It’s still very easy to fall into the trap of thinking that if you develop a great product, everything else will just take care of itself. Very recently I was in a meeting and listened to a CEO of a company confess that his product wasn’t selling like he thought it should. He said that the company produced, without question, the best product in the industry, but it is struggling with getting its fair share of the market.
It seems to me–and I would love your take on this–that when a company makes a great, high-performing product, the company can be at risk by believing (whether intentionally or unintentionally) that the product alone will save the day. Unfortunately, marketing fundamentals like market segmentation, channel requirements, value props for each member in the supply chain, and message clarity and execution can be overlooked.
In the meeting I referenced, after only 15 minutes of discussing this with the CEO, it became readily apparent what some of the challenges were, and none of them were product related. Let’s just say they needed to go back and revisit some of the key marketing fundamentals. I wish I could say that this type of a meeting is unique, but it’s not. Market leaders are what they are because they market well, not just because they have great products.