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Marketing

Marketing the product or service is critical to the success of the business

Entrepreneurship - A blog  ››   Marketing

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  • 17 Jul 2017
    With the fight of the century, starring Connor McGregor and Floyd Mayweather right around the corner, every morning I have been watching highlights of the promotional events taking place. These videos were of interest to me for two reasons; my interest in boxing, and the marketing genius displayed by both these fighters. It is estimated that the value of this fight is over $527 million, with Mayweather getting $400 million and McGregor getting the rest. This disparity is due to the fact that Mayweather is his own promoter and doesn’t have to provide a cut to someone else, like McGregor has to, to the UFC.     To put things into perspective, Zomato is estimated to be worth $500 million. Yes, that is right, two fighters, fighting for 36 minutes in a ring are worth more than a successful company that has existed since 2008. All this might seem too good to bet true but it’s not. There is one reason behind the success of this fight and that is: MARKETING. We can learn a lot about marketing from this fight, and I want to help break it down for you.   We must first acknowledge the fact that boxing is a sport that is a lot about promotion, and that boxers are typically good at promoting their fights. Keeping this in mind, the fact of the matter is that both Floyd and McGregor are insanely better at this than their competitors. We can break down marketing by analyzing the way that these two fighters go about with their promotion. McGregor is someone who relies on intimidating his opponents and saying things that other fighters would be petrified of saying at the world stage. This highlights a key component of marketing, and that is creativity. You need to be creative with your campaigns to catch the eye of the public. In order for the masses to remember your product, you need to be unique and stand out in their minds. You have millions of companies advertising their products to you every single day, but it is only the ones that stand out in your mind that actually make a difference.   On the other hand, Mayweather has a different approach to his trash talk as compared to McGregor. He is cautious in what he says and makes sure to point out his accomplishments from the past. This gives us another valuable lesson when it comes to marketing and that is: brand name. You need to be able to back up your words and not attempt to oversell yourself. We have all seen universities claiming to be ranked number one in the country, when we know for a fact that, that is not the case. Doesn’t this lower your opinion of the university in your eyes? We also see that when you create a good brand name for yourself, you open up avenues that you previously could not access. We see many forms of innovative advertising from companies that would not be successful without their brand name. Hence, companies should focus on perfecting their product and developing a reputation of excellence in the market.   As a fan of combat sports, it was torture for us to see Mayweather and McGregor go back and forth for years without there being a possibility of a fight. However, when both parties realized that they have maximized the interest of the fans, they decided on a date for the fight within no time. In retrospect it was one of the most cunning marketing moves that I have ever seen. Both fighters used their banter to peak the interest of the consumers, and decided to capitalize on it at the most opportune time. This teaches us that marketing is all about timing and being relevant in the market. When you have a product that is going to hit the market, you need to make sure that the interest in the product is at a point when you will be able to make maximum profit. At the same time, you have to understand that the consumers will only buy your product if it is relevant at the time. The promoters for the fight realized this as well, as consumers were getting frustrated and decided to finalize the terms of the fight.   The next thing that is important is: knowing your consumer base and being able to relate to them. Both fighters have a certain type of crowd that they attract and they know it. Mayweather knows that his image in the market consists mainly of him being a wealthy celebrity who likes to flaunt his wealth, as shown by his ring name, Floyd ‘Money’ Mayweather. He knows that while this is not something that is relatable to everyone, millions of his fans adore him for it. This leads to his antics on the stage, as was seen in the New York chapter of the promotion.    McGregor on the other hand, is someone that is known to be a lovable fighter who isn’t afraid to challenge men bigger and stronger than him. His advantage is his trash talk, which he never shies away from. This shows us that we need to find our niche and capitalize on it. If you are a company that primarily targets teenagers, you need to understand the psyche of a typical teenager and target it. You need to adapt with time and be up-to-date on the latest trends.   The last thing that I want to talk about is negative marketing. You need to understand that when you are a public entity open to criticism from millions of people, you need to be careful with what you say and do. You can never satisfy each and every one of the consumers, but you can always try to avoid making any mistakes. An example of this is Uber, with the CEO resigning in disgrace, the company’s reputation has taken a major hit. Competitors will not waste a single minute in highlighting your flaws, and so you need to be very careful with how you act as a company.   Finally, something that is worth thinking about is the fact that, while marketing is a lot about standing out, you need to target people’s hearts and loyalty. You need to develop a brand with which the consumers feel synonymous, and which they are loyal too. Loyal consumers will get you more business than a good ad might, and so you need to work towards making a place in people’s heart. Just like fans of either fighter will go to any length to defend their hero, you need to be a company that people want to defend and hold up on a pedestal.
    958 Posted by Ruhaan Dev Tyagi
  • With the fight of the century, starring Connor McGregor and Floyd Mayweather right around the corner, every morning I have been watching highlights of the promotional events taking place. These videos were of interest to me for two reasons; my interest in boxing, and the marketing genius displayed by both these fighters. It is estimated that the value of this fight is over $527 million, with Mayweather getting $400 million and McGregor getting the rest. This disparity is due to the fact that Mayweather is his own promoter and doesn’t have to provide a cut to someone else, like McGregor has to, to the UFC.     To put things into perspective, Zomato is estimated to be worth $500 million. Yes, that is right, two fighters, fighting for 36 minutes in a ring are worth more than a successful company that has existed since 2008. All this might seem too good to bet true but it’s not. There is one reason behind the success of this fight and that is: MARKETING. We can learn a lot about marketing from this fight, and I want to help break it down for you.   We must first acknowledge the fact that boxing is a sport that is a lot about promotion, and that boxers are typically good at promoting their fights. Keeping this in mind, the fact of the matter is that both Floyd and McGregor are insanely better at this than their competitors. We can break down marketing by analyzing the way that these two fighters go about with their promotion. McGregor is someone who relies on intimidating his opponents and saying things that other fighters would be petrified of saying at the world stage. This highlights a key component of marketing, and that is creativity. You need to be creative with your campaigns to catch the eye of the public. In order for the masses to remember your product, you need to be unique and stand out in their minds. You have millions of companies advertising their products to you every single day, but it is only the ones that stand out in your mind that actually make a difference.   On the other hand, Mayweather has a different approach to his trash talk as compared to McGregor. He is cautious in what he says and makes sure to point out his accomplishments from the past. This gives us another valuable lesson when it comes to marketing and that is: brand name. You need to be able to back up your words and not attempt to oversell yourself. We have all seen universities claiming to be ranked number one in the country, when we know for a fact that, that is not the case. Doesn’t this lower your opinion of the university in your eyes? We also see that when you create a good brand name for yourself, you open up avenues that you previously could not access. We see many forms of innovative advertising from companies that would not be successful without their brand name. Hence, companies should focus on perfecting their product and developing a reputation of excellence in the market.   As a fan of combat sports, it was torture for us to see Mayweather and McGregor go back and forth for years without there being a possibility of a fight. However, when both parties realized that they have maximized the interest of the fans, they decided on a date for the fight within no time. In retrospect it was one of the most cunning marketing moves that I have ever seen. Both fighters used their banter to peak the interest of the consumers, and decided to capitalize on it at the most opportune time. This teaches us that marketing is all about timing and being relevant in the market. When you have a product that is going to hit the market, you need to make sure that the interest in the product is at a point when you will be able to make maximum profit. At the same time, you have to understand that the consumers will only buy your product if it is relevant at the time. The promoters for the fight realized this as well, as consumers were getting frustrated and decided to finalize the terms of the fight.   The next thing that is important is: knowing your consumer base and being able to relate to them. Both fighters have a certain type of crowd that they attract and they know it. Mayweather knows that his image in the market consists mainly of him being a wealthy celebrity who likes to flaunt his wealth, as shown by his ring name, Floyd ‘Money’ Mayweather. He knows that while this is not something that is relatable to everyone, millions of his fans adore him for it. This leads to his antics on the stage, as was seen in the New York chapter of the promotion.    McGregor on the other hand, is someone that is known to be a lovable fighter who isn’t afraid to challenge men bigger and stronger than him. His advantage is his trash talk, which he never shies away from. This shows us that we need to find our niche and capitalize on it. If you are a company that primarily targets teenagers, you need to understand the psyche of a typical teenager and target it. You need to adapt with time and be up-to-date on the latest trends.   The last thing that I want to talk about is negative marketing. You need to understand that when you are a public entity open to criticism from millions of people, you need to be careful with what you say and do. You can never satisfy each and every one of the consumers, but you can always try to avoid making any mistakes. An example of this is Uber, with the CEO resigning in disgrace, the company’s reputation has taken a major hit. Competitors will not waste a single minute in highlighting your flaws, and so you need to be very careful with how you act as a company.   Finally, something that is worth thinking about is the fact that, while marketing is a lot about standing out, you need to target people’s hearts and loyalty. You need to develop a brand with which the consumers feel synonymous, and which they are loyal too. Loyal consumers will get you more business than a good ad might, and so you need to work towards making a place in people’s heart. Just like fans of either fighter will go to any length to defend their hero, you need to be a company that people want to defend and hold up on a pedestal.
    Jul 17, 2017 958