Warren Buffett is known for his quirky quotes on a diverse array of subjects. And almost every time, these humorous quotes are a disguise for his startling wisdom which has given many great entrepreneurs much-needed epiphanies. It's no wonder that the likes of Jeff Bezos and Bill Gates look up to him and quote him time and again for inspiration.
One such quote is particularly relevant to all the marketers and advertisers out there.
"You can hold a rock concert and that's OK. You can hold a ballet and that's OK. But don't hold a rock concert and advertise it as a ballet."
These three lines are quite pithy. But they carry the chicken soup of marketing wisdom which can solve a major clog in your advertising.
You see, a product is not a conglomeration of its features but a combination of its end values. You should always be pristinely clear and upfront with what you offer. When you optimize the communication to define exactly what your product does, you will attract the right kind of customers who will happily pay top dollar to get your product.
But if you ever feel that you need to appeal to a broader audience and in an act of desperation, you tamper with the perceived benefits to appeal to a larger demographic of people, you will end up with unhappy customers. Customers will feel cheated and unsatisfied with the end value which the product gives.
It's okay to appeal to a niche audience and win them over successfully by amplifying your product's benefits in conjunction to their expectations and fitting their needs. You'll end up with consumers who expected something and got exactly that in return. In that case, you even have the chance to over-deliver on that promise.
A marketing catastrophe.
When you lure others into believing that a product will fulfill their expectations and it doesn't you end up with a marketing catastrophe. Your dollars will be wasted to please an audience to believe in something which is not true about your product. More often then not you will end up having unhappy customers who will evangelize against any further presence of your product in the market. In short, your product will go south very quickly.
So, listen to the Oracle of Omaha on his smart marketing advice. And use the key to achieve happy customers and a sustainable business.
***Abhik Shome contributed to this article