Any Marketing 101 class will espouse the values of the 4 P’s of Marketing, or the “Marketing Mix”, consisting of Product, Place, Price and Promotion. However, the most important P may be one that isn’t traditionally included in this list: Perception.
What makes a product a breakthrough innovation? First, a breakthrough product is typically a commercial success. But plenty of products are commercially successful; a breakthrough is much more than that. A true breakthrough changes the market landscape in some significant way. Breakthrough products disrupt markets and business models and change the way people live. They change behaviors and lifestyles. In fact, they often change the world as we know it. Think iPhone, iPad, YouTube, 3D printers, Facebook, etc.
"Growth hacking" is a business and marketing concept that has been building momentum, particularly among tech start-ups. Essentially, growth hacking is the concept of scaling a company or product quickly by making data-driven decisions. It also dictates how the product or company is marketed to potential customers. Growth hacking eschews traditional marketing channels for low cost "guerilla" tactics that promote rapid growth. A key tenet of growth hacking is that it encourages businesses to take an outside-the-box approach to marketing, taking all aspects of operations into consideration when identifying growth opportunities.
An ongoing criticism of social media marketing is that it offers an uncertain ROI. However, measuring ROI has always been a central challenge for marketers. Whether you work in marketing or not, you have probably heard some variation of the often quoted adage, "Only half of marketing works. The problem is, we don't know which half." Identifying which marketing efforts are the most effective has long been a significant hurdle for marketers, inhibiting our ability to optimize (or justify) our efforts.
Advertising can be an effective way of communicating your product or service, but the average consumer is reluctant to trust traditional advertisements. Referrals and word of mouth are much more effective ways to get your message heard because these methods come from trusted sources: friends and family. The best way to ensure positive word of mouth about your company is to create positive experiences for your existing customers. This is especially important in the age of social media, when every individual has the ability to communicate with hundreds, if not thousands, of people with a couple taps on their phone or clicks of their mouse.
Before social media, a company shaped its brand primarily through advertising. It was easy to control the message and project the desired brand image. Since the advent of Facebook, Twitter, Instagram, Google Plus, Pinterest, etc., the game has changed dramatically. Companies now have a way to interact with customers and shape their brand in real-time. This can be either good or bad, depending on the company's approach to branding and marketing. Companies who were comfortable with and preferred a tightly controlled brand message are having a difficult time adapting to the new media landscape. On the other hand, companies who prefer a more customer-focused approach now have countless tools at their disposal.
It's no secret that people prefer to read about relevant topics. When a headline mentions a recent news item or a trending topic, it is much more likely to be read. Your company may not always be in the news, but it is relatively easy to become part of the conversation. In fact, leveraging current events and interesting news items is one of the best ways to generate press for your business. Many PR strategies focus on what the particular company is doing, but it is often more effective to determine how your business can fit into what is already being talked about.