Key points and lessons learned during the panel discussion on Marketing Mishaps on 2/14/08:
- problems with positioning: know what you want to be known for, but also what you don't want to be known for
- people can get to know you for something just because they purchased one product or service; that product/service just might be ancillary, low profit, or undesirable (for you)
- to know the message you want to send, know the demographics of your actual customers
- entrepreneurs can fall in love with their product, which can put blinders on when it comes to marketing (being narrow-minded about target markets, promotional opportunities, etc.)
- if hiring a marketing expert, let them do what they do best; rely on their expertise
- advertising may not work if yours is a relationship-based business; it's hard to build a relationship through advertising
- take stock of what your customers are telling you; what you learn may be very different from what your own plans, ideas, and views are
- does your target customer want to deal with a larger company or a smaller company? based on your response to that, position your firm accordingly
- it's hard to focus on a very defined market niche because, as a business owner, you often don't want to "shut out" or "ignore" other market segments (example was a boutique that positions itself for "grown-up women", those over the age of 40; the owner was afraid to articulate that because of her fear of alienating the many women in their 20s and 30s in the area)
- your differentiation must be communicated in your marketing efforts; otherwise, no one will truly know if, why, or how your company is different!