July 11, 2014
During our lunch, I told them “you can sell complete cr@p if you market it correctly.” This happens all the time! If companies are selling useless products and services to millions of people, “imagine how well your amazing things could be selling! You just have to market it correctly!”
This morning, I read about a company called CYNK Technology. Their current valuation is around $6 Billion (that’s with a “B”) despite having no revenue, $39 in assets and $51K in debt! How is this company valued so high? They’ve marketed their stock correctly (even though it’s complete cr@p).
Y2K is another example. Remember all the hype around the Millennium Bug? Elevators would stop working! HVAC would shut off and freeze us to death! Our computers would catch on fire! Airplanes would crash to the earth!
I was in software development back then and we had a saying about the Y2K bug, “It’s a product, not a problem.” It’s estimated that fixing this bug cost more than $300 Million in pre-2000 money.
When the clock struck midnight on January 1st, 2000, nothing happened. Even though all the systems hadn’t been fixed yet (and there is no doubt software still running that hasn’t been fixed), we saw virtually no negative impact from this massive marketing effort, I mean, bug.
AXE Body Spray is yet another example. Some people like the smell of AXE; personally, I do not. Regardless of your taste (or smell, in this case), you can’t say it’s a high quality product. It’s a smell in a can that you spray on your body. My generation called it Right Guard. It’s certainly no Clive Christian.
Yet millions of dollars of AXE are sold (mainly to teenage boys) every year because their highly effective marketing campaign convinces boys and young men that women will swoon all over them if they just spritz a little AXE on themselves.
As entrepreneurs, especially those of us who actually do the work in our business, we often hold ourselves to ridiculous standards. We think that what we do is never quite good enough so we spend way to much time chasing perfection that’s unattainable.
I’d like you to take a lesson from these companies and others like them who are able to maintain a safe distance from their products and services. That safe distance allows them to focus on how to market and sell instead of chasing perfection.
Rest assured, whatever you’re selling is probably 10 times better than most of the successful companies we buy from every day. The only difference is they know how to market their cr@p.