Marketers pride themselves in getting their customers happy. They notice what their customers care about. They like to make sure that their clients are 100% satisfied. As consumers themselves, marketers take their own personal likes to the table. The marketing mindset is helpful for selling. If you understand your audience, you will sell more successfully.
What Can Investment Banking Teach the World of Marketing
1. What Can Investment Banking Teach the World of Marketing
Marketers pride themselves in getting their customers happy. They notice what their customers
care about. They like to make sure that their clients are 100% satisfied. As consumers
themselves, marketers take their own personal likes to the table. The marketing mindset is
helpful for selling. If you understand your audience, you will sell more successfully. However, it
is terrible for buying.
Investment Banking Principles Necessary to Lower Expenses
Whether it is trying to wine and dine a customer into getting your product, or just providing a
money back guarantee, marketing has made cultures like America very popular. Many
immigrants have come to this country with the happy intent of getting their wants and desires
met. What they often find is an expensive price for the golden cigar they looked at longingly at
home. Marketers often rely on marketing so much that they demand good performance in the
things they buy as well. If you buy golden cigars and sell them, you will not make any profit. It
is necessary to buy old cigars and plate them with gold to make the biggest profit. Investment
bankers know how to buy old cigars. Improving our business model requires suffering pain in
our own purchases.
Marketing Well
Warren Buffett recommends that we have a contrary approach to those around us. If we copy
those around us, we will face a lot of competition. When everyone buys golden cigars, they are
high in price. When everyone is selling golden cigars, they are low in price. Simply doing what
peers are doing is not the way to investment success. When everyone is selling golden cigars is
the time to be buying them. Why? The price is low, and we are the ones smiling. When everyone
is buying golden cigars is the time to be selling them. Why? The price is high, and we are the
ones smiling. Attaching marketing universals to our product helps immensely. Think of things
that most people emotionally crave. Things like survival, protection, pleasure, relationships, and
food. All of these attributes, if attached to our product, will increase the likelihood that we will
sell something. If we are a consumer, removing those popular attributes from our purchase will
lower the price to buy it.
Conclusion
Humans are not rational. They are emotional. Emotional beings pursue self-interest and pleasure.
Knowing that fact can greatly increase revenues to the shrewd business person. Ignoring that fact
can greatly increase expenses to the typical business person.
David Milberg is a credit analyst in NYC.