Speaker: Make Your Product Unique

Share this article:
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.


Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in News

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in News

Hawk Search Widens its Global Reach

Hawk Search Widens its Global Reach

Hawk Search's solution offers support for more than twice as many languages as other site search providers, according to the company.

Candidates Offer Change In The Form of Targeting

Candidates Offer Change In The Form of Targeting

A campaign for Ben Carson raised $2.8 million despite his lack of cooperation.

Target Names Retail Veteran Brian Cornell as CEO

Target Names Retail Veteran Brian Cornell as CEO

He leaves the top job at PepsiCo Foods to take the spot vacated by Greg Steinhafel in the aftermath of the data breach.