A couple of interesting recent articles from Business Week. Both are very much 'on message' in their interactive, people-centric, web 2.0 style, so it may be nothing you haven't read before. But they say it in a nice pithy way, with bullet points and examples. And it's Business Week. So if you need to convince someone it's probably a good place to start.
First up, an article on the importance of making the relationship people have with your brand a genuine experience. Why would you want to do this? It gives 4 reasons...
- It creates fans who will talk to others about you.
- It builds loyalty (e.g. 80% of Starbuck's revenues comes from those who visit 18 times+ a month).
- It lets you premium price. Because people will pay for a functionally and emotionally rewarding experience, that moves things beyond the average and mundane (or even a 'bit better' and 'best in market'...which can still mean 'not very good').
- It creates differentiation. Unique experiences are more easily ownable and more likely to stand out.
Second up, an article on the importance of doing things differently if you want to stay ahead (which might include brand experiences!). It offers up 7 ways at this...
- Experiment fearlessly. Just keep doing stuff. Mad stuff. Stuff that doesn't always work. But do it anyway. Instead of just talking about doing stuff. Or having brainstorms about stuff you might do. Or researching stuff, and finding reasons not to do it.
- Don't get bigger get unique. Getting bigger in a way that is profitable, is very difficult nowadays, unless you are a certain kind of company. Instead be brave enough to offer something unique and different to the people you aiming to attract and you will have far more success.
- Don't compete...create new markets. Rather than fighting the existing competition over ever smaller market niches, just invent a new market where there is no competition and create your own rules for success. Interestingly, a study of new launches found that the 14% that were genuinely new markets represented 61% of profit generated.
- Obsess about customers not rivals. Basically don't worry about what everyone else is doing, just worry about what the consumer wants...and do it. Even if that means doing far more than is necessary when benchmarked vs. the competition. Over deliver always, don't cut costs and corners, or be deceievd by being 'better' when this trails far behind expectations.
- Be open. Secrecy doesn't work in the world we live in. So don't hide behind the walls of your company. Embrace network relationships. Share your thinking and ideas. Get outside points of view. Have an open-source attitude to the way you do things.
- Get personal. There is no such thing anymore as 'consumers'; the aggregated but impersonal demographic we 'aim' at in a rather haphazard, 'chuck it and see what sticks' manner. There are only real people; individuals we should look to engage at a personal level, with meaningful dialogue and tailored solutions.
- Stay hunger. Don't get lazy and rest on your laurels. Always be on the move and doing stuff. Which brings us back to point 1...
Anyway, all very important lessons, so get going!
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