Thrashing What Everybody Knows
Actions do speak louder than words.
When you operate on the basis of "everybody knows" you enter into a world of hope, half-truths and heaps of pain. Examples:
Everybody knows that if you're product is the "new kid on the block" your price should be the lowest. WRONG!
A client reported this week that after a proposal had been accepted he asked the new customer what the cost of a competitor's service was. The response: "You guys have a superior product and do things they can't begin to. We were surprised you were $50,000 lower."
Your price should reflect the value of the product or service to the purchaser.
Everybody knows that when you design a product for a specific audience you should stick with that audience even if you get sales elsewhere. NOPE!
A startup I've done some work with always knew that the product they had designed would have to interface with what utilities demanded of their tester market. Suddenly they were being asked to sell their software product into the utility market. They almost said no. Then we ran the numbers. The market was between 10 and 100 times larger.
My definition of marketing is:
- Go where the money is.
- Sell what they want to buy.
- Do it again.
Adjust or expand your target to follow the money to maximize profits.
Everybody knows you need to have a snappy name that is memorable and tells people exactly what your product or service is all about. SORRY CHARLIE!
I'm the example here. When I started consulting I called my business Z-axis Marketing. We incorporated under that name, bought the URL and did all the graphic branding using that name. People couldn't pronounce it or remember it. They had difficulty remembering the URL much less spelling it.
The moniker you use should be the one people use to refer to you or your business. Consulting or professional businesses are wise to incorporate the name or names of principals. Product or service businesses need to home in on what they deliver in client, customer or purchaser terms. Get too far from the generic and people will not be able to picture what they get from buying from you.
A name should be memorable, easy to spell, easy to say, sound like the product or service if possible but most importantly reflect the way people identify the kind of business you are naming.
Every part of your marketing should be subjected to the same scrutiny.
Whenever the phrase, "everybody knows" enters the conversation, even if only in your own mind, step back and have another look. Look at the actions of the prospect rather than resorting to wishful thinking.
Jerry Fletcher is a beBee ambassador, founder and Grand Poobah of www.BrandBrainTrust.comÂ
His consulting practice, founded in 1990, is known for Trust-based Brand development, Positioning and business development on and off-line. He is also a sought-after International Speaker.