Five Minutes With Jack Ramblings Of An Insane Internet Marketer

August 16, 2010

Episode-24- The Golden Trifecta of Product Marketing

Filed under: Podcast — Tags: , — JackSpirko @ 5:45 pm

Today’s episode of Five Minutes With Jack helps you to define the golden trifecta of product marketing.

In my last episode I discussed how there are only two types of marketable products and they are needed and desired.  The smart marketer of course wants to sell to the want vs. the need because needs are commoditized, fully of competition and have low margins.  Wants on the other hand are more niche based, have higher margins and allow you to compete with big competitors by leveraging brand affinity with your audience.   Today I will tell you something even more important, when it comes to “desired product” all highly marketable products fit into at least one of three classifications.  These are

  • Entertaining
  • Profit Yielding
  • Life Changing

Many would be quick to add “educational” but all three of the above can and often are educational.  The three points above though are what drives the mind of the consumer in every buying decision when the item is a want vs. a need.   Examples are

  • Movie Ticket – No one needs this!  You might learn something but most movie tickets are sold because people want pure and simple entertainment.
  • Profit Yielding – An example would be software that tracks your online sales, conversions, etc.  You don’t “need it” as in you won’t die without it.  You buy it because it can make you money or prevent you from wasting money.  It is a desire not a need driving the buying decision.
  • Life Changing – The classic example is weight loss products be they physical (a pill) or informational (a set of DVDs).  Loose 30 pound you definitely change your life.

When you understand these three classifications, marry them to the concept of selling to your customers want and add that to a business where you are following your passion you have a true recipe for success.

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    Ok.. you’ve got me on the edge of my seat waiting for your next post…..! 🙂

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    @Dene, and now you have it. Just published.

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    UGH! I’m listening to the podcast right now and posting to the forum… you are REALLY occupying a lot of my time, you know….. 😉

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    LOL, My hope is that it helps you though. Don’t just do it for me.

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    Don’t worry, I’m pretty self-centered.. it’s for me. 🙂

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    So inspiring.
    I gotta tell ya jack– in the last month, DIRECTLY due to this new podcast– I have:
    1.opened my HostGator account and started my Blog. I’ve learned how to tweak the css on my own, but utilizing firebug.
    I’ve started filming unique interviews with world famous drummers, and writting blog posts. I plan on having my site front loaded with about a month of episodes before i turn it loose / live. ( btw< i think one of the MOST important things i've learned from TSP, is that FREQUENCY is paramount.
    I don't know how i can do unique content on a daily basis, but i'm pretty sure i can get it up to 3 days a week of vblog's that will be unique, 5 min tips and tricks for the studio/drummer/ producer.
    2. I'm learning the SEO stuff. I've got a mail chimp account, and I'm getting that rocking from square one when i go live with this new site. I'm also integrating Statcounter.com
    3. and the most exciting: My wife is totally fired up to use our new community garden aquisition ( http://www.youtube.com/user/craigzarkos#p/a ) as the subject matter for her own Blog. It's called "mygardenvictory" and we'll be documenting everything we do, from picking the place out ( above vid) to learning all aspects of getting a food production machine for the fam!
    We're so excited about it, and it's a direct result of TSP. She'll be doing vid bloggs, reviews, techniques from a mom with kids perspective (i'll be the camera man/media guy) and will try to build community, and later monetize using the techniques your sharing.
    Thanks so much for providing the structure to get to the light at the end of the tunnel for our family– upside down in Kalifornia, but digging ( litterally) our way out! We'll make sure to give this and TSP a big obvious link on both our blogs!
    ( oh yeah, Annie joined the forum at TSP! so cool..)

    cya

    craig

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    @craig, that one comment was worth EVERY SINGLE SPEC of effort that went into this site so far. THANK YOU!

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    I’ve never heard of this trifecta model of wants before. Very useful.

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    I came up with a special case of category 2: stuff you buy not to gain a profit but to avoid making a loss. So, stuff like insurance, weapons for self defense, body armor, anti-virus programs, etc.

    Or should these things be in the need category?

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    No those are all wants in a way anyway. They have been commoditized like needs but you don’t need any form of insurance other than what is required by law. Like say auto and now health (thank you Mr. Assclown Obama). I buy say insurance on my guns because I want it. I judge the risk reward ratio and make a choice based on not wanting to feel at risk and wanting to feel more secure.

    Insurance like communications is one of the things that has “products” in both categories.

    I buy a house to get the mortgage I am required by the lender to have homeowners and flood insurance. – Need

    I decide I want insurance against theft of my property and add that to my policy and I end up with a want that I add on.

    Overall though due to regulations and politics so much of the insurance market is a need (required) that it has been dominated by needs based companies and clearly isn’t a place a small business can “own a market”. You can be an agent but you are not independent and never really own your customers business.

    Oh and stop trying to make shit hard! LOL

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    Gotcha and roger that.

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