“In order to be irreplaceable, one must always be different.” -Coco Chanel
Coco Chanel hit the nail on the head when it comes to marketing and what every business/product/service must do in order to become a force within the marketplace.
Product differentiation is of paramount importance and is generally the genesis of creating a strategic and integrated marketing plan. Product differentiation is simply what makes your product, and thus you, different from your competitors in the marketplace. This point of differentiation could be a new invention or innovative spin on existing products, or it could be a feeling it evokes due to its positioning. By understanding and communicating what makes you different to your customers, you build brand equity and make yourself an invaluable asset to your core consumers. This in turn builds a loyalty to your brand, which is undoubtedly a huge asset for your business.
What Coco Chanel always recognized is that to become a mainstay in any market, you have to show the world what makes you the best, what makes you different and what makes you unique.
Do you know your point of differentiation from your competitors? Have you thought about how your point of differentiation could make you irreplaceable to your customers?
Leave us a comment and let us know!