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MISTAKE #1. Marketers struggle with differentiation. — Aspirational and meaningless statements like these contaminate the competitive claim-scape:
“We’re in business to save our home planet.”
“Our mission is to make the world happier and healthier”
“Champions of Customer Service”
These declarations are not only aspirational, they’re CLAPTRAP and narcissistic. AND everyone talks this way.
They are the organization’s view of THEMSELVES as opposed to reasons why they should be chosen.
Forget about what you’ve been taught about USP’s. They’re not helpful.
If you’re not the ONLY One that does what you do, you’re a member of the herd and success will be an elusive beast!
MISTAKE #2. Product flogging reigns supreme. — Seriously, why do you think your products will win the day?
They won’t! Everyone offers essentially the same products.
People buy on feelings. What emotional response do you create with your efforts? If you want to flog anything, flog experiences.
MISTAKE #3. Too much price emphasis. — If you talk about price all the time, customers will think that’s all you’re about.
Is it?
What about VALUE, and delivering what people desire & CRAVE?
Focus on delivering amazing and unique value and let price follow.
MISTAKE #4. Customer acquisition is treated as sexy. — Get a new customer. Entice them into your fold by offering them freebies.
Forget about the ones you already have. You won them in the past and they’ll stay loyal to you.
That’s the mentality of much of marketing today.
The truth is that sustainable growth is produced on the backs of your loyal customer base.
Pay attention to the people who pay you regularly, not the ones who MIGHT.
MISTAKE #5. Customer “needs” are the driving force behind purchase decisions. — Let’s face it, most buyers already have most of their needs satisfied, so if you want to compete in the “needs space” be prepared for intense competition AND pressure to reduce your prices.
The “needs satisfaction business” is a commodity world where low prices squeeze profit margins (unless economies of scale and scope are present which, for most of us, doesn’t apply).
Fewer competitors and the ability to sell at premium prices exists in the “CRAVINGS” space where people buy more on feelings than anything else. They buy what they want and DESIRE, not what they need.
Determine what your target customer groups REALLY WANT, deliver flawlessly and reap the financial rewards.
5 mistakes with simple proven solutions that helped me take a startup to A BILLION IN SALES.
Related: Stop Stressing: 5 Surprising Reasons Your Competitors Don’t Matter