Would these products make it through the typical focus group or did they require risk taking? However these came about they illustrate great creativity and customer insights.
THE 1-PAGE PLAN FOR DESIGNING, BUILDING AND MAINTAINING YOUR MARKETING HOUSE.
Starting at the bottom and working your way up will give you an incredible advantage over most of your competitors.
The estimates are that only 3% to 5% of Australian small businesses starting from scratch prepare a business and marketing plan; that is, know that their business is feasible and have a formal plan to steer that business towards success.
It is then no surprise that CPA Australia estimates that one in three new small businesses in Australia fail in their first year of operation, two out of four by the end of the second year, and three out of four by the fifth year. Just approximately 8% of small businesses succeed beyond five years. These statistics are similar across many of the western economies.
How do you differentiate your product or service when there is little or no difference?
Brands deliver loyalty, flexibility, value…they do this by connecting products and services to emotions.
People are emotional beings.
They feel first, think second.
Feelings affect rational thought.
Most purchase decisions are emotional, justified with rational thought later.
In 2002 Daniel Kahneman of Princeton was awarded the Nobel Prize for Economics. His work, for the first time, recognized that it’s the power of emotions and a person’s psychological makeup that are the key determining factors in buying behaviour.
WHO DESIGNS THE BRAND?
Designing the brand is a team effort – like making movies. Many people should be credited with the creation.
The design of a brand requires serious research and understanding of your customer and prospect needs, examination of what is being offered by your competitors and how those offers are being communicated. Business owners need to answer these questions and provide them in an executable brief to their designers. This is the job of your marketing people (in a small business it is the owner) or their marketing agency or consultant.
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