Product Startup 086: Marketing Fundamentals for Consumer Product Startups
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Jul 28, 2021 Michael Solomon, a seasoned marketing professor and author of nearly 30 books, dives into essential marketing tactics for product startups. He emphasizes identifying unmet customer needs as a foundation for strategy. Solomon outlines the interplay of the four Ps—product, price, place, promotion—and stresses setting measurable goals. He highlights the importance of co-creation with customers, continuous innovation, and avoiding complacency. Notably, he discusses the shifting nature of consumer identities and how startups can exploit niche markets to outmaneuver larger firms.
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Start At The End
- Start marketing by identifying the end goal and work backwards from the customer need.
- Define a strategy before choosing tactics like product, price, place, and promotion.
4 Ps Are A Unified Toolkit
- Price, product, place, and promotion must be used proactively and together.
- Price signals quality and should align with your overall strategy, not be an afterthought.
Set Measurable Strategic Goals
- Set clear, measurable objectives tied to your long-term strategy before choosing tactics.
- Tailor pricing, promotion, and distribution to achieve those specific objectives.
