Every business asks itself: how can I better compete? My products or services are competitive – heck, they’re better than competitors! They are priced right. Customers are happy. What more can we do to attract customers?
Even breakthrough products face this challenge.
A recent editorial in The Wall Street Journal addressed this succinctly, talking about AOL.com as the first to market with a social network – a service which is now, of course, failing in the social network department due to Facebook’s prominence.
If AOL had millions of members back in the late-90s, long before Facebook launched in in 2004, what went wrong?
Ignorance of the value of the communities its members were creating. “Not using the service the ways its customers did,” according to the author, a former AOL employee. Instead, AOL put the emphasis on attracting advertisers to its content. They didn’t “get it.”
This is a lesson that translates to marketing.
- How deep is your grasp of your customers’ use of, and experience with, your product or service? (Be honest!)
- Do you understand the business value/implications of their purchases of your product, versus others?
- Are you ignoring the potential community that could be built for your customers?
As we’ve seen with the wild success of Facebook, people want to belong, for personal and business purposes. This was proven in business long ago by IT companies who have vital user communities.
The overall takeaway is that engagement with a product or service is not about what the company thinks, but what the customer thinks.
Exploit that in all of your marketing efforts (as previously discussed in this blog) – even if you aren’t ready to develop a community – and give yourself a competitive edge.