A mediocre product can market its way to success, but you have to spend enough money creating and managing demand. Create enough sales leads and me-too products have a place (if your product is superior, you’lldo even better).
Of course price is a consideration for me-too products, but not always if the marketer is good enough
My advice - 7 Simple Rules to create market share:
1. Spend at least 10% of annual company revenues on marketing; less than that and you will have mediocre success. Software companies and will aggressive companies spend upwards of 20%+.
2. Hire the best lead generation marketers you can find. Nothing else will do.
3. Use the 4-to-1 Rule. Create at least 4 qualified inquirers for every product you must sell.
4. Make CRM use a requirement by your salespeople.
5. Require marketing automation to manage demand when you get above 200 inquiries a month.
6. Make 100% follow-up of all sales inquiries by someone (salespeople or via the marketing automation program) mandatory.
7. Every lead generation project needs an ROI estimate. Go to the lead generation calculator on the SLMA site to come up with a quick estimate for the sales results.
If you do these six simple rules you will get the market share you deserve, and even some market share you don’t deserve.