In Consideration of Innovation – Your Marketing Advantage

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Video Summary

You’ve heard it a million times… “The key to massive success is innovation!”

Well that sounds great on the surface,

BUT…

How does the average business owner apply innovation in their business?

 

In this weeks episode of The Marketing Minute, I explore the top 4 considerations to take into account when making your product or service more innovative.

These considerations break down as follows:

1) Speed as a Competitive Advantage

Can you get the job done faster than your competitors?

Is there a demand for that?

Domino’s Pizza used the Unique Selling Proposition:

Hot, Fresh Pizza to your door in 30 minutes or less or it’s FREE”

This single offering put Domino’s on the map because they realized that there was a demand for faster delivery times, and they took time to build a business model that centered on fulfilling this demand.

In the same way, you it could PAY YOU to invest time and energy towards developing a strategy that enables you to make speed of service one of the key benefits your prospective customers receive if they buy from you.

Then don’t forget the most important thing – TALK ABOUT IT!

2) Quality as a Competitive Advantage

Let’s face it…

There’s always a demand for a better quality product.

That’s why Papa Johns Pizza has competed for years on the slogan:

“Better Ingredients, Better Pizza”

What’s important to take into consderation here is that Papa John’s tells you WHY their pizza is better…

It’s the INGREDIENTS!!!

What makes YOUR Pizza better?

If you want to establish quality as your competitive advantage in the market place, you need to develop a strategy that actually results in a better product.

If you do, your sales will follow accordingly as people want a better quality product.

If you don’t, it’s only a matter of time before that false advertising catches up with you!

3) Quantity as a Competitive Advantage

Can you offer more for less?

Can you offer more for the same price?

Whoever can offer the consumer more stands to profit because all consumers want the best bang for their buck!

This is why Pizza Hut had so much success with their

“5 Bucks, 5 Bucks, 5 Bucks”

deal!

In the same way, if you can bundle more value, more bonuses, more perks, more volume, at the same price or better than your competitors, then you stand to conquer your industry!

Just don’t slash your margins to the point that you can’t afford to grow!

4) Competence as a Competitive

Be honest…

No one can do the job as good as you can, right?

If so, then you would be CRAZY not to let the world know that!

Especially if you’re in an industry that is known for incompetence.

Midas lets us know that we can trust them:

“Trust the Midas Touch”

I don’t want some hack working on my car, do you?

That’s why I should go to Midas. I can trust that they’ll do the job right.

Can you trust that YOU will do the job right? Can I have confidence that nobody does it better?

That that becomes your competitive advantage!

These are just three simple areas to consider when trying to create a more innovative and competitive product for the marketplace, but it’s important.

Without doing this work to develop a product that really is unique in the marketplace, you’re just selling the same thing as everybody else.

And if you’re just selling the same thing as everybody else, then you need to fight hard for your lions share.

But the moment you differentiate yourself from the competition, that’s when your prospects start lining up to buy from you!


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There's always a demand for a better quality product

Video Transcript

Hey everybody. Tyler Zeck here, founder of the Marketing Mentorship Academy and the creator of the ESSENTIAL Marketing System for Small Business.

Welcome to this weeks Marketing Minute. I'm glad you guys are here tuned in and I'm excited about today's topic because today's topic is innovation.

For those of you who take this subject matter and really do something with it; if you really apply this in your business in some way, it can honestly make the difference for you in a really big way.

This is kind of the secret of it all - because when we talk about innovation, and I kind of explored this a little bit last week, if you missed last weeks podcast make sure you go back and check that one out, and I explored a little bit about the three areas that derail your business and I talked about howthe more valuable your product is, the more money you stand to make.

I've always said that the product that sells best is the product that sells itself, and yet so often business owners go out there and they try to compete with a product that hasn't been well thought out in terms of how can we be as competitive as humanly possible.

So often we're out there selling something that is so much like what everybody else is selling, and then we wonder why our sales aren't where they need to be.

Well it's because you haven't taken the time to really dive deep and figure out "What can I do; What can I deliver to the market that's unique, that's better, and, dare I say it, more innovative!"

Because innovation is the secret! That's why there's so much information on the internet right now about this subject of innovation, and obviously we're not going to be able to cover all the ins and outs of being innovative in this short video, but what I do want to talk about is four key considerations.

These are four things that, when you're trying to figure out "How do I make my product better?". When you're trying to figure out "How can I be more innovative?", these four things, you can have on your mental dashboard a little bit because they will help you with some key themes.

So I'm going to dive into those right now!

The first consideration when you're trying to come up with a product or a service that's more innovative than your competitors, is you can be thinking about this area of SPEED.

Some of you might remember when Domino's Pizza came out with the Unique Selling Proposition - and the Unique Selling Proposition is something that's very misunderstood in today's day and age. It's been overtaught and not fully understood.

But they came out with this "Unique Selling Proposition" that was "Hot, Fresh Pizza to your door in 30 minutes or less or it's free!", and that was a promotion that they put on, that really put there business on the map.

But what you need to consider is that that wasn't just some kind of a unique, gimmicky kind of sales tool, promotional kind of thing - that actually was the bedrock that they had to build their organization on.

I mean, if the standard in the industry is one-hour delivery times and you're going to come out and you're going to cut that number in half, you need to have a process in place.

You don't just do that arbitrarily. You've got to make sure you've got enough locations, you've got to make sure you can cook the pizza's fast enough, that you've got enough drivers, that the pizzas are out the door on time.

There's a lot of things that you need to do to make sure you can actually deliver on that promise.

And in the same way, you can compete on speed.

Now first of all, let me just be clear - there has to be a demand for that. Don't just arbitrarily say, "Yah, we can get this done faster" and go to work making that your competitive advantage if getting the job done faster isn't something that your market, that your customers, really care about.

You want to pick something that people actually care about and compete on that.

But if you're in a market where people would like to get this done faster, and you can figure out a way, you can do the hard work of identifying "Yah, with a little bit of work, and a little bit of shifting things around, and doing this and doing that, we can get this job done faster", then that could be huge for you.

And that could put you on the map just like it did for Domino's. You could be the guys that get this, or the gals, that get this job done faster than everyone else, then talk about that, and let everybody know that you can get it done faster, because that becomes your competitive advantage.

The second area that you can focus on for consideration when trying to figure out how to be more innovative, is the area of quality.

Is your product or service of a higher quality that everybody elses?

I'll go back to the pizza example and talk about Papa Johns who has the slogan "Better Ingredients, Better Pizza"

What they're saying is that their pizza is better than everbody elses BECAUSE they have better ingredients.

And that "BECAUSE" is an important part of having an actual competitive advantage. You can't just say "Oh our product is better".

So often, this just floors me, they say "Oh our product is better" and you say "Oh well what is it that makes it better?.

"Oh. Well it just is. We just know how to do this!"

Well, you've got to really be able to nail that down a little bit more clearly. But if you can say definitively "Our product is better because...X", then you know what? That becomes a competitive advantage.

That becomes something that people are going to go "Oh! Interesting!" and people will pay even more money for a better quality service - not always. Not in every case.

There is a demand for the No Name brand cereals, but you know what? There's some people who just don't like No-Name Honey Not Cheerios and they've got to buy the ACTUAL Honey Nut Cheerios with the honey bee on the front!

True?

So, there's a demand for a higher quality product, and if you can make that higher quality product, then go ahead and do that, and talk about it, and compete on that!

The next area is QUANTITY!

Pizza Hut! Five Bucks, five bucks, five bucks! We're going to give you as many pizzas as you want for five bucks, five bucks, five bucks if you buy the first one.

And that's what they're saying is, we're going to give you MORE for LESS!

Or even, more for the same!

If it costs you the same amount of money to buy it here but you're going to get 25%, 50% more than what you were going to get from everybody else, then hey, that's all of a sudden a really good deal.

So, can you deliver more than your competitors? Can you throw in more bonuses? More Services? More touch points?

Do you do MORE than everybody else, because if you CAN, and again, I'm not saying this isn't going to take work. All of this takes work, but if you can figure it out, this is an area that you can have that industry innovation, and you can set yourself apart.

And then the final area is that of COMPETENCE.

Are you the best suited for the job?

This is easy for company's that have been in business for a very long time, been around for 30 years, been in business since 1982, or whatever it happens to be.

If you've been in business for a long time, and you have that competency where you can say "We're the best at this because we've been doing it for so long", or "We're the best at this because we have a process that nobody else follows", or "We've figured out a way to do it better", then that sets you apart.

And unfortunately I couldn't think of a pizza franchise example for competency, if you CAN think of a pizza example for me, then please, send it to me! Comment, send me a tweet, whatever it happens to be. Let me know your pizza example.

But as I thought about it I was like "Midas!".

Midas competes with the slogan "Trust the Midas Touch" and Midas of course being a company of mechanics - oil changes, break alignments, tires, things of that nature. And they said, "You can trust us". We are competent to get this job done properly and effectively.

And when it comes to getting your car fixed up, you want somebody competent to get that job done for you, right?

You don't want to hire, or go to a company that just hired some kid off the street, and "here's a wrench, go figure it out, we're going to give you the bare minimum training".

No way! Your company could be the company that trains its staff better, puts them through more rigorous criteria, whatever it happens to be, but competency could be an area that you compete in.

So those are just four. Obviously, there's more than those, but in my experience those are the four areas that are kind of, the biggest considerations.

I'd say nine times out of ten, if you really take the time to do some brainstorming, and I always will come back to this idea of brainstorming - become part of a brainstorming group, do some brainstorming around this, and be thinking about "How can we make our product faster, how can we make it better, how can we make more of it".

Take some time to brainstorm on that with your team, and you might just stumble upon a competitive advantage that you can bring to the marketplace that will set you apart, and set you up for astronomical growth!

Company's have used this exact model to establish dominance in their industry and in their marketplace.

So, I hope that you'll take this and apply it, and I'm glad you tuned in. I hope you really enjoyed this. Please do share your comments and feedback with me, and until I see you next week on our next podcast, keep going, and keep growing, because you're worth the effort.

I'll see you soon.

What Makes YOUR Pizza (Product or Service) Better?


Like this episode? Please share it for me!

Want more in-depth sales and marketing training? Check out my FREE Crash Course!]

Tyler Zeck is the author of Is Radio Still Relevant?, Founder of the Marketing Mentorship Academy and the creator of The ESSENTIAL Marketing System for Small Business. As an inspiring leader and in-demand speaker, trainer and coach, Tyler has worked closely with business owners from a broad spectrum of industries to help educate, equip and inpsire them to achieve greater success in their organizations. Through one-on-one mentoring, online courses, and his monthly video training, Tyler is on track to help thousands of business owners to create lasting success and realize their dreams.