1000 = 1m — great product, great marketing
How apt is this for an example?
Celebrity endorsements and marketing campaigns might be the flavor of the day but how far these products actually meet the promises made in the marketing campaign remains questionable.
So, even though marketing has become the mantra to follow for corporate houses constantly looking to unleash new products and services on customers without doing their homework but, they must remember the trends which are shaping the marketing today
Of all the above-mentioned trends, I believe customer power is the most important as rest may help you market the product to the audience but it’s the customer feedback which helps you build long-term relations not only with your audience but also with your current customers.
Only if the product has a certain quality and meets certain standards and requirements will it attract buyers? To maintain steady consumer demand and a customer base, quality is the prime consideration. If your product or service is flawed in some way, no amount of marketing will help you getting buyers or customers.
One may get a one-time sale with a promotion but repeat sales come only when the quality is good. Word of mouth can also have a negative impact if the quality of your product is sub-standard but if what you offer is as promised in your marketing campaigns for each happy customer you make you can steer down various new ones.
In today’s market regardless of the size, business owners need to create a brand around their business and the customer audience have exact and specific expectations when will it comes to say a specific product of a particular brand based what they have offered before.
Suppose a man at a coffee house on the street is discussing with his friends & family to buy a car, if he plans to buy a Mercedes-Benz luxury car he expects safety, smooth noiseless ride, many features like GPS, luxury fittings like leather upholstery, top class music system and much more.
Quality is the buzzword the common man on the street talks about so if a common man discusses or thinks of buying a Maruti 800 or Wagon R has fewer expectations, like what he will expect includes some features that would make his drive smooth and with no problems and the car may be low on maintenance.
In India, it is interesting to share that a customer attaches various values to the product/service he purchases. Which are defined as given below:
The ‘Esteem value’ is associated with high price range products. Like the example above where the purchaser of the Mercedes Benz luxury car will have the esteem value associated with it even though both the Maruti, as well as the Mercedes-Benz cars, have the same primary function to transport people.
But the customers today are also keen to check the ‘Exchange/Resale value’ associated with the product before purchasing it. Like the common man in India is more tent to purchase a Maruti car because of its high resale value or a customer when looking to purchase an Air conditioner will check deals in all electronic stores on who is providing most returns on the exchange of the old air conditioner even after they have selected the model and brand of the same and then will purchase it from a place which provides most returns.
We as customers ourselves when have selected based on the quality offered how can we offer the opposite. When we have our brand name and reputation on the line!
This reminded me what W.A. Foster stated some years ago:
“Quality is never an accident. It is always the result of high intention, sincere effort, intelligent direction and skillful execution. It represents the wise choice of many alternatives.”
And it must be remembered by all.
When developing new products and services, one must think in terms of what people really need. While the Marketer’s need to cater to genuine concerns which people have, things that will make a difference in their lives
The topic above might be of varied views but what believe strongly is a good product and great marketing can create wonders, while with a bad product and great marketing one may enter the market but they won’t sustain.
Tell me what do you select?
Quality or Marketing?
Am I right about it?
Share your views in the comments section below!
I help business owners Build their Brands and make them irresistible, profitable & simple to run.
I want to help you build your social media and it's marketing, business growth and digital strategy with confidence, so they're not just successful, but authentic as well as reliable.
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Other than work I'm someone, who love's 2 enjoy life, I love to keep things sweet n simple just like me!!!
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