Even though most companies try to gain increased market share, their marketing efforts are often hard to distinguish from their competitors – a sure way not to succeed
Good, better, best
All companies face tougher competition because poor products no longer exist. Of course, some products are still slightly better than others but basically companies producing poor products have been forced to close long ago. This means that products become more and more similar, and it thus becomes hard to constantly create and maintain unique product features. At the same time, you’ll hardly find a shortage of your kind of products, because supply in fact is greater than demand.
It has almost become a mantra to state that gaining market share is necessary to be successful and at first, this makes sense. But it can cause problems because many companies, in their desperate search for market share, cut prices and/or increase costs so much that there is a danger it’s products are no longer profitable, neither in the short nor in the long term. But it doesn’t have to be like that! If you can gain market share without cutting prices or increasing costs, you will be successful. Of course, above all, this demands attracting the attention of the target market – often one that is hard to attract. But one thing is for sure: With the way most marketing departments work, the level of attention is hardly worth mentioning…
AIDA still works
AIDA isn’t just an opera by Verdi, it is also a very simple way of thinking, first of all that communication is all about attracting Attention. This is done to encourage customers to show Interest in a product and to Desire it so much that they take Action and actually buy it. To put it simply: No attention, no purchase!
Relevancy is key
Basically, attention is the customers’ most limited resource, meaning that you really have to qualify for it! In practice, this is only possible not only by having a different marketing message but also one that is relevant. Differentiation is mainly about positioning (an almost forgotten concept, replaced by the more diffuse notion of branding), while relevancy is mainly about adapting the message to the individual (in extreme cases) or at least to a very narrow target group with people sharing similar interests, doing the same things, and having similar attitudes towards certain issues. All it takes for you to carry this through is “just” detailed knowledge of the receivers of your message! But not many people in the marketing world possess such valuable knowledge, even though it’s really quite simple to gain – all you have to do is ask!
Need more inspiration?
All CommWorld agencies can help you make sure that your communication differentiates positively from your competitors and thus ensure that you attract plenty of attention. Interested in learning more about our services in practise? Don’t hesitate – just contact your national CommWorld agency for a no obligation appointment!