Here is a quote from Jeff Bezos on the Charlie Rose Show:
Before if you were making a product, the right business strategy was to put 70% of your attention, energy, and dollars into shouting about a product, and 30% into making a great product. So you could win with a mediocre product, if you were a good enough marketer. That is getting harder to do. The balance of power is shifting toward consumers and away from companies…the individual is empowered… The right way to respond to this if you are a company is to put the vast majority of your energy, attention and dollars into building a great product or service and put a smaller amount into shouting about it, marketing it. If I build a great product or service, my customers will tell each other.
The individual is empowered is the ultimate shift in marketing and business today.
Unlike any other media (TV, radio, magazine, newspaper) before, Internet and social network spaces are far more equipped to filter out all the noises and leave only relevant content for its audience.
It doesn’t necessary mean that there is less noise online.
Not at all. In fact, the opposite is true. There are way more useless and untrustworthy sources online. However, it’s getting more and more difficult for it to find its way into our Facebook feed.
We decide what to watch, not the TV stations. We decide what to listen to, not the radio stations. We decide what to read, not the newspaper publishers.
More importantly, we also decide what to talk about.
Even more importantly, our Facebook friends and Google choose to listen to us.
Having 1,000 of your followers broadcasting your products to 1,000 of their friends is far more effective than running a commercial during Super Bowl. And a lot cheaper, too. Cheaper in a sense that the cost of reaching the audience is reduce to almost zero.
But you pay a price for that.
Your time and resources and money need to be invested into making a great product. Take it away from the shouting you used to do, and invest it now. Because without a great product — something that’s worth mentioning about in my Facebook or Twitter feed — you get nothing.
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