Leaving the Crowded Red Ocean Behind
We can learn a valuable marketing lesson looking at how Comic Relief transformed the way that charitable dollars are being raised, first in the UK and now in the United States. Back in the 80's fund raising in the UK was a vicious piranha-filled competitive red ocean. Large charities and smaller ones all had similar profiles for raising money.
You have probably heard of Red Nose Day. Did you know that Comic Relief created this novel mode of charitable fund raising over 30 years ago? In an already crowded red ocean, Comic Relief has raised over $950 million without spending any money on marketing. They decided to put "fun" into fund raising and make it accessible to everyone. Bi-annual events prevent "donor fatigue". They also recognize every donation big or small! Children with $1 could buy a plastic red nose and participate in raising money for the charity. Comic Relief also eliminated 75% of the cost associated with traditional fund raising.
They jumped from the Red Ocean of "charity fund raising competition" into a Blue Ocean of NO Competition! Take a moment and think about your business. Are you swimming in a red ocean, doing the same things that everyone else is doing in your industry? How can you reinvent yourself? What can you do new, better or different that will set you apart from rivals in the market?
Innovation is key in moving from a competitive field to one where you are alone. You can become the person that everyone wants to do business with.
Do you want to learn more about creating a strategic profile and how to stand out to your buyers?
1. The basic shape of your company's strategic profile in the "strategy arena" has to significantly diverge from the industry’s average profile. It can’t just be a little more, or a little less, than what the competition does. It must be different from everyone else. Ask yourself what makes your business unique?
2. Your strategic profile has to be focused. It can’t just overdeliver or under-deliver on the same set of factors the rest of the industry competes on. Your strategic profile has to focus on the key factors that will offer buyers a leap in value, while eliminating and reducing those that they don’t actually value. This is how your strategy can simultaneously achieve lower costs while offering a leap in value.
3. Finally, your strategic profile has to have a compelling tagline that speaks to your buyers and honestly reflects what your offering provides. It can’t just be a wishful marketing slogan. Buyers see through empty slogans fast. A compelling tagline is an important initial litmus test to ensure that the divergence and focus behind your strategic profile are actually linked to a leap in buyer value (i.e., not a bit more or a bit less of what the competition does).
Read more by clicking here.
Check out Crimson Blue Boutique on the website. I must admit that we laughed and cut up more on this photo shoot than any we have ever done before! Needless to say I really suggest you check out their West Mobile location. I promise you will leave happier than when you arrived! Suzy and Hope know how to enjoy life in the moment!
Business Breakfast Club meets every Tuesday, 8AM at Domke Market. You are welcome to visit this thriving networking organization. Christopher Collins is the president and would like to invite anyone interested to attend.
Last week I mentioned that Michelle Tice of Coastal Human Resource Group would be hosting the Women Info Networking meeting on Tuesday the 14th at her office. The meeting location has changed. Click here if you are interested in attending. There is a $5 attendance charge to cover the cost of a delicious breakfast!
If you read my mother's day blog you know that my mom taught me to LOVE art! Recently we explored the outdoor art sculptures at the Mobile Museum of Art. If you are new to town, this lovely park surrounding the museum building is a wonderful stroll. There are plenty of benches and shady spots plus it is a dog friendly trail!
I encourage everyone to get out and discover the beauty of your home town!
Have a wonderful week!