World was coming out of several wars. People were demanding products from the market with positive expectations. Demand was plentiful and supply was limited.
Brand differentiation rules
In the bygone era products stood out from each other by brand differentiation. The marketing model was a logical approach to consumer’s hearts and minds. Differentiate and persuade with a call to action and hey presto….the business was on its way to a bigger market share. (I am oversimplifying it but you get my point…)
The world as we know it has changed
Supply has far exceeded demand. By the time a birth is registered, the baby has a facebook and twitter account to announce its birth. Our motive for buying has evolved.
We connect with products and services differently. It is not a logical linear process. It is a human process. We identify and connect with emotion at a personal and social level. Beyond its practical value the product must connect with the prospect in a meaningful way.
Whether you are a global business or not….building ‘tribes’ as Seth Godin calls it seems the only way to grow.
Why marketers struggle now
The world has changed but the marketing approach of a bygone era still lingers. There is no point in fighting the social media driven global economy. It is not a question of giving in. Rather a question of how to strategise this momentum in your favour. Successful financial traders will tell you not to fight the markets. Let the market tell you when to enter and exit the trade.
Lesson for Small business owners
If you spend your time understanding your prospects frustrations and find means to communicate how you and your firm can solve their frustrations, the way your prospect wants it, then you have but no choice to attract all the prospects you will ever need.
+ Ravi Peal-Shankar
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