Drucker Thursday: Four Marketing Lessons
Four Marketing Lessons from Drucker:
Buying customers doesn’t work: Drucker means here that don’t spend crazy amounts on marketing or discounting that you cannot make money on the product.
How to define the market?: Dont’t ask what is the market for ‘X’, ask What is the market for what it does?. One of the most important questions ever. This relates to Job to Be Done which I will cover in one of the Monday posts.
Start marketing with all customers and not just your customers: It is easy to start your marketing with existing customers. Except for monopolies, the market is always bigger than the customers you serve. Start with the entire market.
Exploiting demographic changes as a marketing opportunity: Drucker always had the belief that the biggest and most definite opportunities lie with demographic changes. Whether they are Gen X or Gen Z. Or the power of women. First generation immigrants and their varying needs or indigenous people and what they care for.
From Drucker’s book—Managing for the Future.