Marketing Articles

By Marc Aronson

If you want to increase your business volume, don’t do what Geico says. Do what Apple does

You can dominate your competition. All you need to do is thoroughly and correctly apply the seven-Step Marketing Formula.

Why should understanding Apple’s market strategy be important to your business?

When Steve Jobs returned to Apple, the company was on the verge of bankruptcy. Immediately, Jobs began innovating Apple through new and better products that challenged people to think different. The IMac, OS 10, switching to Intel, MacBooks, the IPod, and IPhones have lifted Apple from the dead to among the most profitable companies in the world. Today, recent consumer polls have revealed Apple to be the most admired company in America. And its profits may eclipse $10 billion for its current fiscal year! Not bad for a company that was ready to fold a little more than a decade ago.

Before Steve Jobs returned, arguably, Apple even then offered the best and easiest to use computers on the market. But the company wasn’t innovating enough. Likewise, if you offer the highest quality product or service in your industry, there is still no guarantee your efforts will drive in enough new business to achieve the level of viability you desire... especially in this economy. Apple had to innovate its business and communicate its innovations effectively to convince enough people it was better in order to flourish. Likewise, you may need to innovate your company and communicate your innovations effectively to thrive in these difficult times.

Geico defines what you shouldn’t do

The purpose of marketing strategy is to convince potential buyers they would be making a big mistake to buy the type of product or service you sell from anyone else but you. So, for your business, your marketing needs to prove to potential customers or clients that they would be making a huge blunder not to choose what you offer over your competition. Keeping this in mind, consider Geico’s slogan: “15 minutes could save you 15% or more on auto insurance.” Does this convince you that you would be making a huge mistake to buy auto insurance from any company but Geico? Of course not. Geckos, cavemen and Too Tall Jones just don’t cut it, especially when other insurance companies advertise they can save you money, too. There is nothing convincing in Geico’s advertising or in any other auto insurance company’s ads either. So, does Geico’s promotion work? Of course, to a degree. They spend over $600 million each each year on advertising. Repeat their banal, platitude-filled advertising enough and some of it is going to stick. But will spending five times as much as your competitors on advertising and promotion work for your small business if you have nothing valuable to say? Not likely.

The most effective way to grow your business in a slow economy

The key to successful marketing in this economy is to first ensure you offer a product or service that is clearly better than your competitors’. Then carry out the remaining six steps of The Marketing Formula.

Visit our website and become familiar with The Marketing Formula and The Innovation Process. Learning these will prove to be a much more profitable way for you to spend 15 minutes of your time than calling Geico.