Marketing Works – For Your Competitors

Marketing Works for Your CompetitorsAs you deal with the pre-launch ambiguities and prepare to rollout your venture to the market, be cognizant of the fact that all of your competitors are equally (or more) active in the market. Your competitors are marketing their products and services as much as you. As you analyze the effectiveness of your pre-launch marketing, understand that your messaging is just a small portion of the overall “noise” surrounding the market.

An externality related to this “noise” is that customers only remember their latest and best deal – even if it doesn’t directly apply to your product or service. As an airline, we can’t tell you how many times our customers were upset at pricing because they felt they could fly on Southwest for $69. In reality, Southwest extends those fares to only a few markets during only a few limited time periods each year. In reality, our fares were at least 15% less than Southwest fares on the same route – at any given time. At the end of the day, our attempt at educating the market didn’t matter, as customers were subject to constant “noise” in the market, with TV and internet littered with ads touting cheap fares.

Thumbs UpTry This: If you don’t want to get caught up in your competitors marketing, attempt to differentiate yourself as much as possible. If the customer is comparing your product to another product at a different price, focus on what makes your product more expensive. Highlight these differences in your marketing and promotions.

 

Thumbs DownAvoid This: Even if they are, never tell a customer they’re wrong. It will just upset them. If they have the wrong information, feign ignorance and just point them to the right information. Don’t address the wrong information, it will only complicate the conversation or give the customer leverage.

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