THE RIGHT PRODUCT OFFERING CAN SAVE BUSINESSES A FORTUNE – 3 OBSERVATIONS For many businesses, advertising, and more broadly, external communication, is one of their largest expenses. Communication is most often the greatest marketing expense and, after wages, the largest overall expense for many businesses. It is, therefore, interesting to consider three very different and […]

THE RIGHT PRODUCT OFFERING CAN SAVE BUSINESSES A FORTUNE – 3 OBSERVATIONS For many businesses, advertising, and more broadly, external communication, is one of their largest expenses. Communication is most often the greatest marketing expense and, after wages, the largest overall expense for many businesses. It is, therefore, interesting to consider three very different and very large businesses that do not advertise at all. Zara is one of the three biggest retailers in the world today, and they have NO advertising budget. Further, every cent that might have been invested in advertising is invested in developing a compelling product that delivers an optimal range, at optimal prices, with optimal service and optimal merchandising. The products on offer are exceptionally well targeted, pricing is highly competitive (assisted by vertical integration), staff members are very well trained and deliver fast and informed service, and the product on display changes every 14 days.…