The decision to allocate limited funds towards marketing or product design depends on the specific goals and circumstances of the business. Both marketing and product design are essential elements in the success of a product, but they serve different purposes.
Marketing is critical for driving awareness, creating demand, and increasing sales for a product. It involves promoting the product through advertising, social media, public relations, and other channels. Marketing can help businesses reach new audiences and generate revenue.
On the other hand, product design is crucial for creating a high-quality product that meets the needs of the target audience. It involves understanding the user\’s needs and designing a product that is user-friendly, efficient, and effective. Product design can help increase customer satisfaction, retention, and loyalty.
If the product is not yet ready for market or requires significant improvement, it may be better to allocate limited funds towards product design. In this case, investing in product design can help ensure that the product meets the needs of the target audience, which can ultimately lead to increased sales and revenue.
However, if the product design is already strong and the main goal is to increase sales and revenue, it may be more beneficial to allocate funds towards marketing. Investing in marketing can help businesses reach new audiences and generate more revenue.
In conclusion, the decision to allocate limited funds towards marketing or product design depends on the specific circumstances and goals of the business. Both marketing and product design are essential for the success of a product, and businesses must balance their investment between the two areas based on their priorities and objectives.