June 25, 2009
The challenge for Marketing teams these days is to change the rules of the competitive game to an approach that defines their organization as BE DiFFERENT. The common marketing discipline today is what I refer to as product flogging, developing and selling products to mass markets in an effort to maximize marketshare.
The BE DiFFERENT Practice, however, drives to create value-based Holistic Offers targeted to smaller customer groups with the end game of maximizing customer share (or share of wallet). Rather than start the marketing process with the product, BE DiFFERENT starts with the definition of WHO your want to SERVE and then creates multiple Holistic Offers for the chosen customer group in an attempt to get more of their business.
Holistic Offers are defined by a package of value they provide to the targeted customer. Unlike the product flogging approach Offers are driven by very detailed and specific holistic customer requirements. Product flogging promotes features and benefits: Offers promote VALUE. That’s the difference.
Here are the benefits of this BE DiFFERENT Practice:
- It is demonstrated evidence of market innovation
- You are able to build your brand as a market leader
- Offers yield higher margins due to the premium prices (not discounting) that are applied
- You increase your customer relevance since Offers are created in the image of specific customer needs
- And in the end, you distinguish yourself from your competitive floggers
I read recently an article reporting the results of a consumer psychology study that concluded ‘buying experiences, not possessions, leads to greater happiness. Think about it. This has amazing implications for BE DiFFERENT marketers. Essentially the task becomes one of creating unique Experience-based Offers for your chosen customer groups. So, use your primary product or service as the anchor and wrap experience components around it. Look outside your organization to acquire the experience components.
Check out what the Fairmont Chateau Whistler is doing.