Many companies focus on capturing demand. Which is just taking what the market will give you.
Why is this?
– Marketing is likely skewed towards channels and offers that activate those who are “in-market.”
– Their products are packaged narrowly to appeal to heavily used buying occasions.
The problem with this is you’re relying on when your target customer comes into the market for those narrow occasions you are trying to serve. It’s likely less often than you think.
Making matters worse is that, at some point, competing for those consumers results in higher costs and/or lower yields.
Feeling good so far? 😉
To improve the efficiency of your demand capture activities and grow overall sales, blend your demand capture with demand creation activities.
Think about things like:
– Is your target big enough?
– Have you identified key buying situations with room to grow you can win at?
– Can your brand speak to and be relevant to that target and those key buying situations?
– Do you have programs, experiences, marketing, and offerings that can reach across both?
– Does your measurement allow you to understand how you are/not delivering?
So instead of “think different,” try to think bigger!