In a recent article in Success Magazine marketing legend Seth Godin answers some of the most important marketing questions most organizations have right now. There is no doubt that things in business, especially in marketing, are changing quickly. Almost too quickly for us to keep up with. That’s why it’s great to get insight from people who have their fingers on the pulse of change. Here are some of my favorite questions and answers from the article.
Q: Where would you invest your marketing budget if you were starting a new business now, and why?
Unless you are already the market leader, there’s no question that 80 percent of your marketing budget should go into making a significantly better product or offering a better service than you do now. I know that you think you already make a great product. I’m guessing you already make a very good product. It’s probable your service is just fine, or better than just fine.
Just fine or even very good isn’t going to work, and no reasonable amount of marketing spending is going to fix that. What would you do if you had to deliver something more than fine? Something remarkable? Something that your customers couldn’t resist talking about? Go ahead and spend the money it takes to do that. Once you do, you’ll discover you need far fewer marketing dollars.
Examples: Zappos, Harley-Davidson, Porsche, The Shake Shack and The New Yorker.
Q: How many social media sites should you use, and what are the most important sites you should be using?
Hey, who let this guy in here? This is a dangerous question, because it escalates the medium (social) above the purpose (communicating with permission). No one asks how many hours you ought to spend answering the phone or what the receptionist’s desk should be made out of. Use the tools that help you achieve your purpose. Too often we get confused about who we’re trying to please and end up pleasing no one.
Seth Godin is the author of 14 best-selling books that have been translated into 36 languages. He’s the founder of Squidoo.com, one of the largest and fastest-growing websites in the United States. Godin was vice president of direct marketing at Yahoo!, a job he got after selling them his pioneering 1990s online startup, Yoyodyne.