When Does Your Point of Difference Matter

This week I was asked a questions whilst having a discussion around key marketing topics. Specifically the question arose as to how you know when your product's (or businesses) point of difference really will matter to your target market.

I believe this to be a superb question and its importance especially to SME's is underpinned by the fact that when you ask so many businesses about their (perceived) points of difference, their answers usually leave you shaking your head and thinking, "no that's really not a point of difference or at very least not an important one."

To have a chance of finding something that will be effective for your product or business, you need to meet four key qualifying criteria. Simply put, if your point of difference meets all three you will do well regardless of the market you operate in.

The criteria are as follows, where the solution you provide:

1. Must relate to some part of the unmet need of the target audience

2. Must be seen as significant in its' relation to the unmet need

3. Must be sustainable over a significant amount of time

4. Must be available at a price point that the customers are willing and able to pay

This list of criteria is a little like the SMART criteria for good objective setting, because if all five of the criteria are not met the objective you have set is a poor one. Similarly if all four of the P.O.D criteria are not met, your point of difference will not matter either.

Now with any luck as you read this list you'll be thinking 'OK this sounds logical. No problem.'

Go ahead then and relate all four of these to any business you chose and examine their supposed P.O.D to these criteria. How do they shape up? If you arrive at the conclusion that it doesn't look good, you see how important it is that the business go back to the drawing board and re-look at this key marketing mix issue.

If your business falls into this category don't worry as it is an opportunity to fine tune your strategy and potentially become a much more attractive option to your target audience.

So until next time, good luck and good marketing.
Regards,
Daniele.