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Brian Tracy! Art of Marketing! 3 key questions for marketing

Art of Marketing!

Chapter 03. 3 key questions for marketing

For a business not to advertise is like winking at a girl in the dark.

You know what you are doing but no one else does. — Stuartt H. Britt

There are 3 key questions related to marketing,

especially about a new product or idea.

Normally, if the sales of a product are not satisfactory for any reason,

you can use these three questions.

Most companies ask the first question,

but the number of companies

I consult with have never asked the other question is sure to amaze you.


Does a market exist?

The first question is: “Is there a market?

Are the people out there really going to want to buy the product

or service you’re thinking of bringing to market?

Remember that the basic success/failure ratio

for a new product is 20/80.

Or 80% of new products will fail.

They will not gain significant market share

and the company will lose money

and possibly even go bankrupt at any time.

20% of new products will be successful

enough to cover the investment costs and make a profit.

1% out of 20% of this product or service

will be a breakthrough success.

For every 100 new products launched in a year,

only 1 becomes a bestseller.

Say no to the good so you can say yes to the best. – Zig Ziglar


Market research

In 2012, American companies spent more than $8 billion on market research.

The main reason for doing this is to find out

if there is a market for the new product or service,

who and what constitutes that market,

the products or services that will need to feature something

to sell at a price that makes a profit.

And even after market research,

80% of new products and services fail within the first year or two.

Today, a better strategy is “customer first”.

Whenever there is a new product or service,

immediately call a customer directly

(no surveys, no questionnaires or group surveys)

and tell them you have an idea for a new product or service;

new product or service.

Will they buy it?

How much will they pay?

What gaps and weaknesses does that customer see in your idea

for a new product or service?

By doing market testing early and by asking your customers

for their candid opinions,

you can drastically speed up the “go to market” stage

and reduce costs at the same time yours

for new product development.

We have to set some big goals to force ourselves

to push beyond the threshold

and take advantage of the inherent power within us. – Zig Ziglar


Market size?

The second question you need to ask is whether the market

or your products and services is large enough.

Amazingly, this is a question that people neither ask nor answer.

However, you need to know:

Can you sell enough products or services to make a substantial profit?

In your initial analysis,

you determine exactly

how much it costs to produce a product or service

and how much it costs to sell so that it can be profitable,

in a variety of ways,

for the same amount of money.

You then determine the number of units of the product

that will have to be sold in a week,

a month,

and a year,

so that it is commensurate with your investment of time and effort.


you determine if a sufficient number of potential customers

will purchase your products and services

within the specified time period.

Direction creates time and motivation creates energy. – Zig Ziglar


Is the market concentrated?

The third question is:

Is the market concentrated enough?

Just because people in different places say

they will buy your product or service doesn’t mean

that the market is concentrated enough

for you to reach with the available advertising methods

and sales channels.

You may find that there is a market that needs 100,000 units

of a new product or service,

but it is spread across North America in 10,000 cities,


and villages.

So how can you approach that market in the most cost-effective way?

Remember, you’re looking to “buy” customers.

Once you have a product that people will buy,

the cost of acquiring the customer will be a key factor

in determining your success or failure.

A product or service that has a large market

but is unlikely to be viable for you simply

because you can’t drive it to

that market through social media

or through existing marketing channels.

Today, you can access a wide range

of specialized markets in narrow niches

by the Internet at much lower prices than before.

People used to say that the Internet is a double-edged sword.

It can be both the best marketing tool and the worst one.

Because most people you reach will not be interested

and may delete your message as soon as it is received.

The best is because you can reach hundreds of thousands

or even millions of potential customers for a very low price.

What makes the difference is not our ability but our thinking and direction. – Zig Ziglar

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Angel Cherry

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