What matters most in making your business successful? (It might not be what you expect)
If a genie popped out of a bottle and granted you instant “best-in-your-industry” status in just one of four categories, which would you choose?:
- best management
- best margins
- best marketing
- best product
While all these contribute to your business success, only one factor matters most.
It’s often assumed that the highest-quality and best product wins. Not true.
What’s the No. 1 restaurant in the world? McDonald’s. What’s the No. 1 wine? Franzia (the stuff that comes in a box!).
The next assumption is that management makes the competitive difference. Countless “dream teams” have failed miserably (think Enron, the movie Oceans 12 and the 2004 Olympic basketball team, comprising nothing but NBA stars, ending up third, losing to Lithuania. Ouch.).
Certainly your accountant and CFO would wish for the highest margins. Tell’em margins don’t matter at all if the product never sells.
Ultimately, like it or not, the one thing that matters most in determining whether your business succeeds or fails miserably is marketing.
“Fast, gigantic leaps come from only one place: sales and marketing.”
Person who knows how to get, keep and cultivate a customer gets paid the most. Period.
In our February issue of SUCCESS I
pay tribute to the late Steve Jobs, arguably the greatest marketer of our time. On the CD enclosed with the issue I reveal my findings from a several month research project trying to decode the marketing magic of Steve Jobs and Apple.
I found six strategies they mastered, which resulted in Apple becoming the most valuable brand in the world. I attempt to explain how you, too, can master these six strategies in growing the value of your business.
I also interview Seth Godin, Tory Johnson and John Maxwell, who share some incredible insights. Be sure to pick up a copy off the newsstands if you are not already a subscriber (gasp!).
If you are looking to make more money or grow a business in 2012, then make the deep study and mastery of marketing should be one of your goals this year.
What are some of the most clever marketing ideas you have seen or deployed yourself? Share them with us in the comments below.