In the beginning of 21st century, Marketing guru Seth Godin, urged that entrepreneurs should strive to create remarkable products. It was a suggestion based on the failings of traditional marketing channels like television and the formula of generating trust and familiarity through significant spend in marketing through the traditional channels.
Old rule: Create secure, ordinary products and mix them with amazing marketing. “Great marketing” during the 20th century was to mean purchasing billboards and TV advertisements, because enough people saw advertisements and then purchase your product so that you could be able to afford more advertisements. It was targeted towards the middle and the early majority of people – target the juicy and fat middle market. create normal products for the average consumer and use the numbers to generate profit. However, now the value isn’t just dependent on how big the market is, but is in its impact.
New rule: make remarkable products that target the most qualified people. Early adopters greatly influence the rest of the market. If something is remarkable they’ll share it with the rest of the world. It’s no longer feasible to spend money on advertisements that are aimed at all people. Your only choice is to avoid the mass market, concentrate on a small segment and get them to be enthralled by the product you provide, and then encourage them to promote it to the masses.
Business Insider summarized it very nicely as:
In the era of always on digital marketing these principles hold even more true. The competition is more intense and the consumer attention span has continuously dwindled. Our customers are discerning creators who focus on differentiating their offerings and creating remarkable products/services for their end markets.
Of course the days of you build and they will come is far gone. As Seth has said you have to get people to talk about your product/service There are multiple tools for effective digital marketing of your offering.
Building a market with remarkable products is exciting. Justin Mareas in Traction describes, that you should start your marketing activities even before the product is ready. Some of the tips he has in the book include:
With the regulations like CANSPAN, GDPR, and the potential of cookieless world, the drivers of digital marketing effectiveness is constantly shifting. We at convertbloom take away the guesswork in accessing the latest trends and technologies through sophisticated yet affordable digital tools.
All the best with your endeavour to create Purple Cows.
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