THE MARKETING CATCH-22 DILEMMA
Nearly half (48 percent) of U.S. consumers would use ‘smart-reordering’ services where intelligent sensors in the home pre-empt when a product, such as laundry detergent, is running low and automatically re-orders it on their behalf. Another 36 percent use digital assistants. While the vast majority (89 percent) are satisfied with the experience, 40 percent say it can feel slightly creepy when technology starts to correctly interpret and anticipate their needs.
Hyper-relevance is the next wave of growth for companies operating in consumer industries, but it cannot be achieved without engendering digital trust. To pivot to hyper-relevance, companies should consider:
There's an apocryphal story of a guy who went for his final interview for a senior post at Coca-Cola. During dinner, he ordered a Pepsi. He didn't get the job (no surprises there).
Most packaged goods companies would kill to be the only product on the shelf, to own the category in a given store. Yet, not only do authors get along, they spend time and energy talking-up each other's books.
Can you imagine Bill Gates giving a generous review of Apple's new operating system (OS) or Tim Cook writing a positive blurb about the Samsung Galaxy S5? And yet, the authors do it all the time! To read more about this unique perspective, check out this article written by Seth Godin.
Read this interesting article on Forbes the other day by Peter Drucker, who is considered by many as the father of business consulting and it made me ponder. Peter made a profound observation, " ...because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business...”
Quite an interesting article. Check it out here: http://www.forbes.com/2006/06/30/jack-trout-on-marketing-cx_jt_0703drucker.html
One of the critical skills needed to be a successful entrepreneur is the ability to talk about the product in an effective and engaging manner. I have been there myself and learnt a lot through my mistakes. So, here are a few pointers to keep in mind for your next big presentation:
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"Observant strategist who enjoys theorizing business practices even in his spare time"