Published June 2002

‘Focus’ is key to building
a successful marketing mix

Most small companies are run by bright people marketing good products and services, yet 80 percent (according to the U.S. Commerce Department) fail within the first five years. It takes more than smarts and supply to be successful long-term. Lack of focus is the primary reason marketing programs flounder.

This article is the first in a series of four on “marketing focus,” specifically, how to hone in on a lucrative marketing mix. I’ll use the traditional 4-P’s of marketing — product, price, place and promotion — to demonstrate how “focus” can produce greater and more sustainable success.

We get nervous when sales fluctuate or new competitors enter our space. To counter, we try out different marketing strategies, rarely giving them the time needed to gain any traction. This is a natural but deadly tendency.

The reality is everything in marketing has a “life cycle.” So, how do you breathe life back into an ailing marketing program? “You must have focus, grasshopper.”

This article addresses the first “P.” Fragmentation in the “product” area usually transpires when companies attempt to gain market share by adding a new product (outside their core business) or a line extension. Both strategies can cause problems.

Example: Xerox’s core business is office copiers. It’s what they’re known and trusted for. They attempted to get into the computer category when microprocessors came on the scene. Over three decades and $2 billion later, they’re still just a copier company.

Not to say you shouldn’t freshen your product. You absolutely should — based on changes in customer values, competition and technology. I’m also not suggesting you stick it out in a category that’s collapsing. The most prolific marketer won’t make a profit selling typewriters in a digital era.

I am saying that, unless you have deep pockets, it’s usually more productive to stay focused and improve on your core business than bounce around with new, unproven product strategies.

You know what your best sellers are, but do you know why? Ask your customers what they like most about your products and services. Unless you plan on buying all of your own inventory, customer opinions are more important than your own.

Another important product point: stop feeding the sacred cow. If you have a product or line that detracts from your portfolio or profit, drop it and invest the freed resources in your best seller.

Your goal should be to specialize and be known as the expert in your category. An expert is someone dedicated to knowing more and more about less and less. Product focus will help you be known as the “go-to expert.”

“Product” is just one of four factors in the marketing mix; they all require “focus.” Next month I’ll delve into one of the more complicated marketing functions: pricing strategy. Pricing and demand elasticity are mission-critical variables that can make or break a company.

Summary: Don’t spread yourself too thin. Become the recognized expert by knowing more about less. Specialize in the areas most valued by your customers and you’ll live longer in your product category.

Andrew Ballard, President of Marketing Solutions Inc. in Edmonds, develops brand leadership strategies for businesses and teaches strategic marketing through Edmonds Community College. He can be reached at 425-672-7218 or by e-mail to andrew@mktg-solutions.net.

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