In this episode, listeners gain valuable insights into the core principles of marketing, the importance of creating an unfair advantage, and how focusing on ideas can lead to marketing success. Your hosts, Andrew and John, welcome Mike Snyder, a marketing expert and partner with Raptor USA. Mike shares his journey from being a U.S. Marine Corps officer to diving into the world of marketing and helping businesses create unfair competitive advantages. The conversation explores the true essence of marketing as a strategic function that defines what a market will buy profitably for a company. Mike emphasizes the importance of focusing on ideas rather than just tactics in marketing.
Key Points:
Marketing is not just about communication; it's about defining what a market will buy profitably.
Businesses often mistake marketing for marketing communications, leading to frustration and endless expenses.
The goal of marketing is to create an unfair advantage over competitors, much like in the military.
Mike highlights the four Ps of marketing: product, price, place, and promotion, and how they play a role in creating that unfair advantage.
The hosts and Mike discuss a real-life example of how marketing strategy can transform a product's perception in the market.
Mike emphasizes the importance of asking fundamental questions about what sets your business apart from the competition. It's not enough to say you offer better customer service; you need to break down how and why it's better.
He mentions that these critical questions are included at the end of each chapter in his book, making it a practical resource for businesses looking to refine their marketing strategies.
Mike also discusses the significance of a company's website in showcasing its marketing advantages. He believes that if a company truly has an unfair advantage, it should be evident on their website.
The conversation highlights that business owners often underestimate their marketing abilities. Mike encourages them to reverse-engineer their own purchase decisions and apply the same logic to their marketing strategies.
Mike's one business growth hack is to focus on making things easier for your audience or customers. Simplify processes, products, or services to meet their needs more efficiently.
Quotable Moments:
"Marketing defines what the heck you're aiming at." - Mike Snyder
"Your job [in marketing] is to create an unfair advantage on the battlefield." - Mike Snyder
"Taste is in protein is the food category. So they're telling everybody, hey, turkey tastes good. Well, the fact of the matter is we found out the research tricky doesn't really taste good." - Mike Snyder
LINKS MENTIONED:
https://www.rsm.marketing
https://www.linkedin.com/in/mikesnyderraptorusa
https://www.trustyourwingman.com
