Let me share a concept from a phenomenal book called The Experience Economy by Joe Pine and James Gilmore. What I learned from that book is when coffee first hits the market as a commodity, it costs about $1 a pound. Not much differentiation at this point other than the type of bean. Once it is packaged and appears on the shelf at the grocery store, it becomes a good.
When Dean Sanders was a college student, he went to work part-time with Sam's Wholesale Warehouse. He became the president of this company which, at the time of his presidency, did in the neighborhood of $25 billion in business each year. Many years ago, I met and came to know Dean when I was speaking for Sam's grand opening of their new stores.
I came across a term some years ago that explained what I was already doing in my marketing efforts for my business, and explained how I was able to get the highest prices. The term “experiential marketing” is sort of an unusual, obscure term, but is key to getting the highest prices for your service. In his book Experiential Marketing, Bernd H. Schmitt states:
What comes to mind when you think of the word marketing? For some, it’s advertising. Others might think of networking, branding, or the idea of “getting your name out there.”
Of course, marketing includes those things, but marketing is actually everything you do to attract prospects to your business. Phenomenal marketing delivers a meaningful experience that educates, engages, and entertains. A phenomenal marketing system is a group of working parts that duplicates results consistently.
To get a more confident you in the new year — or a more confident company, community, family, or team — first know what gets in the way. The best resolutions will go nowhere without the confidence to stick with them.
“The secret is the system.” –Michael E. Gerber
Secret #1: A Phenomenal Marketing System
Marketing is everything you do to attract prospects to your business. Notice that I said a phenomenal marketing system. The marketing of most small business owners is poor.