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.

Next Article in News

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in News

Customer Centricity Is Spurring Marketing-Tech Investments

Customer Centricity Is Spurring Marketing-Tech Investments

A majority of marketers rank customer satisfaction improvements as paramount in the technology investment decisions.

Big, Bold Moves in the C-Suite

Big, Bold Moves in the C-Suite ...

JCPenney appoints Home Depot's Marvin Ellison as CEO; Harte Hanks and JWT add hitting power to their C-level benches

Campaign Comes to the States

Campaign Comes to the States

DMN's UK-based sister publication launches Campaign US