With Michael Solomon, Professor of Marketing
Hosted by Kevin Mako of MAKO Design + Invent
Michael Solomon, a Marketing Professor at Saint Joseph’s University, renowned for writing over 30 books, will impart valuable knowledge to inventors, startups, and small manufacturers on the AIDA marketing method. He will also provide insight on how to comprehend each step of the marketing funnel and convert potential customers into product sales. Alongside being a professor, Michael is also a fellow writer at Forbes Magazine and teaches the Engage marketing course on Teachable.
Today you will hear us talk about:
- The AIDA Model encompasses 4 stages: Attention, Interest, Desire, and Action.
- Marketing success does not happen instantly.
- Marketing can be visualized as a funnel.
- In marketing, customers buy benefits rather than just the attributes of a product.
- To find a solution, focus on the problem.
- In product design and marketing, simplicity is key.
- Attention is crucial in marketing and requires both novelty and relevance.
- Clearly communicate your hardware message.
- In an age of information overload, you need to make your messaging stand out to grab attention.
- Having a consumer interested in your physical product is a great accomplishment, so put a lot of value on it.
- Consumers are always looking to minimize their risk when making a purchase.
- A Unique Selling Proposition (USP) is what sets you apart from the competition and is based more on benefits than features.
- The Interest stage is cognitive, while Desire is emotional.
- To evoke desire, show customers what impact your product will have on their lives.
- Consider your ad a life makeover for the customer.
- Early adopter customers play an important role in marketing.
- The 80/20 rule applies to revenue.
- The call to action may involve a feedback loop.
- It takes several touchpoints to make a sale.
- Invest in customer relationships to drive long-term sales.
- Consider the value of a customer beyond just their first purchase.
- Acquiring a new customer is 7 times more expensive than selling to a prior customer.
Thanks for tuning in! See you next time.
About: MAKO Design + Invent is the original firm providing world-class consumer product development services tailored to startups, small manufacturers, and inventors. Simply put, we are the leading one-stop-shop for developing your physical product from idea to store shelves, all in a high-quality, cost-effective, and timely manner. We operate as one powerhouse 30-person product design team spread across 4 offices to serve you (Austin, Miami, San Francisco, & Toronto). We have full-stack in-house industrial design, mechanical engineering, electrical engineering, patent referral, prototyping, and manufacturing services. To assist our startup and inventor clients, in addition to above, we help with business strategy, product strategy, marketing, and sales/distribution for all consumer product categories. Also, our founder Kevin Mako hosts The Product Startup Podcast, the industry's leading hardware podcast. Check it out for tips, interviews, and best practices for hardware startups, inventors, and product developers. Click HERE to learn more about MAKO Design + Invent!