#QOTD: New York is about to get CRUSHED by a blizzard, so I want to hear about your favorite memory from a snow day.
00:58 – What surprises or interests you about brands with High Brand Equity, but don’t have a huge marketing budget? Especially those in crowded spaces?
03:03 – If you could create and teach your own college (or high school) course, what would the name of the class be? How would you teach it?
Social Media is the plumbing to the word of mouth in our society. If you make a great product and you can get people to taste it, both literally and metaphorically, then there’s a tremendous opportunity for your name to spread on its own. There are tons of brands that don’t spend on marketing and win simply by making a great product that people can’t help but talk about.
In this day and age, you may not have the budget to put towards marketing your product or service, but that shouldn’t stop you. If you’re putting out a strong product and service then your name may very well spread through the eyes and ears of those that are able to experience your offerings firsthand.
Social Media has put us in a very interesting space. If you can leverage the social “influence” of one individual who’s had a great experience with what your business offers, you can be well on your way to surpassing the attention that any paid budget would get you. BUT, you need to make sure you actually have a good product. For instance, if you’re a small time restaurant that happens to have great food, all you need is that one person on Instagram or Twitter to talk you up because they love what you have to offer.
The brands and the products that will break out in the next decade with zero dollars may end up being anomalies in the grand scheme of things, but that’s all predicated on them having tremendous products. You can have all the money in the world but if your product sucks, you’ll end up losing the long game. HOWEVER, you may very well be piss poor and not in the position to spend money on marketing, but if your product is good enough to entice people to talk about it, then in this day and age, you can most certainly win.