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Casual Articles - How to Take Your Competitor's Customers
The successful marketing plan is often seen as an elusive, unobtainable ideal that you read about in large marketing text books.This widely held perception is most likely the result of people or businesses trying to market something (or someone), but being hampered by a lack of resources. And I use the term resources in the widest possible sense of the word.The bottom line is that most marketing plans are not worth the paper they are written on simply because they are often cobbled together in a rush, using inaccurate information, and exacerbated by a poor understanding or knowledge of the specific target markets etc etc. In other words, Rubbish in = rubbish out.The final nail in the coffin of most marketing plans is where you find them - usual
Marketers agree that a good strategy to influence a prospect’s choices is by delivering a better solution to their needs. We agree with this— however, we have a different opinion as to what they actually are buying. For the most part, brands are obsessed with category benefits and yet customers choose within that category based on much more personal criteria.
An Example of BRAN
Fitting issue of garments has impact on the customer’s buying decision. The main concern of customers especially teenagers and women is to purchase garments that have proper fitting and yet fashionable. Although cuts and styles of the clothes we buy is important, the more important factor that influences the buying decision is the proper fitting which is according to the person’s body structure. Clothes are not only for body protection and covering, but also have social and emotional aspects attached to them. For example - a petite girl wearing clean and proper fitted clothes that are not too tight and loose would look more flattering then another petite woman who wears tight fitting non-clean dress.The garments which after wearing does not show any wrinkles, pulls
Too often, we are our own worst enemy. Because we lack the ability to look at our own business dispassionately, we deceive ourselves and begin to believe our own rhetoric. It is, after all, human nature to believe in those things that provide us with the greatest comfort. Victory belongs to those who are intellectually rigorous and are willing to challenge the core of their own business beliefs.
How is Preference Created? Do you believe that you can create a preference for your brands because you have a better product? Do you believe that you can initiate trial (which is the first step in stealing market share) by claiming that your product is better or by demonstrating some intrinsic product benefit? To those that agree with these statements, we believe there is a flawed assumption in that logic. It assumes that the customer you are targeting has already developed dissatisfaction in the choices they have already made.
Think about this flawed idea logically. If you are trying to encourage a Budweiser drinker to switch to Coors, can you get them to switch by telling them that Coors tastes better? Impossible. There are no beer drinkers who hate the beer they currently drink. Believing that the customer chooses their beer based on taste is simply another fallacy.
In research that we have conducted with blindfolded beer drinkers, they cannot correctly choose their own brand of beer out of a choice of similar styles.
Obviously, there is something else going on here besides product attributes and efficacy. Choices are made and more importantly, re-made, based on factors that are not always cognitively recognized by the customer. Understanding those factors is the leverage you need to change their behavior and make prospects into customers.
Objectivity is Key Step back, look at your business as objectively as possible, and acknowledge that much of what you currently believe that differentiates your brand in the minds of customers is “wishful thinking” on your part. A good start is to acknowledge that your competition claims to own the same things. Next, acknowledge that your target market has a difficult time discriminating between competitors by purely rational measures.
Marketers agree that a good strategy to influence a prospect’s choices is by delivering a better solution to their needs. We agree with this— however, we have a different opinion as to what they actually are buying. For the most part, brands are obsessed with category benefits and yet customers choose within that category based on much more personal criteria.
An Example of BRAND
I wonder if the human touch, which people have, is not one of the greatest assets that one can have. You meet some people, and immediately you feel their warmth of mind or heart. You read a book, sit before the performance of a fine actor, or read a poem — and there it is — something that streams into your consciousness. . . . Those who keep climbing higher, in their chosen work, all have this outstanding something. The nurse in the hospital, the man who delivers your mail, the clerk behind many a store counter, and the effective minister or public speaker. Without this human touch, hope has little on which to feed or thrive.- George Matthew AdamsLet’s face facts. In a leadership role you are paid for making hard decisions that others don't want to make and
How is Preference Created? Do you believe that you can create a preference for your brands because you have a better product? Do you believe that you can initiate trial (which is the first step in stealing market share) by claiming that your product is better or by demonstrating some intrinsic product benefit? To those that agree with these statements, we believe there is a flawed assumption in that logic. It assumes that the customer you are targeting has already developed dissatisfaction in the choices they have already made.
Think about this flawed idea logically. If you are trying to encourage a Budweiser drinker to switch to Coors, can you get them to switch by telling them that Coors tastes better? Impossible. There are no beer drinkers who hate the beer they currently drink. Believing that the customer chooses their beer based on taste is simply another fallacy.
In research that we have conducted with blindfolded beer drinkers, they cannot correctly choose their own brand of beer out of a choice of similar styles.
Obviously, there is something else going on here besides product attributes and efficacy. Choices are made and more importantly, re-made, based on factors that are not always cognitively recognized by the customer. Understanding those factors is the leverage you need to change their behavior and make prospects into customers.
Objectivity is Key Step back, look at your business as objectively as possible, and acknowledge that much of what you currently believe that differentiates your brand in the minds of customers is “wishful thinking” on your part. A good start is to acknowledge that your competition claims to own the same things. Next, acknowledge that your target market has a difficult time discriminating between competitors by purely rational measures.
Marketers agree that a good strategy to influence a prospect’s choices is by delivering a better solution to their needs. We agree with this— however, we have a different opinion as to what they actually are buying. For the most part, brands are obsessed with category benefits and yet customers choose within that category based on much more personal criteria.
An Example of BRAN
Who would ever have imagined that going door-to-door in my neighborhood selling figs from a bright orange shopping cart would have been my entrepreneurial beginnings? I surely did not. But, now that I look back and also look around me at other business owners, I see clearly that so many of the traits common to entrepreneurs are present at a very early age.Think about your own childhood and youth. Did you sell lemonade in the front yard? Rake leaves or shovel snow for a few extra bucks from neighbors? A lot of us did.Unfortunately, the drive and ambition associated with those youthful undertakings are often not developed or encouraged by our school systems, parents, and society as a whole.For generations, people were raised to think that success
Think about this flawed idea logically. If you are trying to encourage a Budweiser drinker to switch to Coors, can you get them to switch by telling them that Coors tastes better? Impossible. There are no beer drinkers who hate the beer they currently drink. Believing that the customer chooses their beer based on taste is simply another fallacy.
In research that we have conducted with blindfolded beer drinkers, they cannot correctly choose their own brand of beer out of a choice of similar styles.
Obviously, there is something else going on here besides product attributes and efficacy. Choices are made and more importantly, re-made, based on factors that are not always cognitively recognized by the customer. Understanding those factors is the leverage you need to change their behavior and make prospects into customers.
Objectivity is Key Step back, look at your business as objectively as possible, and acknowledge that much of what you currently believe that differentiates your brand in the minds of customers is “wishful thinking” on your part. A good start is to acknowledge that your competition claims to own the same things. Next, acknowledge that your target market has a difficult time discriminating between competitors by purely rational measures.
Marketers agree that a good strategy to influence a prospect’s choices is by delivering a better solution to their needs. We agree with this— however, we have a different opinion as to what they actually are buying. For the most part, brands are obsessed with category benefits and yet customers choose within that category based on much more personal criteria.
An Example of BRAN
Well not everyone is aware that McDonalds also owns several other bands such as Boston Markets; 650 stores in 23 states, Chipotle Mexican Grill; 230 stores in 10 states, Donato's Pizza 200 stores in 10 states, Pret a Manager 140 stores in 4 countries, Fazoli's 400 units in 32 states and two countries. Of this the company derives 2 Billion in annual sales, this is not even counting McDonalds. Many people are unaware of this because McDonald's has not connected the dots. However other franchise companies which franchise and have multiple brands have.The question shall always be to you co-market to the same customers or serve separate niches. It depends, McDonalds seems to be targeting different customers althoguh if you consider in the US people eat major meals 2-3 t
Obviously, there is something else going on here besides product attributes and efficacy. Choices are made and more importantly, re-made, based on factors that are not always cognitively recognized by the customer. Understanding those factors is the leverage you need to change their behavior and make prospects into customers.
Objectivity is Key Step back, look at your business as objectively as possible, and acknowledge that much of what you currently believe that differentiates your brand in the minds of customers is “wishful thinking” on your part. A good start is to acknowledge that your competition claims to own the same things. Next, acknowledge that your target market has a difficult time discriminating between competitors by purely rational measures.
Marketers agree that a good strategy to influence a prospect’s choices is by delivering a better solution to their needs. We agree with this— however, we have a different opinion as to what they actually are buying. For the most part, brands are obsessed with category benefits and yet customers choose within that category based on much more personal criteria.
An Example of BRAN
So, you always thought that it is only material products that could be sold online and for that you needed some capital investment? Right? Well not exactly. Selling services online is perhaps as popular and as paying as selling products and you don't have to invest anything in it. The only thing you need to invest is your skills and time. There are thousands upon thousands of people who make their living with the help of skills they have.So, you have always been the code jock of your school or college and you are the first one to be called when someone faces any problem in his system. For geeks like you the opportunities online is unlimited. But if you think you are not exactly cut out for a nine to five jobs, there is one option very much open for you. It is the o
Marketers agree that a good strategy to influence a prospect’s choices is by delivering a better solution to their needs. We agree with this— however, we have a different opinion as to what they actually are buying. For the most part, brands are obsessed with category benefits and yet customers choose within that category based on much more personal criteria.
An Example of BRAND Let’s use next day delivery as an example. We all have a choice of providers when we wish to send a letter or package and have next day delivery. When the need arises, we know of FedEx, DHL, UPS, and even the postal service come to mind. All of these companies offer quite reliable “next day delivery” services. All are reliable and all of them perform well.
Our list of choices forms because of a “category need” yet none of these providers are able to differentiate themselves by cognitive measures. None can own “reliable” because all of them are. None can own convenient, because all are convenient. None can own low cost provider, because all of the prices are similar. In fact,
Why then, if I absolutely need to have a package delivered the next morning do I choose FedEx? Is it because they are cheaper? Is it because the others have failed me in the past? Is it because they are more reliable or more convenient? Not at all. I choose them for this important delivery task because I am buying who I wish to be at the moment that I need the package shipped. I wish to be a man with “no worries” and I bought the BRAND, not the service. It is this BRAND that enabled FedEx to buy KINKOS — a company most assuredly NOT in the next day delivery business but a company very much in the ”peace of mind” business, which is the core of the FedEx BRAND.
Category Benefits = Commodity Markets If you wish to capture your competitor’s customers, fix any CATEGORY deficiencies you might have (like taste, if you are a beer, service is you are a hotel, and selection if you are a retailer) to bring your product offering up to par with the competitive set. But remember, parity does not build preference or margins. If you wish to steal your competitor’s customers, you need to uncover the precepts (beliefs) that drive your prospect to find more meaning in their lives. You need to align your messaging with that new understanding. Napoleon summed up the importance of such subtle changes when he said, “Sometimes a single battle decides everything and sometimes, too, the slightest circumstance decides the issue of a battle. There is a moment in every battle at which the least maneuver is decisive and gives
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