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How is your company/brand/product truly different from the competition?
Janine Roberts helps us understand differentiation. Read on…
An important concept to remember when it comes to branding is differentiation – How is your company/brand/product truly different from the competition? When a product or service is perceived as indistinguishable from another, effective branding has not been achieved. Marketing campaigns need to not only show that a company offers what others do, but businesses also need to focus on the qualities that set their brand apart from the competition.
The 5 Ps
The primary areas where differences can be showcased are product, price, place, promotion, and people. A recent Gallup poll showed that these “five Ps” could influence a customer’s decision to go with a particular brand. If not for these factors, people tend to perceive different brands as the same.
Of the five Ps, the most powerful, by far, is people. This explains why one outgoing electrical contractor was able to get away with bidding higher prices than his introverted son who worked in the same field. The price was higher, but the people were different. Studies show that customers will be loyal to a product or service when they like the people who represent it.
Made on Principle
This could be based either on principle or on one’s actual experience with a business or person. The fact that purchasing decisions are often made on principle explains why businesses often cave under pressure when the ownership’s viewpoints are not politically correct. On the other hand, an example of the power of experience is the fact that people will often pay more for groceries at a store with friendlier checkers.
Contact us for help with showcasing the differences in your company, brand, or product.