Lessons in Marketing. Month 1

<Disclaimer>

I’m writing in an attempt to let my brain catch up with the fast paced classes and internalize the take aways on the 30+ cases I’ve read in the first month. My one line summaries are offensively short, are solely my conclusion not generally accepted wisdom, and probably only makes sense in my head. If you want to walk away with tangible, actionable lessons I highly recommend you read the actual cases, as they are both enlightening and entertaining. Stuff your gym bag with a HBS case and the Economist. Snapchat it on your way to Equinox to show the world how elite you really are.

Snapple:

Be careful when you pivot; be authentic to your brand identity and definitely don’t try so hard to be something you’re not. Customers can see through and you’ll lose whatever little edge you had. i.e. “I heard they fired Wendy.”

Black & Decker:

Even when you’re an established brand, your product is high quality and priced reasonably, sometimes you need a brand overhaul and a wolf pack to sell your superior product. If all else fails, dip your product in yellow paint and host a competition on drilling screws. (That was a joke.)

S’well:

Sometimes your marketing stars are perfectly aligned. You boarded a rocketship that is the athleisure market and your product looks damn good while being the best quality product there is. A water bottle that costs more than a week of lunch can generate organic celebrity endorsements, grow loyal (arguably snobby) fan base and even dream of going mass market. Side note, follow your dreams and be a boss entrepreneur.

Hubspot:

We all hate closing doors but choosing your target market can help you narrow down your audience and better serve your customers. How much you’ll grow (and the market will grow) >>> how you’re doing right now. Also Inbound vs. Outbound marketing.

Planters:

Another good quality, low price, great brand product suffering the tragedy of gullible customers. Peanuts are just as healthy and cheaper than almonds and pistachios, but yoga loving female millenials (i.e. me) are under the spell of almonds and pistachios’ heavy marketing. Don’t target too narrowly and remember who actually chooses those nuts.

Cialis:

Yay positioning statements! If you identify your target, know your frame of reference, leverage your point of differentiation, and build on reasons to believe you, you might be able to beat the competitor already dominant in your market. Again. Don’t forget “the other gender” is 50% of the population and sometimes more influential in the process of purchasing.

Starbucks:

Customers see branding as an extension of yourself. (read: I wear Lululemon because I want to be an attractive, healthy, confident, woman.) But brand perceptions, customer behavior, and customer demographics can evolve drastically over time. Keep taking pulse of the customers, look for ways to add the most value to them, and prioritize the diehard fans.

Lobster Shucking machine/ Formula E/3D printed Make up/ and High-Tech Tennis Racquet: What drives product diffusion?

Among a sea of innovative products, 49–87% of variance in rate of adoption is explained by differences in relative advantage, complexity, compatibility, trialability, and observability. (In my own words, how much incremental value does it add, how easy is it to use or understand, how much do you have to change people’s behavior by, how can people try it, and what mediums can people spread the product matters.)