Archive for November, 2007
The next step to building a powerful brand is self-evaluation. We have determined the customers, but who is the company? Every company has an internal culture, the way it conducts business and views itself. Understanding who you are is the first step in communicating with others.
Having segmented the market with the aid of psychographics, we have a truly differentiated product offering. But what if this is not enough? If a product stays in the market long enough, imitators are sure to follow. Here are three ways to continue differentiating your product from the competition:
Everyone in marketing talks about segmentation, I just wanted to join the club. However, I think of segmentation very differently than most people. You create segments in the market by identifying demographics (age, sex, race) and geographic norms (population density) and how they relate to one another. This gives you a good idea about how and how not to market to your customer. Trying to advertise a $900 video game system in a low-income area of town would not be very successful.
It is difficult to envision a “perfect” customer. Are they the one who spends more than 10% of their annual income on your products? The person who frequents your store without hearing a single word of advertising? Is it the person who buys little but visits every day? The perfect customer could be any or all of these things, depending on your product and your business. A broad definition of the perfect customer is an un-hired advertising force – the man or woman who encourages friends, family, and strangers to patronize your brand without any compensation for their efforts.
Everything has a purpose. Cars were invented to replace horses as a more convenient and, arguably, cheaper means of transportation. Sports drinks are efficient ways to hydrate athletes than water alone. This blog exists to further my establishment within the marketing community. Everything has a purpose, a reason for being – this extends to companies.