Local business
Yes, a local business will also benefit
When someone orders espresso at Shack Coffee Co., I always suspect her/him of being a bootstrapper. Yesterday was not different. V walked in and ordered for an espresso. At first, he credited CrossFit for the post workout fix. Then, he opened up. He is setting up a bakery in West Delhi. In his past life, he had worked in an advertising agency. Does he require marketing?
He chucked the job to join the family’s grocery business. Irrespective of 10 minute grocery apps, the local grocery shops are doing better than before. He realised he could not add anything to an existing profitable and growing business. He zeroed on opening a bakery. Furthermore, he hired a consultant, who would help him with setting. Next, he looked for a marketer, who could help him with the go-to-market strategy. I asked him, why does he need one, since it’s a bootstrapped gig. I followed with the marketer, who is bootstrapping Chiti Design.
Deepak cited three things. One, V had worked in advertising, and values the importance of marketing. Two, they had worked on the visual branding of the grocery business in the past. It had benefitted the brand. Three, there are multiple players in the market, each catering to a specific audience. It is important to find out the target segment, and position the offerings.
Nike’s founder Phil Knight, said in an interview to Harvard Business Review:
For years, we thought of ourselves as a production-oriented company, meaning we put all our emphasis on designing and manufacturing the product. But now we understand that the most important thing we do is market the product. We’ve come around to saying that Nike is a marketing-oriented company, and the product is our most important marketing tool. What I mean is that marketing knits the whole organization together. The design elements and functional characteristics of the product itself are just part of the overall marketing process.
We used to think that everything started in the lab. Now we realize that everything spins off the consumer. And while technology is still important, the consumer has to lead innovation. We have to innovate for a specific reason, and that reason comes from the market. Otherwise, we’ll end up making museum pieces.
V is practicing the first principle of marketing: marketing orientation. It’s all about knowing the consumer and meeting their needs and wants. Even Steve Jobs took inspiration from Phil Knight’s approach.