Great product is only half the success
Spending money won’t help succeed
Spending money won’t help succeed
If a business offers a great product to users, it may still fail. Without a winning distribution strategy, products won’t reach the target customers. Splurging money on digital ads doesn’t help.
Kyle Tibbitts heads brand marketing at Open Door. He shared his learnings:
‘Build it and they will come’ is a myth. Traditional marketing communication doesn’t help without traction. Products do not succeed without feedback loops
Marketer’s job is to grow the adoption of product, by betting on different channels. Unit economics is as important as growth
Your messaging and positioning should be functional and straightforward — but inspirational enough to drive action.
Hire marketing talent, who understands startups.
Building a brand helps in creating a moat and helps in increasing prices.
Avoid growth hacking and paid ads. Focus on net promoter score (NPS), as it lowers cost of acquisition.
Independent businesses do not have the firepower of big businesses or funded startups. Learning the fundamentals of marketing can help them grow, without spending money on digital ads or hiring people for growth-hacking fraud.