It’s super hard to get folks to slurp an energy drink when healthcare professionals, nutritionists, and fitness experts all caution against its health risks. Likewise, a technology company will find it tough to get customers, even with a popular influencer promoting their products, if journalists publish allegations about privacy breaches or cybersecurity vulnerabilities.
In other words, you could get all of the 4Ps - product, price, place and promotion right, and still have a tough time getting sales.
Sales is not a private conversation
If I asked you to visualise a sales conversation, you’d probably see yourself in a room with a salesperson. Or you sitting alone in front of a laptop. But that is only the tip of the ice-berg! Before you arrived at the point of sale, there were dozens of other interactions with the brand and product.
The conversation between a brand and its customers is far from private. Rather, it resembles a boisterous communication taking place at the heart of a bustling park, where onlookers and interested individuals are encouraged to freely join in. This analogy holds particularly true when dealing with intricate or high-impact products and services, as the decision-making process becomes a collective effort, involving a multitude of people.
For example, before buying a car - or software - you’re bound to ask fellow users, influencers, random whatsapp friends what they think of it.
What does the ecosystem look like?
These elements are a constant for most products and services. The weightage of each will vary, and you’ll need to customise that. Take a look at this sample eco-system for a service.
I’ve been using Quickbooks from Intuit since my company, Paul Writer was formed in 2010. At that time I did it against the advice of my then CA, who loved a rival product, Tally. Unfortunately Quickbooks decided to exit India this year. When I had to pick the replacement, the choice was because - in order of weightage -
Chartered Accountant recommended it
Whatsapp chatter recommended it
Zoho had an attractive value proposition
The larger the potential perceived impact or investment, the more amount of research the potential customer will do and more elements of the ecosystem are likely to be involved.
How does this save me marketing money?
Some channels are inherently expensive because they reach a large number of people and are considered to be credible -eg popular TV or publications. Custom-crafting your ecosystem may allow you to tap into low-reach, high credibility options. For example, my CA is very credible, but has a reach only with her customers. Hotel management software firms target hospitality training institutes - catch them young! Again the institute is credible but with limited reach.
Sridhar Vembu of Zoho does a great job of working the eco-system too!
Look for gems with high credibility, low to medium reach within your target audience.
I was the brand manager when Infosys wanted to emphasise its new Business Transformation capabilities in the 2000s. The marketing team had a tiny budget to back up this idea, and my boss, Sudha Kumar, I and
came up with the idea of an Award program in partnership with an academic institution. Luckily Infosys had already invested in building an ecosystem by having a senior executive with a Wharton connection on the board - Harbir Singh - and he helped to introduce us to the right people there. The idea of an award was new and interesting to them, and the Wharton Infosys Business Transformation Award was born! Infosys benefited from the credibility and the reach with alumni and the award sustained for over a decade. Hosting an award ceremony at the Versailles Palace thanks to an alumnus was an added plus!Create a marketing ecosystem for your personal brand!
If you do this, you will soon have people calling you when there is an opportunity! It is a common joke that your family doesn’t know what you do for a living. That’s a missed chance though - family and friends can be powerful recommendation engines.
It is tempting to equate marketing ecosystem with social media. But it isn’t.
One of the most powerful marketers I know teaches in educational institutions, explores his spirituality, calls people just to catch up, is active in Whatsapp groups and is generally seen a nice person who also does marketing really well. Sunder Madakshira wrote an excellent series on personal branding for paulwriter.com
Media only amplifies what the ecosystem already knows.
Stop pushing that boulder uphill!
If the ecosystem is against you, selling the best of products will be tough. Marketing is about reducing the friction to sales. Oiling the ecosystem is the best way to do this.