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IN THIS ISSUE:
| Bulletin Archive | |
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FROM THE EDITOR
Thank you, everyone who took our quiz last month, "Entrepreneur and Manager — Do you have the right stuff?" Here are the results:
Missed the quiz last month? Click here to see it. Good Reading on Building Brands
Many of the e-mails I receive from bCentral visitors ask about
branding. I have recently come across two good books on
branding I am excited to share.
Differentiate or Die: Survival in Our Era of Killer Competition by Jack Trout with Steve Rivkin, 2000 You have probably heard of Jack Trout? — the author (with Al Ries) of such marketing classics as Positioning: The Battle for Your Mind, Marketing Warfare, and more. All his books are solid, but this one blew me away. In Differentiate or Die Trout addresses the difficulty of building a memorable brand for your product or service, when the marketplace is already too crowded and changing too fast for anyone to keep up. The core premise of the book is: Building a brand means finding what you do differently from everyone else, then building a brand around that point of difference. In 23 short chapters Trout updates the concept of "U.S.P." (Unique Selling Proposition) for the 21st century, and outlines 13 strategies for differentiation that go beyond the tired and overused strategies of quality, customer service, or price. This is a book I wish I had written. It teaches a way of thinking about branding that will help you break through to better marketing. The Hero and the Outlaw: Building Extraordinary Brands Through the Power of Archetypes by Margaret Mark and Carol Pearson, 2001 This book makes an unlikely marriage of social science and marketing tactics, and the result is a stimulating read. Using examples like Nike, Marlboro, Harley Davidson and other powerhouse brands, the authors show that the most successful brands are those that correspond to fundamental patterns in the unconscious mind known as archetypes. The book profiles a dozen archetypes, then shows how to use archetypal meanings to build successful brands. For example, the authors point out, Apple Computer with its "Think Different" advertising campaign and its logo of an apple with a bite out of it, calls up the archetype of an innovative, independent "Outlaw". Microsoft’s identity, driven by Bill Gates' persona, is more closely allied with the "Ruler" whose aim is market domination. This book, while considerably more substantial in content and length than Differentiate or Die, is extremely readable. Anyone who enjoys observing contemporary advertising is going to find this book entertaining. I am recommending these two books because they offer strategic responses to an increasingly crowded and highly competitive marketplace. That is the main concern I am hearing when I interact with small business people, and I am pleased to offer, if not a solution, at least a way to think about the answer. Resources I have written several articles on branding and related topics for our Demographics topic area on bCentral. Follow these links to read more: "Your Unique Selling Proposition: Use it or lose it" www.bcentral.com/articles/demographics/116.asp "Branding: a key strategy in the age of parity" www.bcentral.com/articles/demographics/120.asp "Using your ad strategy to hook the 'big idea'" www.bcentral.com/articles/demographics/124.asp | |  | |
SURVEY
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About Third Wave Research
The BULLETIN is published occasionally by Madison, Wisconsin-based Third Wave Research.
Editor Sarah White and other associates of Third Wave Research write articles that appear in
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TOOL BITS
Belinda's Beauty of a Location — Using Demographic Profiles
Last month, we followed along as Belinda used the Household Spending
tool to research location and market potential for a cosmetics
boutique specializing in products for women of diverse skin tones.
She narrowed her search to two possible neighborhoods, using
Household Spending reports.
Now, Belinda is ready to look at Demographic Profiles for the neighborhoods she is considering. How does a Demographic Profile report differ from a Household Spending report? And what value does it add to Belinda’s decision-making process? First, let’s compare the two reports. A Household Spending report shows expenditures on a selected product/service in a selected geography. The main purpose of a Household Spending report is to determine market potential. The market potential dollar value is calculated by multiplying the average annual expenditure per household by the total number of households in the selected geography. The data in the table is grouped by demographic categories. In this aspect, the Household Spending report is similar to a Demographic Profile. A Demographic Profile reports on households in a specific geography or trade area. It describes the population of that area by the categories of gender, age, race, educational attainment, occupation, household income, age of householder, race of householder, housing unit occupancy, household type, and household size. Each of these categories can be viewed as a bar chart. In addition, the Demographic Profile offers a selection of Thematic Maps that display data from the profile in map form. In last month’s story, Belinda purchased Household Spending reports for three Zip codes in Indianapolis. To view those reports click here. Belinda has now selected two Zip codes to study further, based on that research. These are:
From these reports, Belinda is able to get a more precise picture of the two neighborhoods that interest her. In these reports she finds data about not just households, but individuals in the area. Note that there are categories for age and race of individuals, as well as age and race of householder. This information helps Belinda make more accurate estimates about the number and type of customers her store might draw. Since she intends to promote her cosmetic shop’s "delightful diversity", the detailed information about the makeup (pun intended!) of the neighborhood is important to her. As she compares the two areas, she sees that by percentage they are fairly similar, but Broad Ripple has roughly twice the population of Keystone. Looking at the age of individuals [1], she adds up the percentages for the three brackets that interest her most (25-34, 35-44, and 45-54). She finds 52.1% of Broad Ripple’s population falls in her target range, compared to 49.1% for Keystone. Belinda examines the race [2] of individuals and finds that, while both neighborhoods are predominantly white (as would be expected in the Midwest), there are subtle differences in the racial composition of the two areas. Broad Ripple has proportionately fewer Asian/Pacific Islanders and fewer Hispanics compared to Keystone, and a higher number of Blacks. This information helps her to plan the product lines she will carry. And, as a Black woman herself, it gives her confidence that if she chooses Broad Ripple, she will be offering her wares to a community she knows and feels a part of. Other useful information in this report includes the educational attainment [3] and occupation [4] of individuals. This helps Belinda draw conclusions about her potential customers’ needs and preferences concerning cosmetics. Comparing the two communities, she predicts Broad Ripple has a somewhat more "downscale" feel, judging by the slightly lower percentages of college education and white collar occupation. However, when she compares incomes of $50,000 and up [5], she sees that Broad Ripple is virtually identical to Keystone and in fact has slightly more households earning $150,000 and over. Comparing the bar charts helps her see the subtle differences in income distribution in the two Zip codes [6]. Based on the evidence of the Demographic Profiles, Belinda decides to make Broad Ripple her final choice of location for her cosmetics boutique. | | | |
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