Re: Marketing issues! Can a consultant make any difference or self help?Hot!
10:42pm, Tue 2nd August, 2016 by The Naibac Team
The answer is both Yes and No. It depends on the kind of Business and the type of product or service you're offering. Regardless of how good (or bad) your product may be, marketing is a crucial step to get people to know about it, understand how it works and determine how it can add value to them. Most entrepreneurs already have an idea of their marketing budget before the product is even completed.
Marketing is usually a very expensive process. It doesn't always have to be though, some skilled marketers can adopt some very smart techniques to promote products extensively with a very limited budget. Look at all those viral social media marketing campaigns for example. That's why my answer to your question can be Yes.
However, if your product is doing well and making money, it will interest other entrepreneurs and there's always the chance that someone else will duplicate your product and because they have the money to spend on marketing, their product will overshadow yours and eventually put you out of business. In this case my answer to your question is No.
The advice I'll give you is, if your product is not moving then I would suggest you look for a good marketer with a proven track record of success. This way you can focus on other important things without divided attention. In Nigeria where copyright laws are not strictly enforced, you'll have to rely on marketing to ensure your product is first to market and that you get enough initial market share to reap the rewards long before other entrepreneurs realize how much money you're making and have a chance to copy and catch up, regardless of how much money they have.
Sometimes, the fact that you're first to market and that you're well known, to the point where you're synonymous with solving a particular need or want is enough for you to maintain your stranglehold on the market and fend off competition irrespective of how much money they can spend on marketing.