Time Spent V/S Money Saved
Time spent or Money saved. Which one do you think scores a touchdown going face to face? Let’s talk about a real-life case study.
A bargain Beer company called Miller Lite had it’s the slogan ‘It’s Miller time’. Great slogan, right? But if you go back to the start I used the word ‘Bargain’. Which means low prices were their competitive advantage. Their USP. But they still decided to go with the ‘Time spent’ concept of the brand instead of ‘Money saved’.
I know you’re eager to know what happened. Did it work? Or it was all a spectacular failure…….(Drumrolls)
Since they associated their brand identity with a feeling instead of a few bucks saved people remembered them as their partner of good times.
Because beer has to go with celebrations, their profits doubled. They decided to give up the only USP they had (Low prices) and create a brand new. And man did It pay them big time.
Apple v/s Microsoft
Throwing stones at your enemy.
Do You want to build a successful brand? Stand up against something. Apple realized this 20 years ago.
It publicly stated that it was against Microsoft’s ‘Boring’ designs. Standing up against something brings people together. It forms groups. Becomes easy to decide that I stand for THIS and I DO NOT stand for THIS.
Like a game of football, where there are only 2 teams and you’re either supporting A or B. You cannot support them both. You have to pick aside.
It all comes down to the value a brand creates and how well people can relate to that brand. Logically speaking, there’s no reason to buy a $1000 Mac book. But we still do. Part of which is because of Steve Jobs and the other part we’re still trying to figure out.
Play your own Devil’s Advocate
Use it to gain your market’s trust. You heard me right. Be relatively open about your performance last quarter.
If the results weren’t up to standard, take full responsibility instead of blaming it on some external factors like the Government policies, Economic slowdown, or foreign affairs.
This creates credibility and trust and people are more likely to invest in your company. If you have it listed on the stock exchange your stock prices might go up as well.
Use it on yourself before your competitors use it against you. Once you start publicly listing your shortcomings without the fear of being judged you’ll unlock a whole another world of credibility and long term customer loyalty.
Take Risks. Whether it is
- Changing your logo as an experiment.
- Your tagline.
- The market strategy that has been working pretty decent but you believe it can do better.
- Your package prices.
- The first cold email you send.
- Their Follow ups.
- How you open up on a sales call.
- What’s the last thing you say.
- How do you ask for referrals (I mean you do right)
- Using humor here and there in the conversation.
- Your Presentation style.
Take a chance. Go all the way or don’t do it all. A man’s biggest burden is unfulfilled potential. If you don’t take a risk you’ll never know.
Intimidation or Indifference? You decide.