What if…your business strategist helped you to transform your business into a monopoly?
As a business strategist I’m always looking out for interesting new ideas to improve the companies of the MDs and CEOs I coach and mentor.
I wanted to share with you the following article from Net Profit Quest about applying the 3 Laws of Marketing Physics to turn your business into a monopoly.
So what do we mean by Marketing Physics?
As the customer is the core of every business, Marketing Physics defines what your product means to the customer – because it helps you to:
- Look inwards
- Evaluate your products and…
- Develop an effective marketing angle to uniquely position them in the market.
This powerful trio of marketing laws were coined and explained in Doug Hall’s book “Jump Start Your Business Brain”.
They will enable you to position your marketing and sales strategy in a way that customers will understand and see the dramatic difference of your products and services.
Marketing Physics Law #1: Law of Overt Benefit
This Law addresses the question “WHAT are we offering?”
As overt means “right in the face”, so an overt benefit refers to a benefit that is so clear to the prospect that no further questions need to be asked with regards to what you are offering.
You can distill your product’s overt benefit in 4 steps:-
Define your target audience
Detail your product’s features
Turn features into benefits
Turn benefits into overt benefits
The Overt Benefit is a single simple truth of what is it you do for the customer better than anyone else.
Marketing Physics Law # 2: Law of Real Reason to Believe
This Law deals with the question “HOW we are going to make good on our promise?”
The benefit is WHAT you are offering while the real reason to believe is HOW you are going to make good on the promise. The most powerful Real Reason to Believe is to tell the truth about what makes your product or service performs the way it does – and to demonstrate this fact.
Marketing Physic Law # 3: Law of Dramatic Difference
The third Law deals with the final question “WHY the customer should get excited?”
Dramatic difference represents the small business person’s MOST important weapon in competing with larger competitors. Dramatic difference without Overt Benefit is asking consumers to change behaviors for NO good reason.
Evaluation of dramatic difference is how customers decide if their purchase decisions should be based on VALUE or PRICE. When there is no perceived meaningful difference, then price becomes the primary if not exclusive decision criterion. Therefore, having a dramatic difference gets you noticed, remembered and acted on by customers.
Positioning Your Marketing Strategies
Start with defining the overt benefit of your product. Then give its benefits a real reason to believe by describing how it works exactly – which in turn leads to giving your product a dramatic difference that sets you apart from your competitors.
Stick to these 3 simple marketing laws to position your product, and you will create a business that is close to being a monopoly. So who says physics (or creating a monopoly) was difficult?
If you would like to discus how my expertise can accelerate your growth then email me at richard.bosworth@whatifspecialist.com. You can also follow @richardwhatif on Twitter and find me on LinkedIn under Richard Bosworth.
