As adept strategists within the domain of marketing, our jurisdiction doesn't extend to influence the operational dynamics of the business or dictate the range of products to be rolled out. We liken ourselves to culinary maestros who are not given the liberty to select their own ingredients. Nonetheless, our prerogative lies in determining which culinary delights to present, the ideal timing for their unveiling, and the most effective methodology for their presentation.
To encapsulate this differently, I propound that the two principal responsibilities resting on the marketing function's shoulders consist of, firstly, successfully insinuating a compelling narrative into the consumer's psyche, validating their acuity, enhancing their life's quality or augmenting their appeal to their partner should they opt for our product. The second task involves orchestrating optimal purchasing moments.
I firmly believe that all acquisitions transpire cognitively. One might pose a query about impulse purchases. Even in such instances, the decision-making process remains consistent. It's merely that when the price point is minimal, the due diligence (or, to put it more precisely, the narrative we proffer to individuals) occurs on an expedited timeline. This is akin to contrasting the spontaneous purchase of a non-essential item under $50 with the ponderous decision to acquire a highly-priced 200 lb geode (this still haunts me to this day, but the Chakras are aligned…)
So, how does this concept interface with marketing? An astute question: The most effective way to ingrain the success narrative in a prospective buyer's consciousness involves discerning the 'job to be done'. Why is this individual 'hiring' your product? I've elaborated on the 'JTBD' framework in a previous piece.
I'll refrain from delving deeper into the concept of story inception given its intricate nature and to prevent this discourse from becoming unduly lengthy. I'd recommend familiarising yourself with the 'JTBD' framework before we proceed.
Having successfully embedded the narrative, conceive of it as the CV for your product or brand. But how do you secure the interview? Though the interview (i.e., the purchase) may seem a mere formality, it is critical to bear in mind that all purchases are mentally premeditated and that you, as a shrewd marketer, have skillfully sown the seeds of why they should 'hire' you.
Regardless of its formality, it's imperative that you generate purchasing moments for your brand.
A remarkable model on behavioral change hails from an ingenious gentleman named B.J. Fogg. His Fogg Behavior model posits that behavior change only materializes when motivation, ability, and prompt occur simultaneously, B=MAP.
Interpret the purchasing moments as prompts and all your remaining marketing efforts as either Motivation or Ability.
Returning to the discussion on purchasing moments, I present here eight strategies for generating these pivotal moments for your brand or client.
Fasten your seatbelts, and let's dive in!
Product launches are god’s gift to marketers. They are an instant (hopefully) boost to all your efforts are can be super fun to boot! A few challenges is they are a big load on the business, expensive and don’t happen often.
Editor’s note: When thinking about product development I find it useful to bifurcate your products into concert tickets and beers. Are people coming to your brand just because of this product (concert ticket)? If not, then it is a beer product. (I actually stole this idea from Sean Frank). Now, this isn’t a judgement on the beer product, but I wouldn’t put any paid spend behind beer products. People will buy them when they come to the concert.
Two other important product development questions I like to pontificate on:
Are we creating more value for the consumer? Does this improve my business’ economics?
If the answers are both no, I would not development that product. Ideally, the answer is yes to both. I would also be wary of the no, yes, where the economics improve, but the value for the user decreases.