MARKETING
TIP #077
2007 – Back to Basics?
“A Renaissance in Fundamentals” is how Doug Hall recently referred to getting back to the basics in 2007. He’s the founder of Eureka!Ranch, www.eurekaranch.com, a company that tests the potential success of new products. Hall recently tested some new products for food magazine New Products Magazine. All of the products did poorly which led Hall to conclude that companies need to get back to the following basics in order to be successful:
Fundamental #1: Overt Benefit or as the consumer asks “What’s in it for me?” When it comes to clearly defining the real benefit for the consumer, the products in this project only averaged in the 38th percentile.
Fundamental #2: Real Reason to Believe or as the consumer asks, “Why should I believe you?” When it came to providing real proof that the promise would be delivered, the products in this project averaged in the 35th percentile.
Fundamental #3: Dramatic Difference or as the consumer asks, “Why should I care?” These products averaged in the 36th percentile.
Whether you’re testing a new product or selling your core products in a B2C or B2B environment, these three basic questions need to be answered. It’s all wrapped up in the big final question, “Why should I buy from you?” and if you can’t answer that one, you need to go back to basics now.
Talk to you soon,
Kae Groshong Wagner
CEO, Founder — North Star Marketing
Award-winning Author, Speaker
Brand Consultant
CEO Advisor for Sales & Marketing
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