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November 3, 2008
Tastes Great. Less Filling. It Was More Than An Ad Slogan.
Comedian Bill Cosby is quoted as saying "I don't know the key to success, but the key to failure is trying to please everybody." The wisdom in those words is no joke.
In a market filled with competitors, the challenge of differentiation is more critical than ever. Does your brand stand for something? Do you know what market segment constitutes your critical customer base? Do you understand the buying motivations of your core customers? These are not B2B or B2C issues. These are universal questions.
Recently, Subway introduced the $5 Footlong promotions and it has been methodically eating away at Quiznos market share ever since. Credit the economy for helping support the campaign by refocusing the buyers on what really mattered to them. Even when Quiznos matched the price, people went back to the value proposition that made sense to them. People don't eat Subway because it "tastes great". They eat Subway because it is convenient (read...fast and on nearly every block!), affordable, and reasonably healthy in comparison to many other fast-food options. When we were flush with cash, we were willing to experiment with taste, but when times got tough, we returned to the "authentic" original. The program was enhanced by the fast that Subway's distribution chain can support that price point while allowing franchisees to make money...something that the $5 price point doesn't allow at Quiznos.
Marketing today is all about developing messaging that reaches to the core of a buyer's wants and needs. The message won't be universal — segmentation and targeting are critical. The tools are available to reach wide audiences with targeted messaging, so the excuse can't be "we couldn't execute." If your programs aren't executing on targeted messaging, you may be spending lots on marketing, but it may be going unnoticed in a sea of undifferentiated pablum.
Posted by jcioban at November 3, 2008 7:24 AM
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