May 29th, 2012
How does that old saying go … Insanity is defined as ‘doing the same thing over and over again, and expecting a different result.’ Over the past couple of years, many of us have gotten away from marketing differentiation and focused primarily on price point marketing. A perfect example is when the .30/.30 energy tax credit came into play.
When this incentive was around, it seemed that it was all about what qualified products we could get in the hands of homeowners at a very competitive price and in a very competitive time frame. It really became less about the features and benefits and more about price.
As we have evolved away from the tax credit, we still have a lot of price point marketing going on. But as leads get more and more competitive, how are you going to differentiate yourself? Is price the way? Is leading with your company longevity, features and/or benefits?
Now is a great time to stop ‘doing the same thing over and over again’ and start doing some new and innovative things. Get back to the marketing guru you are and leverage your reputation, your longevity, and the quality of the products you carry. One of my long time customers often tells me, ‘If you offer customers a great value, price takes care of itself.’
Proctor and Gamble has made a living on this with their ‘New and Improved’ products. Whether it is through repackaging a product, improving the benefits the product does or just changing a product name, P&G regularly evolves their message. Our industry has the ability to ‘repackage’ our own messages–it’s just a matter of finding the right formula for success. So, is it, do the same thing over and over again–and expect a different result? Or, is it, do something new and exciting and make your own different result?