- by Rory Ramsden
How well your product marketing strategy is executed certainly plays a part but making real money will be an up hill battle unless your product positioning is spot on.
You would probably be right in believing that the condom market is crowded with players but that has not stopped Sir Richard Branson stepping into the fray with the USP “Doing good never felt better“… For every condom you purchase, one is donated to a developing country.
He has put himself in a winning position by…
- Positioning the product in an uncontested market place
- And therefore making his competitors irrelevant.
- By disrupting the market place in this way he has created a new demand
- And broken the traditional value/cost trade-off.
- In so doing he has not aligned the whole system in his company between ‘Differentiation OR Low Cost’ but between ‘Differentiation AND Low Cost’.
Sir Richard is not the first entrepreneur to take this route.
Callaway Golf created “Big Bertha”, a golf club with a large head that attracted new customers to golf that had been frustrated by the difficulty of hitting the ball. The idea was not new. Tennis racket manufacturers had already used this tactic before. All Callaway did was apply a proven tactic in a new marketplace.
Then there is Casella wines who created ‘Yellow Tail’ that eliminated the complexity, elitism and consumer confusion around wine by creating a fun simple image that non-wine drinkers could enjoy. In doing so they stepped outside the competition and the old marketing message based on the finest oakey tannins and legacy names, to create a new market which would appeal to the everyman.
So how can you emulate these successes in your product marketing strategy?
The key is to know your competitors better than they know themselves. Competition analysis is the key to your future success. If you know your competition better than they know themselves, you are giving yourself every chance to come up with a USP just as good as Sir Richard’s and go on to dominate your niche
- 2 Ways To Beat The Market To The Money
- Marketing Without Strategy is the Noise Before Failure
- Report from … Yellow Tail Reserve Launch – November 3, 2010
- Product Launch Marketing 101