by Daniel
Wadleigh
T
here
are two basic markets. They are
A) A piece of the existing
pie (market share)
B) A new product/service
development
For
market share to increase, that is, if you want to increase your sales
above existing status quo, you have only two choices
1) You can lower your
price or
2) You can add perceived value and
communicate the benefits in a full and effective way.
There
are dozens of different kinds of “added-values.” You can add value by:
a) Determining which human
desires that you address and do a better job than the other guys of
describing what you can do for the customer, and add an irresistible
offer to cause them to switch to you.
b) Adding an additional
value to your product/service that the other guys don’t have. This can
be either a mental, emotional, or physical added value, that is an
irresistible offer to get them to switch to you.
c) Creating an exaggerated
image about the positive benefits of using your product/service. This is
the favorite approach of Madison Avenue. “You’ll defeat the town
bully and get the Prom Queen if you eat our pretzels.”
For
new product/service development (a non-commodity, i.e. a not yet proven
value) you need to make the big promise of benefits, prove
all claims, and make an irresistible offer wrapped around a power-word
rich promotion. These are the basics for success.
In
my next article we will discuss a Marketing Mission Statement. It’s not
the same as the company mission statement and the difference could throw
you off focus!
Daniel
Wadleigh is President of Profit Experts of Austin, Texas. They offer a
turnkey Internet package and have a Web site available for ISOs for retail
and Internet. He can be reached at (888) 379-0659 .
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