I came across a fascinating definition of marketing this week, listening to Seth Godin’s Startup School.
Marketing is all about telling a story about value that resonates with people enough that they want to give you money.
So marketing is about three things:
- How do you tell your story?
- Who do you tell it to?
- How do you create value?
Value is a concept which deserves some attention. Some might say the value of something is the same as the price ticket. I think that value is about so much more!
The most popular restaurant in the world is McDonalds. No one would say McDonald’s make the best food in the world, but they give value by being utterly consistent – you get the same experience and food anywhere from Mombassa to Moscow to Montreal.
Ritz Carlton Hotels give their guests superb excellence in all aspects of service, which adds value to their guests’ experience.
Bob Burg quotes five aspects of value in his book The Go Giver – consistency; excellence; attention; empathy and appreciation.
Many sellers assume that their buyers (consumers or businesses) are focused solely on price and rush headlong into commoditization. Savvy marketers add value to their product or service and tell stories about that value to their tribe. You can always buy sneakers, smartphones or a car cheaper than you can get them from Nike, Apple or Mercedes Benz, but to many people, those three companies (and many more) produce goods where the value (to the consumer) is so much more than the price charged.
How can you deliver something extra or better to your customers?
What wow factor could you add to the buying experience?
What do your customers really value?