“Because the purpose of business is to create a customer, the business enterprise has two -- and only two -- basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs.” – Peter Drucker
For far too many companies today, the main focus is on engineering and product development. This laser focus bodes well for creating breakthrough innovations. And while these products may indeed change the world as we know it, without marketing and PR, no one will ever know about them. This gives companies with better PR and marketing, but not necessarily better products, a competitive edge.
If you’re not convinced, here are 5 reasons why you should care more about PR and marketing:
1. Stand Out or Fade Out
First up is the debilitating syndrome called “failure to communicate.” Many companies hunker down and release seriously powerful products that surpass their competitors — something that would really make them stand out – but blow it because they do not communicate their message in clear, concise and compelling fashion. They simply bleed to death through their failure to market themselves and their products. Many companies sell razors, but Dollar Shave Club stands out in a crowded market with a clear, concise and compelling message—“An Amazing Shave for a Few Bucks.” Stand out, don’t fade out.
2. Establish Your Industry Leadership or Someone Else Will
Have you ever seen a keynote speaker and wonder what they have that you don’t? You have more experience or have made bigger strides in your industry, so why weren’t you invited on stage? Chances are these speakers are seen as industry/thought leaders. When computers were just giant machines in building basements, consider Bill Gates’ and his vision to “have a computer in every home.” Elon Musk’s promise that “we will not stop until every car is electric” pivoted the world in profound ways. Both had established thought leadership in their industries. A good thought leadership program—with speaking opportunities, contributed articles, guest posts etc.—can go a long way to getting you that keynote role, and to paving the way for your company and products to dominate your industry.