In their classic 1990s book, Positioning; The Battle for the Mind, Jack Trout and Al Reiss unveil that marketing deals in a world of perceptions, more so than realities, and that every business can only capture one position in their prospects’ minds.
Consumers can’t get their heads around a business that claims to have both “the highest quality” AND “the lowest price”.
Here is the good news for locally-owned businesses. There is always a position your business can own in your prospects’ minds, regardless of the size of your budget or how many other businesses sell the same products as you.
Seldom is what you sell the position you will hold in your prospects’ minds.
Here is the secret to positioning…Choose to own an experience rather than a product.
Michelin, for example, doesn’t own tires in the minds of motorists; they own “safety”. Pirelli Tires, on the other hand, also does not own tires; they own “performance” in the minds of their prospects.
The products you sell are usually considered to be at parity with your competitors’ products until you align them with the experience you deliver. It is that experience that cannot be exactly duplicated that sticks in the minds of consumers, differentiates you, and encourages referrals and repeat business.
In the competitive restaurant category, someone might claim to be king of the steak category, the Italian food category, or the seafood category. But as long as they focus on promoting their products, they are susceptible to a competitor offering the same product at a lower price. Advertising generically puts your business in the position of being, well… generic!
The restaurant that chooses to own an experience, like romance or private business luncheons, makes it difficult for its competitors to make direct price comparisons.
The marketing success formula is simple; share of voice = share of mind = share of market. By choosing to deliver an experience that none of your competitors are famous for, you don’t need a mega-budget to carve out your “niche”.
If you are first in a target market to promote an experience, like romance at a restaurant, your low-budget whisper can be the dominant share of voice you require to have the dominant share of mind with that audience!
Once you are first to claim the category, it is difficult for anyone to undermine your dominant market position. After all, how much money would Scotties need to spend on advertising to make you quit calling their product “Kleenex”? Or how much would Pepsi have to spend to make you forget Coke?
He who captures the category first wins!
If you feel like your business could be more well-defined in the minds of your potential consumers, reach out. We would love to visit with you about “positioning” your business so that people think of you differently than your competitors.
We are experts at helping businesses like yours organize and promote relevant and targeted events to generate psychological reciprocity with your prospects. At Titan Broadcasting and Digital Group, we believe our responsive, on-going communication with our clients is one of the biggest reasons why our partnerships are so successful. Whenever you need us, we’ll be there by your side to answer your questions and help your business grow in any way we can! www.titanburlington.com/contact-us/
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