Speaker: Make Your Product Unique

Share this content:
ASPEN, CO -- Marketing is no longer about persuasion. Instead, it's about the seduction of the customer, Paul Wang told attendees at last week's fourth annual Information Privacy Forum.


"We have to make the customer want to be a part of our database and show them what's the benefit to them," Wang, associate professor at Northwestern University, said during his keynote address at the forum, sponsored by The Donnelley Group.


Wang said a marketer's biggest nightmare is that his product is just like his competitor's.


"Then the only thing I can talk about is price," he said. "You have to make sure your product is unique. Then the profit margin will be very high. A good marketer will not lower the price 'so I can sell more.'"


How can a marketer turn a commodity into something unique? Wang offered several suggestions: remove the price tag; bundle additional items with it; personalize it; and create a story around it to get the customer's attention.


"You have to turn the product into an experience," he said. "Often it's intangible. Often it's emotional. But you really have to understand the customer, and that requires knowledge about the customer. Simply adding value without knowledge isn't good. Unless we ask smart questions and collect information, we can never create value."


Wang warned about privacy concerns when gathering this data. Have a privacy policy that is strictly followed, he said, and don't abuse the customer relationship.


close

Next Article in Marketing Strategy

Sign up to our newsletters

Company of the Week

Since 1985, Melissa has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here