No business starts out with the goal of blending in. Yet, standing out from the competition is one of the biggest challenges entrepreneurs and marketers continue to face.
Wanting to be different from your competition is one thing, but how do you achieve it? The answer, in many cases, can be found in creating an effective differentiation strategy.
Kyle Poyar, VP of Growth at OpenView, said it clearly: “pricing is your most powerful and most immediate lever to accelerate growth.”
Changes in pricing are bound to have an impact on performance. It’s a mechanism that can change your business’s trajectory, but it doesn’t get enough attention.
It’s the early 1980s. You’re in charge of a fledgling ESPN, and you have two choices:
- Add more college basketball—you’re highest-rated programming—to the schedule.
- Stick with the skiing and billiards you’ve aired for years (because you couldn’t afford anything else).
Which creates the more profitable programming bundle?
The classic graph for the product lifecycle is a sales curve that progresses through stages:
- a sharp rise from the x-axis as a product transitions from Introduction to the Growth phase;
- a sustained, rounded peak in Maturity;
- and a gradual Decline that portends its withdrawal from the market.
Each stage of the product lifecycle has implications for marketing. But an MBA-friendly curve rarely translates to reality. The goal of product lifecycle marketing is not to match the curve but to outline what may work best now and plan for the future.
When it comes to online imagery, it’s not so much about having images as making sure those images give the visitor a sense of texture, size, scale, detail, context, brand.
According to MDG Advertising, 67% of online shoppers rated high-quality images as being “very important” to their purchase decision, which was slightly more than “product specific information,” “long descriptions,” and “reviews and ratings”:
Perception isn’t always the same thing as reality, even when it comes to something as “objective” as your product’s value.
In fact, the perceived value of your product is fairly malleable. There are countless studies, as well as anecdotes, that support the notion that you can tweak small things to increase your product’s value perception.
You don’t purchase products. You buy success, status, a lifestyle. Your purchases furthermore, are driven by subconscious perceptions and emotions.
Semiotics, the interpretation of signs and symbols, helps decipher those subconscious elements. While it has plenty of lofty, academic associations, it has practical implications for marketers, too.
Some 85% of leaders and executives identify in-person events as critical for their company’s success. In most places for most of this year, that’s been impossible.