"Originality is the best form of rebellion."
rightfully puts it, "The cost of inventing,
prototyping, manufacturing and especially
advertising a new thing, concept, service or
organization is a tiny fraction of what it
used to be. In some industries, you can do
it for 1% of what it used to cost."
So Where does that
with too many features that perhaps results in mediocre benefits for your end-user. So what are you to do?
We all acknowledge that we are living in a fast changing environment. Technology has permeated the everyday life of the marketer. And, we have all
come to the grasp that, marketing is no longer about "creating a myth and selling; now it's about finding a truth and sharing it.Ē Because, you cannot be
selling a myth in a transparent, technological age where everyone is watching your every move. At the end of the day, people expect truth,
transparency and real-time engagement. This puts a huge burden on marketing. But, it also helps your organization to be more open "to ways to
deliver on the purpose outside the specific products you sell while at the same time being very clear about what is part of the purpose and what is
outside the purpose." Above all, find a way to be relevant to your end users all the time. Google and Apple have achieved high brand capital because
we engage with them all the time. It is seamless, it is sub-conscious and it has become a part of our social psyche and our social behavior. These
brands do not have to fight for our attention. They have embedded themselves in our daily doings.
What is the Worst Thing That Can Happen To You?
about the supply chain management. The new battle ground is the battle for human attention.
Failing miserably in getting
people to pay you attention.
"The new scarcity = attention; there has been a
profound shift in business economics from shelf
space as the key scarce resource to
people's time and attention."
Generational change and technological transmutation is the key driver for this shift.
For starters, know your existing customers. (For example, I am a lifer when it comes to using Adobe products. Yet, every single time, I log into
Adobe cloud they are clueless as to who I am and what programs I use or better yet, I get an e-mail from them expressing my interest in their products. Sorry Adobe. Hopefully you are working towards getting better at it.)
- Start with getting to know 20% of your clients. Who are they? What does a typical day in their life look like?
- Do you know what products or services they consume? Do you use this information to optimize your revenue and create new revenue paths?
- Do you engage with them on an on-going conversation?
- Do you connect with them to co-create new products and services?
- And, above all what are you doing to inspire them to become your brand ambassadors? In other words, what are you doing in acquiring and holding their attention?
"If you define your product broadly enough, in
the context of how it is actually used,
engagement is possible across a much wider range
We get involved in the strategy session involving pre and post show exhibiting. In actuality, we help our clients develop ways to keep the conversation
going even after the trade show have long ended. Now you see, we no longer constrained within the box of designers, builders and manufacturers, we
have transformed ourselves into idea generators and skilled educators.
The digital medium allows us to gather phenomenal insights on our customers and cater tailored solutions depending on their needs. So do not wait for
your customers to come to you for solutions. As Hagel puts it, be the trusted adviser to them and say, ďYou know, I have some information about you
and based on that information I can give you some recommendations that are going to be really valuable to you and save you time and money." This is
yet another way of holding the attention and maximizing the tenure of your value in their eyes.
We are living in very interesting times. In an era of cross-disciplinary pollination, we are undergoing through a techtonic shift in mindset. Since,
marketing is in the forefront of it, you, marketers have to be now acquainted with the new metrics.
Hagel predicts, the new ROI is no longer Return on Investment, it is Return on Information. Itís starting to track carefully how much it costs to
accumulate information about a customer and divide that by what I can earn by using that information more effectively. And, the traditional Return on
Assets has to be phased out by the emergence of the new player, Return on Attention.
"It is the economic value of that attention, which is the value of the relationship that you can expect based on that attention."
And, driving this attention on a continuous basis lies the evolutionary growth of your brand.
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