...reading this month's marketing thought if you can
complete the following statement in ten words or less :
"What makes my product or service better
than anyone else's is _______________________."
OK, I assume you weren't able to do it, or you'd have quit
reading.
You're not alone-most companies haven't identified a unique
competitive advantage. And even if they have, it often suffers from one of two
additional problems:
1) The advantage they've identified isn't meaningful to their
audience ("Who cares if your car can parallel park itself?"), or
2) They can't deliver on their supposed advantage ("No, your
customer service isn't world-class. In fact, it's dismal...")
This isn't just an academic exercise. The ability to
articulate, execute, and publicize a competitive advantage has a huge effect on
your marketing spend. The more desirable and unique your offering is, the less
you have to spend to generate awareness.
Don't get me wrong, you'll still have to advertise. But when
everyone's advertising collateral is saying the same thing, the only way to
stand out is to say it more often, to say it in bigger advertisements, to
provide more giveaways, and so on. If you've got a believable, relevant, unique
(or even relatively unique) feature or benefit, you don't need to outshout the
competition. And that means lower marketing costs.
And
remember, parity products sell on price. Products with a competitive advantage
can command premium pricing. So whether you're interested in cutting
(marketing) costs or pumping up revenue, creating a competitive advantage is
key.
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