There are a lot of reasons why an e-newsletter is a great marketing tool. First and foremost, your business must have an electronic presence. E-marketing is another marketing channel that absolutely and positively must be a part of your marketing plan. There are many platforms of e-marketing including websites, social networking, referral links or programs, affiliate programs, e-mails and of course e-newsletters. All of these platforms can and should be part of your plan and deserve the requisite attention to understand how and why they can be so powerful. However, today I intend to detail e-newsletters. We’ll save the other e-platforms for another time.
To understand what I mean by “e-newsletter” let’s address what is NOT an e-newsletter. An e-newsletter is not a one-time e-mail blast. It is not a sales pitch. And most importantly, it is not spam. When I refer to e-newsletter I mean something with valuable content that is distributed via a professional service, like Aweber (http://boost.aweber.com). You can certainly do an e-newsletter on your own, but a professional service provides templates, anti-spamming functionality, tracking and monitoring that you might not normally get if you do it on your own. So with this understanding of an e-newsletter, here are five reasons you need an e-newsletter:
1) COST: e-newsletters, at most, cost about $20/month. This number can vary depending on the service and depending on the number of e-mails in your database. However, most services do not limit the number of blasts that you can make. A lot of businesses will send out e-newsletters once a week (like mine). If you start doing the math, $20/month for 4 e-newsletters for hundreds of people each blast makes the cost-per-contact extremely reasonable.
2) INCREASE YOUR TOUCHPOINTS: marketing is more about repetition than anything else. E-newsletters give you another marketing touchpoint to remain top-of-mind for your database. Assuming you can provide valuable content with each blast, your database will open the e-mails and understand that you offer a great product or service. Your name and brand will remain fresh and “sticky” (as in the brand or name will “stick” with the recipients). This way, when the recipient is ready to buy, they will think of you. Similarly, recipients will also know your name and brand to refer to others.
3) EASY REFERRALS: picking up from point #2, e-newsletters make referrals very easy. How difficult is it to forward an e-newsletter to someone else? Think of it this way: let’s imagine one of your contacts comes across a friend that could use your service. They say to their friend, “let me find his or her business card, I know I have it somewhere.” Chances are, the business card is lost or hard to find or perhaps it takes a while to get the information gathered. However, with an e-newsletter, the referral is very easy. That same contact can say “let me forward you his or her e-newsletter.” Not only is the information transferred very easily, the new contact can view the value you provide. This is much more powerful than a business card exchange.
4) LEVERAGE OTHER E-MARKETING: with an e-newsletter, you can add links to your website, blog, partner websites, affiliates and anything else available on the web. Recipients that open your e-newsletter can easily link to the products or services that you recommend. This becomes vastly beneficial if you are an affiliate of another program. You can add a link to the other program that your recipients will be sure to see and most likely click through if there is value.
5) TRACKING: assuming you use a professional service for your e-newsletter like Aweber, you can track and measure your campaigns. You can see the open rate (percentage of recipients that open your email), click rate (percentage of recipients that open and click through to a link on your e-newsletter) and unsubscribe rates (percentage of people who request to unsubscribe). You can even set up tests. For example, let’s say you want to test a marketing message. Send 50% of your database your e-newsletter with one marketing message in the subject line and send the other 50% that same e-newsletter with a different marketing message in the subject line. See which e-newsletter had a greater open rate and you’ll understand which marketing message is more powerful.
This is just the tip of the iceberg for e-marketing. If you don’t have an e-newsletter yet, consider the reasons above and check out Aweber (http://boost.aweber.com) or another provider. You’ll see there is tremendous benefit to an e-newsletter for little cost.
Marketing Lessons from a Cruise
I just spent a weekend on a cruise to Ensenada, Mexico. What was supposed to be a relaxing weekend away from the world of marketing turned into a mini case study. I know the travel industry—in particular cruise lines—are struggling during these tough times. However, there were a lot of things this particular cruise was doing well: they had a strong upsell and cross sell plan and they had an easy payment system.
Consider that cruises nowadays can run extremely cheap. I heard about a 4-day cruise from San Diego to Mexico for only $224/person. This is an amazing bargain when you understand that this cost covers the room, food and most entertainment for all four days. Perceived value is extremely high.
Once you get to the cruise, and in some cases even before, the real selling takes place. Before we even boarded the boat we had our picture taken which was then available for purchase. Seconds upon boarding the boat we were met with waiters and waitresses suggesting “a bucket of beers.” My room was stocked with sodas and drinks, all for sale (can of Coke: $1.95). Everywhere you turned there was a suggestion to buy something else.
Of course, payment was incredibly easy since passengers were equipped with their personal cruise cards. Passengers used the cards as their room key as well as a means to purchase just about anything the boat offers. Cocktail? Just hand the card over the waiter. Massage? Just give the card to the spa center. Souvenir? You get the picture.
This mini case study confirmed two things for me: 1) every business needs a strong upsell and cross sell program, 2) every business needs to make payment seamless and easy. These strategies worked effectively for a major cruise line and they make perfect sense for small businesses.
Take a look at your business and make sure you have a way to upsell and cross sell. Most products and services have the three-tiered approach which makes upselling very powerful. Or, find a product or service that you can offer in addition to another product or service. You’ll get more out of your existing customers and—assuming you provide value in the added services—your customers will walk away more satisfied.
Also make sure it is easy for your customers to pay you. One simple way to do this is to ensure that you can receive payments a couple of ways. Checks, credit cards and PayPal are just some of the ways you can facilitate payment. Find what is easiest for your customers and make that work for you.
Finally, if you need any more lessons in upselling and payment processing, take a cruise. Just like me, your vacation can as easily become a case study.
Consider that cruises nowadays can run extremely cheap. I heard about a 4-day cruise from San Diego to Mexico for only $224/person. This is an amazing bargain when you understand that this cost covers the room, food and most entertainment for all four days. Perceived value is extremely high.
Once you get to the cruise, and in some cases even before, the real selling takes place. Before we even boarded the boat we had our picture taken which was then available for purchase. Seconds upon boarding the boat we were met with waiters and waitresses suggesting “a bucket of beers.” My room was stocked with sodas and drinks, all for sale (can of Coke: $1.95). Everywhere you turned there was a suggestion to buy something else.
Of course, payment was incredibly easy since passengers were equipped with their personal cruise cards. Passengers used the cards as their room key as well as a means to purchase just about anything the boat offers. Cocktail? Just hand the card over the waiter. Massage? Just give the card to the spa center. Souvenir? You get the picture.
This mini case study confirmed two things for me: 1) every business needs a strong upsell and cross sell program, 2) every business needs to make payment seamless and easy. These strategies worked effectively for a major cruise line and they make perfect sense for small businesses.
Take a look at your business and make sure you have a way to upsell and cross sell. Most products and services have the three-tiered approach which makes upselling very powerful. Or, find a product or service that you can offer in addition to another product or service. You’ll get more out of your existing customers and—assuming you provide value in the added services—your customers will walk away more satisfied.
Also make sure it is easy for your customers to pay you. One simple way to do this is to ensure that you can receive payments a couple of ways. Checks, credit cards and PayPal are just some of the ways you can facilitate payment. Find what is easiest for your customers and make that work for you.
Finally, if you need any more lessons in upselling and payment processing, take a cruise. Just like me, your vacation can as easily become a case study.
4 Ways to Prove You're an Expert
Now is the time to prove you are an expert at what you do. Positioning yourself as an expert is the key to building sales. Experts rarely struggle to generate business even in tough economic times.
So how do you position yourself as an expert? How do you establish the type of credibility that people seek?
The time-tested approach is through education. Many folks in today’s market are turning to education as a means to become an expert in a certain area. An investment in education, particularly during a down swing in the economy, is an excellent option.
However, not everyone can afford education. Going back to school is a serious commitment and certification programs can be very expensive. Let’s face it: few people have the time and the funds required to pursue education.
So if you don’t have the time or the money to get more certifications, what can you do? Here are four ways to build your own credibility and position yourself as an expert:
• Give Presentations: partner with local business associations, leads groups or networking groups and offer your services as a presenter. If you can deliver a polished presentation, your credibility will soar.
• Write a Blog: get your thoughts out into cyberspace. Show the world what you know. People can tune in to see your expertise. But writing is only half the battle for blogging; you must also generate traffic to your blog so people can actually see you. Market your blog to your database, put a link on your email signature or your business card and get the word out.
• Publish Articles: there are lots of ways to get your articles published on-line and in print. If your business targets locals, work with local publications to see if you can provide some content. Note: newspapers are just one avenue; there are a lot of local publications. If your business targets beyond the local community, look to on-line publications that serve your market.
• Make a Video: technology is very inexpensive. For a minimal investment, you can create a video promoting your expertise. Post this video on YouTube and send your database the link. You can also post this video on your website. The video can really build credibility.
These are just some ways to build credibility and position yourself as an expert. Certifications, degrees, titles and credentials are powerful but require time and money. Presentations, blogs, articles and videos require time to do as well, but the cost is minimal.
Position yourself as an expert and watch your business soar.
So how do you position yourself as an expert? How do you establish the type of credibility that people seek?
The time-tested approach is through education. Many folks in today’s market are turning to education as a means to become an expert in a certain area. An investment in education, particularly during a down swing in the economy, is an excellent option.
However, not everyone can afford education. Going back to school is a serious commitment and certification programs can be very expensive. Let’s face it: few people have the time and the funds required to pursue education.
So if you don’t have the time or the money to get more certifications, what can you do? Here are four ways to build your own credibility and position yourself as an expert:
• Give Presentations: partner with local business associations, leads groups or networking groups and offer your services as a presenter. If you can deliver a polished presentation, your credibility will soar.
• Write a Blog: get your thoughts out into cyberspace. Show the world what you know. People can tune in to see your expertise. But writing is only half the battle for blogging; you must also generate traffic to your blog so people can actually see you. Market your blog to your database, put a link on your email signature or your business card and get the word out.
• Publish Articles: there are lots of ways to get your articles published on-line and in print. If your business targets locals, work with local publications to see if you can provide some content. Note: newspapers are just one avenue; there are a lot of local publications. If your business targets beyond the local community, look to on-line publications that serve your market.
• Make a Video: technology is very inexpensive. For a minimal investment, you can create a video promoting your expertise. Post this video on YouTube and send your database the link. You can also post this video on your website. The video can really build credibility.
These are just some ways to build credibility and position yourself as an expert. Certifications, degrees, titles and credentials are powerful but require time and money. Presentations, blogs, articles and videos require time to do as well, but the cost is minimal.
Position yourself as an expert and watch your business soar.
What is Your Marketing DNA (Part IV of IV)
The final component of your Marketing DNA is “A” for “add value.” Adding value is the most important piece of your marketing DNA because value is how you monetize the business. If a business cannot add value, the business serves no purpose. So just like the three previous posts, we’ll dig into four areas: what adding value is, why it is important, how to do it and who is doing it well.
1) What is Adding Value?
Value is essentially the relationship between perceived benefit and price. For a business to be able to sell anything, it must use marketing to create a perceived benefit that exceeds the cost. All marketing efforts thus must communicate the added value that a consumer will get by purchasing a product or a service. This is true across industries, products, services and more. True success through adding value is when price becomes insignificant. Let’s dig into this further by seeing why adding value is important.
2) Why Add Value?
As noted above, a business must add value in order to exist. The primary function of a business is to get and keep customers. In order for a business to achieve success, it must genuinely add value for its customer and continue to provide value. Otherwise, customers will go elsewhere. Adding value is the cornerstone of sales. Through its sales and marketing tactics, a business will generate sales only when it can communicate a direct benefit or feeling associated with a product or service. If a business cannot communicate the benefit, there will be no sales. No sales, no business. So adding value is really the lifeblood of a business and its marketing efforts.
3) How to Add Value?
Adding value is subjective and dynamic that continues to evolve, progress and advance. Here are a couple of ways that have proven successful, but new ways are always possible:
• Make it Easy to Do Business With You: consumers are smart and lazy. They will seek out the easiest options, even if it means spending a bit more.
• Eliminate Waste: a business can create value by subtracting wasteful steps and resources. This works for internal business processes as well as customer processes.
• Provide Solutions: name any successful business and I will tell you what solutions they provide. This is a no-brainer.
• Give, Give, Give: wow your customers, exceed their expectations and give them more. The returns will come.
• Sell Feelings: people buy feelings and feelings sell. Piece of mind, exclusivity, wellness and savings are all strong feelings that sell very well.
• Conquer Fear: much like feelings, fear sells. Conquer your customers fear and you’ll have customers and brand advocates for life.
4) Who Adds Value well?
Here are just a few business that add value well:
• Global Powerhouse: Toyota. Toyota’s legendary TPS (Toyota Production System) is legendary for reducing waste. Toyota has created value by reducing and eliminating wasteful operations.
• Regional Superstar: Buy.com. Buy.com first added tremendous value with is price comparison and price matching. It upped the ante by partnering with competitors. Users of buy.com can purchase from a competitor without ever leaving the buy.com site which makes the user experience very seamless.
• Local Hero: Compagno’s. With sandwiches bigger than a football, Compagno’s in Monterey, CA is a local favorite. And if the sandwiches aren’t enough, their home-made cakes take two to three people to finish.
Adding value is the final piece of your Marketing DNA. It may be the last, but it is certainly the most important.
1) What is Adding Value?
Value is essentially the relationship between perceived benefit and price. For a business to be able to sell anything, it must use marketing to create a perceived benefit that exceeds the cost. All marketing efforts thus must communicate the added value that a consumer will get by purchasing a product or a service. This is true across industries, products, services and more. True success through adding value is when price becomes insignificant. Let’s dig into this further by seeing why adding value is important.
2) Why Add Value?
As noted above, a business must add value in order to exist. The primary function of a business is to get and keep customers. In order for a business to achieve success, it must genuinely add value for its customer and continue to provide value. Otherwise, customers will go elsewhere. Adding value is the cornerstone of sales. Through its sales and marketing tactics, a business will generate sales only when it can communicate a direct benefit or feeling associated with a product or service. If a business cannot communicate the benefit, there will be no sales. No sales, no business. So adding value is really the lifeblood of a business and its marketing efforts.
3) How to Add Value?
Adding value is subjective and dynamic that continues to evolve, progress and advance. Here are a couple of ways that have proven successful, but new ways are always possible:
• Make it Easy to Do Business With You: consumers are smart and lazy. They will seek out the easiest options, even if it means spending a bit more.
• Eliminate Waste: a business can create value by subtracting wasteful steps and resources. This works for internal business processes as well as customer processes.
• Provide Solutions: name any successful business and I will tell you what solutions they provide. This is a no-brainer.
• Give, Give, Give: wow your customers, exceed their expectations and give them more. The returns will come.
• Sell Feelings: people buy feelings and feelings sell. Piece of mind, exclusivity, wellness and savings are all strong feelings that sell very well.
• Conquer Fear: much like feelings, fear sells. Conquer your customers fear and you’ll have customers and brand advocates for life.
4) Who Adds Value well?
Here are just a few business that add value well:
• Global Powerhouse: Toyota. Toyota’s legendary TPS (Toyota Production System) is legendary for reducing waste. Toyota has created value by reducing and eliminating wasteful operations.
• Regional Superstar: Buy.com. Buy.com first added tremendous value with is price comparison and price matching. It upped the ante by partnering with competitors. Users of buy.com can purchase from a competitor without ever leaving the buy.com site which makes the user experience very seamless.
• Local Hero: Compagno’s. With sandwiches bigger than a football, Compagno’s in Monterey, CA is a local favorite. And if the sandwiches aren’t enough, their home-made cakes take two to three people to finish.
Adding value is the final piece of your Marketing DNA. It may be the last, but it is certainly the most important.
What is Your Marketing DNA? (Part III of IV)
So we’ve tackled the Differentiation component of your Marketing DNA. This post deals with your Niche. Just like the previous post, we’ll look at four areas: what it is, why it is important, how to find a niche and who is doing well with their niche.
1) What is a Niche?
A marketing niche is nothing more than the relationship of a business to its surroundings. If a business is in an environment with many resources and few competitors, the business can find success. Conversely, an environment with few resources and many competitors can make success difficult. Thus, a business must find the right environment.
My recommendation to most businesses is to first identify the niche, then develop the product or service. Start first by figuring out what niches need solutions and how you or your business can provide the needed solutions. This same principle can be used with existing businesses: really dig into the area that needs the solutions the most and design your product or service to meet those needs.
2) Why is a Niche important?
Selecting the right niche is the essence of survival and sustainability. I liken the importance of selecting the right niche to the importance of selecting the right battlefield. Marketing is often compared to a military struggle with words like campaigns, tactics, objectives and initiatives. With this analogy, the niche is the place in which the battle will take place. Bring a knife to a gun fight and you’re in trouble. But bring the right weapon (i.e. product or service) into the right battlefield (i.e. marketplace), and success is imminent.
Another useful analogy to illustrate the importance of finding the right niche is fishing. A fisher will choose the right bait to attract the right fish and he or she wouldn’t bring a fly rod on a deep sea fishing boat. Yet so many businesses do exactly that. They are so convinced their product or service can work for anything, they forget to think about who they need to attract. They then blast their message everywhere and wonder where the fish are. Focus on one niche, do it well, and your business will boom. The riches are in the niches, as they say.
3) How do you Niche?
There are many ways to focus on a niche. Here are just a few:
· Start with the End in Mind: think first about the target and then design a product or service for that target. Many businesses do just the opposite: they have a product or service designed first and they only later think if the market needs it.
· Look Beyond the Mirror: too many business owners think, “we’ll I like this so everyone else must like it.” That is rarely the path to success. Look beyond the mirror to see of others see what you see. Watch and observe over time.
· Specialize: similar to differentiation, specialization makes your business a niche magnet. There are many ways to specialize, but the more a business focuses on one core competitive advantage that is better and different than others, the more the business will grow.
4) Who focuses on a Niche well?
Lots of businesses excel at serving niches. Here are a few:
· Global Powerhouse: Amazon.com. Amazon started with one sole focus: books. This one platform led Amazon into different niches, but don’t forget that Amazon first gained success by focusing strictly on books.
· Regional Superstar: Clif Bar. The entire marketing strategy at Clif Bar is focused on connecting with its outdoorsy, health-conscious and active niche. Clif Bar sponsors events, athletes and other initiatives to allow it to connect to its niche extremely successfully.
· Local Hero: Nuts 4 Nuts. Luis Martinez was just a Chilean immigrant in NYC. He started selling honey-roasted nuts on a street corner and turned his local cart into an international sensation. Now with over 200 carts in NYC, Santiago and plans to go to Italy, Spain and Germany, Nuts 4 Nuts still remains focused on one product and one niche.
Differentiation is the first component of your Marketing DNA. Niche is the second. Tune into the final Marketing DNA post to learn more about Add-value.
1) What is a Niche?
A marketing niche is nothing more than the relationship of a business to its surroundings. If a business is in an environment with many resources and few competitors, the business can find success. Conversely, an environment with few resources and many competitors can make success difficult. Thus, a business must find the right environment.
My recommendation to most businesses is to first identify the niche, then develop the product or service. Start first by figuring out what niches need solutions and how you or your business can provide the needed solutions. This same principle can be used with existing businesses: really dig into the area that needs the solutions the most and design your product or service to meet those needs.
2) Why is a Niche important?
Selecting the right niche is the essence of survival and sustainability. I liken the importance of selecting the right niche to the importance of selecting the right battlefield. Marketing is often compared to a military struggle with words like campaigns, tactics, objectives and initiatives. With this analogy, the niche is the place in which the battle will take place. Bring a knife to a gun fight and you’re in trouble. But bring the right weapon (i.e. product or service) into the right battlefield (i.e. marketplace), and success is imminent.
Another useful analogy to illustrate the importance of finding the right niche is fishing. A fisher will choose the right bait to attract the right fish and he or she wouldn’t bring a fly rod on a deep sea fishing boat. Yet so many businesses do exactly that. They are so convinced their product or service can work for anything, they forget to think about who they need to attract. They then blast their message everywhere and wonder where the fish are. Focus on one niche, do it well, and your business will boom. The riches are in the niches, as they say.
3) How do you Niche?
There are many ways to focus on a niche. Here are just a few:
· Start with the End in Mind: think first about the target and then design a product or service for that target. Many businesses do just the opposite: they have a product or service designed first and they only later think if the market needs it.
· Look Beyond the Mirror: too many business owners think, “we’ll I like this so everyone else must like it.” That is rarely the path to success. Look beyond the mirror to see of others see what you see. Watch and observe over time.
· Specialize: similar to differentiation, specialization makes your business a niche magnet. There are many ways to specialize, but the more a business focuses on one core competitive advantage that is better and different than others, the more the business will grow.
4) Who focuses on a Niche well?
Lots of businesses excel at serving niches. Here are a few:
· Global Powerhouse: Amazon.com. Amazon started with one sole focus: books. This one platform led Amazon into different niches, but don’t forget that Amazon first gained success by focusing strictly on books.
· Regional Superstar: Clif Bar. The entire marketing strategy at Clif Bar is focused on connecting with its outdoorsy, health-conscious and active niche. Clif Bar sponsors events, athletes and other initiatives to allow it to connect to its niche extremely successfully.
· Local Hero: Nuts 4 Nuts. Luis Martinez was just a Chilean immigrant in NYC. He started selling honey-roasted nuts on a street corner and turned his local cart into an international sensation. Now with over 200 carts in NYC, Santiago and plans to go to Italy, Spain and Germany, Nuts 4 Nuts still remains focused on one product and one niche.
Differentiation is the first component of your Marketing DNA. Niche is the second. Tune into the final Marketing DNA post to learn more about Add-value.
What is Your Marketing DNA? (Part II of IV)
Your marketing DNA consists of Differentiation, Niche and Adding value. Let’s dig into Differentiation. We’ll look at four areas: what it is, why it is important, how to differentiate and who is differentiating well.
1) What is differentiation?
Simply put, differentiation is the process in which a business distinguishes its services of products from that of other products and services in the marketplace. This must be accomplished on three levels: differentiation from direct competitors, indirect competitors and internal competitors. Successful businesses differentiate on each of these three levels. They separate their product and service from direct competitors. They communicate why their product or service is a better use of a customer’s money than any indirect competitor. And, they convey how one product or service they offer is different from another product or service they offer (this last differentiation enables tiered products or services, upselling and cross-selling opportunities).
2)Why differentiate?
If a business cannot provide a unique and special reason for customers to solicit the business, the business will not experience sustained success. Business success is contingent upon the ability to offer and deliver a unique customer experience that cannot be encountered elsewhere. I often use the analogy of relationships when communicating to my clients why differentiation is so vital. Think about the people you seek out for certain needs. You seek out an individual because they satisfy a particular need differently, more uniquely and perhaps better than anyone else. Same goes for a business. If your business can serve a particular need different, more uniquely or better than another business, customers will seek out your business now and into the future.
3)How does a business differentiate?
Isn’t this the million dollar question? And to be frank, there are a million answers. Truly, any way your business can offer something unique—and add value—is a way to differentiate. Here are a couple of successful ways that I have come across:
•Offer something totally unique: present something that cannot be replicated or duplicated, like superior service, a one-of-a-kind product or exclusivity.
•Personalize your product or service: try remembering names, creating customer profiles, hosting events, allowing customers to dictate their experience, and more
•Find a superlative: as Jack Troutman and Al Ries stated in Positioning: The Battle for Your Mind, if you cannot be first in a category, create a new category where you can be first!
•Target an underserved market: be the only gig in town for a certain market
4)Who is differentiating well?
Look at any successful business and they are differentiating well. If you still need some help finding good differentiators, consider these businesses:
•Global Powerhouse: IBM. A company that has sustained a competitive advantage for over a century must be doing something right. IBM differentiates by continually focusing on the customer. IBM sees customers as creators and collaborators, not just consumers.
•Regional Superstar: In-N-Out. Burgers, shakes and fries is nothing different. But In-N-Out has maintained strong differentiation with its customer-centric focus. The dining experience is neither McDonald’s nor Denny’s. There is a different feel of cleanliness, energy, happiness and life in an In-N-Out restaurant. In fact, it is arguably not a QSR (Quick Service Restaurant) and it is different because an In-N-Out dining or drive-thru experience cannot be duplicated anywhere else.
•Local Hero: self-service yogurt. On a local level, the self-service frozen yogurt concept is exploding. In California, for example, a number of independent shops offer a different dessert experience than a typical ice cream or smoothie shop. Marketing messages tout health and customers are in charge of their own experience. This concept is very different than other dessert concepts and is attracting much investment.
Differentiation is the first key to a sustainable marketing DNA. Tune into future posts to learn about Niche and Adding Value.
1) What is differentiation?
Simply put, differentiation is the process in which a business distinguishes its services of products from that of other products and services in the marketplace. This must be accomplished on three levels: differentiation from direct competitors, indirect competitors and internal competitors. Successful businesses differentiate on each of these three levels. They separate their product and service from direct competitors. They communicate why their product or service is a better use of a customer’s money than any indirect competitor. And, they convey how one product or service they offer is different from another product or service they offer (this last differentiation enables tiered products or services, upselling and cross-selling opportunities).
2)Why differentiate?
If a business cannot provide a unique and special reason for customers to solicit the business, the business will not experience sustained success. Business success is contingent upon the ability to offer and deliver a unique customer experience that cannot be encountered elsewhere. I often use the analogy of relationships when communicating to my clients why differentiation is so vital. Think about the people you seek out for certain needs. You seek out an individual because they satisfy a particular need differently, more uniquely and perhaps better than anyone else. Same goes for a business. If your business can serve a particular need different, more uniquely or better than another business, customers will seek out your business now and into the future.
3)How does a business differentiate?
Isn’t this the million dollar question? And to be frank, there are a million answers. Truly, any way your business can offer something unique—and add value—is a way to differentiate. Here are a couple of successful ways that I have come across:
•Offer something totally unique: present something that cannot be replicated or duplicated, like superior service, a one-of-a-kind product or exclusivity.
•Personalize your product or service: try remembering names, creating customer profiles, hosting events, allowing customers to dictate their experience, and more
•Find a superlative: as Jack Troutman and Al Ries stated in Positioning: The Battle for Your Mind, if you cannot be first in a category, create a new category where you can be first!
•Target an underserved market: be the only gig in town for a certain market
4)Who is differentiating well?
Look at any successful business and they are differentiating well. If you still need some help finding good differentiators, consider these businesses:
•Global Powerhouse: IBM. A company that has sustained a competitive advantage for over a century must be doing something right. IBM differentiates by continually focusing on the customer. IBM sees customers as creators and collaborators, not just consumers.
•Regional Superstar: In-N-Out. Burgers, shakes and fries is nothing different. But In-N-Out has maintained strong differentiation with its customer-centric focus. The dining experience is neither McDonald’s nor Denny’s. There is a different feel of cleanliness, energy, happiness and life in an In-N-Out restaurant. In fact, it is arguably not a QSR (Quick Service Restaurant) and it is different because an In-N-Out dining or drive-thru experience cannot be duplicated anywhere else.
•Local Hero: self-service yogurt. On a local level, the self-service frozen yogurt concept is exploding. In California, for example, a number of independent shops offer a different dessert experience than a typical ice cream or smoothie shop. Marketing messages tout health and customers are in charge of their own experience. This concept is very different than other dessert concepts and is attracting much investment.
Differentiation is the first key to a sustainable marketing DNA. Tune into future posts to learn about Niche and Adding Value.
What is Your Marketing DNA? (Part I of IV)
The most important component of marketing for your business is your marketing DNA. Period.
So what is your marketing DNA? Let’s first recall what DNA is. In non-scientific terms, your DNA is the chemical blueprint or recipe for your genetic structure. Each and every individual has a unique DNA structure different from anyone else.
Your business marketing needs to be unique and different from any other business. If your marketing is not unique and different, your business is a commodity. Commodities are difficult businesses to sustain since you compete essentially on price and price alone.
So how do you make your marketing different and unique from other businesses? The answer lies in your marketing DNA. Your marketing DNA is a combination of three items: differentiation, niche and added value. Achieve maximum marketing results by mastering these three items. Here’s an introduction to these three ideas:
1) D is for Differentiation: First and foremost, your business must offer something different than anyone else. The easiest differentiation is to offer a unique product or service that cannot be found anywhere else. But given how fast technology moves, this is hard to sustain. A more formidable differentiation strategy is to deliver a unique customer experience that cannot be duplicated or replicated by direct or indirect competitors.
2) N is for Niche: As they say, “the riches are in the niches.” No one business can serve everyone. A successful and sustainable business strategy is to serve only one target market or one niche. Many businesses think their product or service can get good for anyone and thus market to the masses. This can lead to expensive advertising dollars that do not generate the response needed. Target one niche and serve the needs of that one niche. Once the business can sustain and serve one niche, the business can grow to others, but growth is tough if a small business serves the masses.
3) A is for Added Value: Adding value is the ultimate. Value is the relationship between perception and price. It is entirely subjective. What one might view as high value another might view as worthless. The ability to add value is truly an art and requires a deep understanding of the needs of a consumer. If a business is truly going to generate income, the business must be able to communicate the value of its product or service.
Your marketing DNA is really the key to creating and sustaining a successful business in any industry. In the next posts, I will dig into each of the three marketing DNA components. Stay tuned for more.
So what is your marketing DNA? Let’s first recall what DNA is. In non-scientific terms, your DNA is the chemical blueprint or recipe for your genetic structure. Each and every individual has a unique DNA structure different from anyone else.
Your business marketing needs to be unique and different from any other business. If your marketing is not unique and different, your business is a commodity. Commodities are difficult businesses to sustain since you compete essentially on price and price alone.
So how do you make your marketing different and unique from other businesses? The answer lies in your marketing DNA. Your marketing DNA is a combination of three items: differentiation, niche and added value. Achieve maximum marketing results by mastering these three items. Here’s an introduction to these three ideas:
1) D is for Differentiation: First and foremost, your business must offer something different than anyone else. The easiest differentiation is to offer a unique product or service that cannot be found anywhere else. But given how fast technology moves, this is hard to sustain. A more formidable differentiation strategy is to deliver a unique customer experience that cannot be duplicated or replicated by direct or indirect competitors.
2) N is for Niche: As they say, “the riches are in the niches.” No one business can serve everyone. A successful and sustainable business strategy is to serve only one target market or one niche. Many businesses think their product or service can get good for anyone and thus market to the masses. This can lead to expensive advertising dollars that do not generate the response needed. Target one niche and serve the needs of that one niche. Once the business can sustain and serve one niche, the business can grow to others, but growth is tough if a small business serves the masses.
3) A is for Added Value: Adding value is the ultimate. Value is the relationship between perception and price. It is entirely subjective. What one might view as high value another might view as worthless. The ability to add value is truly an art and requires a deep understanding of the needs of a consumer. If a business is truly going to generate income, the business must be able to communicate the value of its product or service.
Your marketing DNA is really the key to creating and sustaining a successful business in any industry. In the next posts, I will dig into each of the three marketing DNA components. Stay tuned for more.
Harness the Power of Testimonials
I would argue that the most powerful message a marketer can communicate is a testimonial. Try this on for size:
"When we worked for the first time with 'Move Your Business to the Next Level' it became clear very fast that Brooke knew more than we did about marketing and he helped us identify a direction that created an efficiency in who we would market towards. The process allowed us to achieve our calendar scheduled goals and do it with an understanding that helped us understand more about who we were and where our strengths lay as an organization. Thanks Brooke!"
Or how about this one:
"Brooke Higgins has been a key factor in taking my business to the next level. I can
honestly say that without Brooke’s guidance and support, I would not be where I am today. Brooke has the business skills and vision to see what needs to be done and the communication skills to convey important information to his clients. He has superior knowledge of all business areas, especially the marketing aspects. Most importantly Brooke has a keen insight to help develop the potential in people. He has helped me to focus my efforts where they are most needed, and set me on a course for success. If you are looking to make some real changes and take your business to the next level, then I highly recommend that you work with Brooke Higgins."
I may be tooting my own horn, but these are direct quotes from my clients. Could I have said it any better? Perhaps I could have written more flowery things about myself. But isn't it more powerful when it comes from someone else? Can't you sense something other than "I am the best, hire me!" Of course! The above quotes come from other business owners not different from you. Their experiences directly relate to experiences you could have.
The lesson here: get as many testimonials from satisfied clients as you can. Harness the power of these messages. Testimonials move people to action. Most happy customers are glad to provide glowing praise for you and your business. So don't be afraid to ask for them. They cost little but return much.
And once you get those testimonials, put them up on your website, on your brochure and on your marketing materials. Blast them wherever you can. You will see the influence that testimonials create and you too can harness their power.
"When we worked for the first time with 'Move Your Business to the Next Level' it became clear very fast that Brooke knew more than we did about marketing and he helped us identify a direction that created an efficiency in who we would market towards. The process allowed us to achieve our calendar scheduled goals and do it with an understanding that helped us understand more about who we were and where our strengths lay as an organization. Thanks Brooke!"
Or how about this one:
"Brooke Higgins has been a key factor in taking my business to the next level. I can
honestly say that without Brooke’s guidance and support, I would not be where I am today. Brooke has the business skills and vision to see what needs to be done and the communication skills to convey important information to his clients. He has superior knowledge of all business areas, especially the marketing aspects. Most importantly Brooke has a keen insight to help develop the potential in people. He has helped me to focus my efforts where they are most needed, and set me on a course for success. If you are looking to make some real changes and take your business to the next level, then I highly recommend that you work with Brooke Higgins."
I may be tooting my own horn, but these are direct quotes from my clients. Could I have said it any better? Perhaps I could have written more flowery things about myself. But isn't it more powerful when it comes from someone else? Can't you sense something other than "I am the best, hire me!" Of course! The above quotes come from other business owners not different from you. Their experiences directly relate to experiences you could have.
The lesson here: get as many testimonials from satisfied clients as you can. Harness the power of these messages. Testimonials move people to action. Most happy customers are glad to provide glowing praise for you and your business. So don't be afraid to ask for them. They cost little but return much.
And once you get those testimonials, put them up on your website, on your brochure and on your marketing materials. Blast them wherever you can. You will see the influence that testimonials create and you too can harness their power.
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