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I wrote on part one (previous blog) about price and my sentiments can be summarised by the statement that price is what you pay and value is what you get. Retailers would do well to focus on the ‘value’ and not on the price. Of course the value is delivered with a product (or service) which meets a need/ solves a problem for a customer.
Communicating the value to a customer (as opposed to the price) starts with an idea – but the idea must be built on (related to) the core product
Before you can start communicating about your product, you have to understand what your product really is; i.e. what is the customer buying? Let’s consider some examples:
What is the core product?
- You are not selling lipstick, but…sex appeal.
- You are not selling a house, but…home.
- You are not selling a book, but…stories.
- You are not selling an MBA, but…career success.
- You are not selling a drill, but…a hole in the wall
Let’s see how you go: What do you YOU sell if:
- You are not selling a watch, but…
- You are not selling a video, but
- You are not selling a MP3 player, but…
- You are not selling a pair of jeans, but…
- You are not selling a headache tablet, but
- You are not selling a wheelchair, but…
(Feel free to use the comments section below if you want to have a go. Or if you want to share how you view your own products.)
Once you know what you are selling, you need a creative idea to communicate what that is. This is easier said than done, but:
- Always begin with a good idea.
- A bad idea, executed brilliantly is just as ineffective as a good idea executed badly – but at least the good idea has an opportunity to be executed well.
- When generating the idea – don’t worry about the execution.
- Allow the free flow of ideas (brainstorming).
- The best ideas are obvious (if not simple) in hindsight: ‘I wish I‘d thought of that.’
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