Audience
“Our jobs as marketers are to understand how the customer wants to buy and help them to do so.” – Bryan Eisenberg
“If you want to create messages that resonate with your audience, you need to know what they care about” – Nate Elliot
Is It Unique?
One of my favorite hobbies is observing how the economy, trends, quality, management, and marketing campaigns play into the success of a business. Will a new startup concept sustain the test of consumer behaviors? Time is one of the greatest predictors of success, but I believe more importantly is the question, “is it unique”?
What makes a product or service unique? Is there something already on the market that is similar? If so, then your product must be 2x better or the service must also offer something that customers want that has value. Another important aspect is personal connection, and a reason to believe in the product or service that the consumer identifies with.
MY GREATEST MISTAKE & GREATEST REWARD IN PRODUCT MARKETING
I was a young entrepreneur who owned a successful company named “Online Computers”, and I risked everything for my new product, Shelf Life 2000! I decided to create a new company called Micronix, and go into business with a new business partner. This was my first experience with Adobe Photoshop where I created artwork that contained computer software that would help homeowners organize and rotate their food storage and pantry, but also help them create a 72-hour emergency kit. Looking at the artwork now, I can see so many errors but I will save that for another time.
My business partner’s integrity was later discovered questionable which was my first mistake because it cost me my “Online Computers” business, but the greatest takeaway after spending thousands of dollars was… creating the product, distribution with failed attempts, but ultimately failing to understand my audience was the greatest mistake which made it one of the greatest rewards I gained.
I discovered that consumers who wanted this product were outliers on a bell curve, and it was something that needed self-discipline on the consumer’s part as well… if the product or service is too difficult to understand and adopt, then it will fail! ,
STORE CLOSING - FINAL SHELF ITEMS
I had a unique opportunity to follow consumer behaviors regarding purchasing items from 10% off week one to 75% just days before closing the doors.
It was absolutely amazing to watch the shelves empty and items consolidate. With one remaining end cap, a very interesting product was left and even though it was being sold at a 75% discount, still consumers passed it up.
This was a gold mine to find out if it was the product itself, or just the marketing and product packaging. So what any product marketer would do, I purchased a product that advertised a hair gel called Earwax and tried it on my boy’s hair… kind of gross. I was impressed the product was actually a great product, but failed to attract the audience the manufacturer was seeking!
The marketing department did not test the artwork or conduct proper research prior to launching the product.
CHANGING MARKET
It is evident the fate of these chains, they failed to adapt to the market and make the needed adjustments. The decline of big box stores took a hit because of Amazon, and the increase of consumer online shopping.
Only one of these made immediate changes in 2019. One of the first online ordering and dedicated pickup location was introduced by Wal-Mart in Salt Lake City. Since this time, Wal-Mart improved the process and now has dedicated covered, preferred parking where customers can order online and schedule a time to pick up their order.
They take away is no matter how successful a company may be, if they fall asleep at the wheel, they will eventually go out of business if they don’t adapt to the changing market.
IT'S ALL IN THE NAME
Considering business names is important, but making sure the name is understood in other languages or meanings can be the cause for failure.
“Pei Pei” might mean abundant or Pei as a boy’s name is Chinese in origin, but English might have a different meaning as well as being Zero in a business name and how it can affect reviews and perception.
Even though the food was delicious, getting past the names… well these are self-explanatory why the name added to going out of business.