The Power of Marketing
by Stephen Lett
I am always amazed at the power of marketing and just how effective it can be when growing a business. Let’s take shaving company start-up Harry’s for example. In just six years, Harry’s is being sold to the owner of Schick for $1.37 billion as reported on May 9, 2019 by The New York Times. The two founders, Mr. Andy Katz-Mayfield and Mr. Jeff Raider are a textbook example of Marketing 101. They are a couple of smart guys who recognized the power of marketing when they founded Harry’s in March 2013. They did everything right to promote their product and to gain recognition and market share in a highly competitive market. Mr. Katz-Mayfield and Mr. Raider were up against two giants in the industry. Harry’s is basically a single or solo product company which makes Mr. Katz-Mayfield’s and Mr. Raider’s success even more amazing. Yes, they also market related products like blades, shave cream, etc., but it’s the razor itself that they had to get in the hands of the consumer. They had to convince the consumer that there was a better way to shave. And, they did just that using the power of marketing. Of course, it takes funding to do what they did. They took risks. But they knew what they were doing, and they maximized all marketing channels and invested wisely. They grew the personal care products company using online marketing and retail channels. They vertically integrated by acquiring the German company that supplied the blades. Through the power of marketing, Harry’s became somewhat of a household name. Online marketing efforts such as PPC and SEO built the company and got people to their website. Later they began marketing their shaving products at Target stores, giving them even more exposure and distribution for those “touch-and-feel” consumers. Harry’s promoted themselves using print such as package inserts, etc. Again, they took full advantage of all marketing channels and it worked. The lesson to be learned here is, never stop marketing. Eliminating prospecting and promoting only to the buyer file will stagnate growth. Yes, prospecting can be expensive but here again, the proper analysis is required. If you want to grow your business, don’t eliminate mailings and/or reduce circulation as a way to save money. And don’t stop promoting. Take advantage of all marketing channels just like Harry’s has done. Never stop marketing. It’s powerful.