Marketing "Shorts"
Differentiation: The Antidote to Competition
In today's competitive environment, being the "best" may not ensure success. Is there a best automobile, or best shampoo, or best hamburger?
In most industries, there are many different customers - each with different needs or wants. Being the "best" only satisfies some of these customers. While others are not well-served - either buying something more or less than they really want or not buying at all.
Instead of competing to be the best, companies should compete to be unique. To choose a different path. One based on their unique competitive advantages and attendant benefits of value to their target customers. This is your unique selling proposition - your USP. When carefully crafted, it serves as a compelling reason for customers to choose you over other suppliers.
Armed with its USP, each firm is best equipped to serve a group of customers who value their difference.
Rather than converge the market with undifferentiated products, they expand the market with distinctly unique choices ... promoting innovation, healthier competition, and growth.
And, with differentiation, price becomes secondary or even tertiary in the customer's selection process, with room for everyone to prosper profitably.
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Marketing "Shorts"
The Power of the "Elevator Speech"
For those of you unfamiliar with this term, an "elevator speech" is simply a brief statement intended to gain the interest of a prospect in a very short period of time (e.g. the length of an elevator ride).
It answers four basic questions:
(1) Who are you?
(2) What do you do?
(3) Who are your target customers?
(4) What benefits will they realize by buying from you?
An effective "elevator speech":
- Is memorable,
- Can be comfortably delivered in less than 30 seconds,
- Makes no mention of price,
- Is a conversation starter.
It is not a "sales pitch", but an "introduction".
Accurately crafted, it provides you and your employees with a concise overview of your business. One which can be consistently communicated in your business plan, your marketing materials, your personnel recruitment, and at your booth in a trade show. It can also be of value at other opportunities where you may unexpectedly encounter a prospect or potential emissary for your firm (e.g. seminars, industry association meetings, distributor open houses, cocktail parties, your kids soccer games, et al).
Here is one example:
STEUTE MEDITECH USA
"Steute Meditech (the Company) offers diagnostic and therapeutic medical device manufacturers (target customers) custom-built, medical-grade, cabled and wireless foot-operated controls (products). Each meets or exceeds the functional and regulatory requirements of their equipment, is optimized for user comfort and minimal operator fatigue, features user-friendly navigation aids, and is designed to complement the OEM's medical device cosmetics. Most designs are provided without tooling or non-recurring engineering costs to the OEM (the unique benefits)."
When practiced and delivered with confidence, your elevator speech provides a succinct and consistent picture of what you do, for whom you do it, and the benefits your customers will realize by choosing to do business with your firm. In addition, it can serve as a powerful tool with which to consistently reinforce your branding message.
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Marketing "Shorts"
Publicity: The Hidden Persuader
Clearly, space advertising is a powerful and effective means of:
- Creating awareness of your firm and its products,
- Delivering specific sales messages,
- Generating sales leads,
- Soliciting a call-for-action.
However, as a Company-sponsored message, it is often received with less credibility than is desired by the advertiser. Why? Because the reader knows that you paid for the space and can (within journalistic boundaries) say whatever you wish.
On the other hand, "publicity" is typically material the editors have personally reviewed and selected for publication. In so doing, they have deemed it of interest and value to their readers. Consequently, it carries an editorial "seal-of-approval" that precipitates greater credibility with the reader.
As such, it can be a powerful complement to your other marketing efforts ... e.g. space advertising, trade shows, personal selling, email blasts, et al.
If one accepts this premise, it is a small step to recognize the power of thoughtfully prepared press releases, technical articles, news stories, third-party hosted webinars, and other editorially-selected material.
When published, they enhance your brand recognition and foster a favorable image for your firm. Depending upon their content, they may also generate sales leads and reinforce the reader's perception of your firm's expertise and industry focus.
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Marketing "Shorts"
Product Packaging: Marketing's Secret Weapon
Your product packaging is much more than a functional means of protecting your product during handling and transport. With proper attention, it can be your "silent salesman", contributing to your brand and company image, and ultimately to your success in the marketplace.
The actual 'product package" that contains the individual product (and, where applicable, its easy-to-understand user instructions) should be as important as the product design. As such, it deserves attention equal to that given other product features.
The external shipping carton, too, provides an opportunity to enhance the brand/company image. In addition to assuring it is robust enough to withstand the expected handling; why not consider offering consistency in taping quality, label placement, void fill, et al; and provide basic company information such as company name, logo, web address, telephone number, UPC (if appropriate), etc.
Remember, you only get one chance to make a good first impression. Why not take advantage of this potent marketing tool.
