Saturday, July 19, 2008

Marketing - 7 Lessons From The School Of Hard Knocks

Some Things That You Learn In The Trenches

By David Miranda

If only there was a marketing textbook that told things like they really are. Here are some things that should be in new editions.

1) Everything costs more and takes longer than you think.

Make budget concessions for budget overruns. The time to ask for money is not when you're in dire straits. Regarding time line benchmarks, manage expectations along the way. The time to communicate the need to extend a deadline, is not the deadline.

2) Strong and prolonged revenue growth is more important than strong profits.

Profits at the expense of revenue growth is terminal. Strong and prolonged revenue growth is a healthy indicator. Strong profits with anemic growth is a warning sign of future problems.

3) Under-promise, over-deliver.

Consumers are suspicious of brands that proclaim their superiority without third-party substantiation. Creating high expectations and not delivering will alienate consumers.

4) Do more homework than your competitor.

There is not substitute for smart. Out-smarting competitors is more effective than out-spending them.

5) Past behavior is no indicator of future behavior.

Preference is perishable. Relentlessly give fickled consumers more reasons to buy your stuff.

6) Study behavior and not statistics.

Observe what people are doing, saying, buying, not-buying, or searching for. Perseverance without personal observations can be fatal. Find the story behind the numbers.

7) Don't take yes for an answer. Dig deeper.

Marketing is pervasive with yes people. Seek out the other side of the prevailing thought.

Good marketing!