When you compete on price you lose

John Vachalek - 11.20.2007 10:46 AM

Creating unique, relevant and memorable marketing experiences attract new customers, reawaken the interest of existing customers and generate additional demand for products and services.



In today’s competitive business environment, it is impossible to compete on price alone. Traditional marketing and advertising methods do not have the same return and investment they once had. We are bombarded with advertisements on radio, television, direct mail, print and online. There is an overabundance of information available of every product and service imaginable. There are too many choices for products and services. All business can avoid the common marketing and advertising pitfalls and start benefit from experience marketing.

Starbucks Coffee created the ultimate coffee experience by introducing a unique vocabulary, personalized service, customized coffee drinks, and an inviting atmosphere pleasing to the senses. By transforming a commodity into a unique experience, Starbucks is able to charge more for their coffee and increase the frequency of customer visiting their stores. Starbucks is the most recognized and successful coffee establishment in the industry.

The Apple store creates a unique experience by allowing people of all ages to interact with new innovative technologies. When you visit an Apple store, you are immediately drawn to the first Apple iPod, iMac, or iPhone that you can wrap your hands around. Apple employees, known as Mac Geniuses, are available to assist you with any questions you may have and educate you on the latest Apple products and software. The Genius Bar provides customers with unique place to go for advice, insight, and hands-on technical support. Free Apple Workshops allow for customers can extend their knowledge, boost their skills, and meet people that share the same interests.

ING Direct realized that financial services had become so commoditized that an engaging experience was the best way to expose potential customers to its financial offerings. The ING Direct Café was created to promote their new online banking concept and encourage customer interaction with their brand.

The first ING Direct Café opened in midtown New York and offered coffee in a comfortable atmosphere where customers could read financial newspapers, watch the markets’ movements and have complimentary internet access. The café was an overwhelming success that helped contribute to 200 million in new accounts and mortgages within a year of opening. ING Direct Café now has a total of five locations including Chicago, New York, Philadelphia, Los Angeles and Wilmington.

The above mentioned companies have increased their market share, marketing (ROI) return on investment and brand loyalty through experience marketing. Both large and small businesses are starting realizing the importance experience creation for their customers. Experience marketing does not require a large marketing and advertising budget to be successful.

The creation of great marketing experiences begins extensive marketing research which includes internal perceptions, external perceptions, competitive research, and branding activities. Experience planning is needed to create a framework for all experiences at every level of interaction with your company. The most important step is the implementation of the experiences. This ensures that the experience is consistent and on brand.

Experience marketing requires professional advice and direction from a marketing professional with ample knowledge and experience in creating unique, relevant and memorable experience. ?

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