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Marketing-driven or Product-driven
These days, I have been discussing a perspective with my co-founders: whether our new business should be marketing-driven or product-driven. Let me explain the difference. Marketing-driven means prioritizing finding a product that is easier to promote, and conducting marketing activities before creating the product. On the other hand, product-driven entails identifying something unique and developing it first, and then putting in our best efforts to promote it. What do you believe is the most effective approach to initiate a new project?
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Ann Nelson
Honestly, it's a tightrope walk. Stellar product, zero marketing? Dead in the water. Top-notch marketing, shoddy product? Short-lived hype. Balance is key.
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@nelsonann23 Nailed it! It has to work in favor of both ways. I don't think you can do one and not the other.
Interesting question, I asked ChatGPT, and here is what I got:
ChatGPT
The effectiveness of the marketing-driven or product-driven approach depends on various factors, including the nature of the business, the target market, and available resources. Ultimately, there is no one-size-fits-all answer. However, here are some perspectives on each approach:
Marketing-driven:
Quick market validation
Customer-centric approach
Agility in adapting to market demands
Potential for early customer acquisition
Need for strong marketing expertise
Product-driven:
Focus on innovation and differentiation
Building a unique value proposition
Emphasis on product quality and features
Potential for long-term customer loyalty
Need for strong product development capabilities
In determining the best approach, it's essential to consider the specific context, competitive landscape, and customer needs. In some cases, a balanced approach that combines elements of both marketing and product-driven strategies may yield the best results. Conducting market research, gathering customer feedback, and analyzing industry trends can be valuable in informing your decision-making process.
