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What works today is the exact opposite of what worked a decade ago.
If you think of marketing as the same thing it was twenty (or even ten) years ago, you're basically screwed. The reason is simple. What works today is the opposite of what worked in the past.
The Old Rules
Here's are the rules for marketing that are taught in most business courses, and are common inside most companies (many of whom are struggling):
Step 1. Create a product that has a broad appeal to a large number of consumers or buyers.
Step 2. Reach as large an audience as possible with a message that appeals to many of those potential buyers.
Step 3. Create a recognizable brand name that can be extended into additional product categories.
While it's true that companies following these rules have, in the past, been able to build strong brands like Sony and Coke, this type of "broadcast marketing" no longer works because:
The New Rules
Here's what DOES work:
Step 1. Create a product that addresses a very specific type of consumer and buyer.
Step 2. Target your initial messaging at that audience in order to "convert" them into your advocates.
Step 3. Have those advocates define your brand name and the future of your offerings.
Note that this is the exact opposite of what worked in the past.
Ignore these new rules at your own peril.
Content Source: Inc.com