I’ve asserted—on more than a few occasions—that it’s not enough to compete with other contenders in your category; you must compete with people outside your sector, as consumers increasingly realize they need to choose from a world of purchasing priorities.A great example of that came in yesterday’s Wall Street Journal, in a story that suggests electronics are taking money from many other alternative categories. Click here to read the story.
Implications: It’s not enough to position your company, store, product or service as the best among similar alternatives. As consumers pick-and-choose between a number of competing desires—and knowing they cannot afford them all—they’re deciding to do without X in order to afford Z.
How can you demonstrate your product (and category’s) value to the consumer’s life? How can you demonstrate the way you deliver on core benefits, like common sense, family values, durability, and the reason you should be “the one indulgence” that deserves to be granted?
When you can do that, you can be Z.
Mike Anderson
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