Why Broad is Flawed in 2022 Marketing and Brand Positioning
Broad is flawed.
For centuries, most businesses have tried to sell to as many people as possible, and have taken great pains to not offend anyone, lest they turn off potential customers.?
But it's no longer safe to play it safe.
50% of consumers agree that "the pandemic made me totally revise my personal purpose and what is important to me in life."
Accenture - who did?the research?- calls this group the "Reimagined Customers."?I am one of them. Are you?
Reimagined Customers see the world through a new lens, and two-thirds of them want the businesses they support to have a similar vision.?And not just for products like clothes, or cars.
In fact, 44% of Reimagined Customers would change BANKS if their current bank stopped taking sufficient, visible actions for positive social impacts..."
Instead of trying to sell to the most people without offense, the new marketing is to sell to people who are aligned with your brand mission, knowing full well that you're going to offend a bunch of others.??
Eastern Bank, based in Massachusetts, is a fast-growing example of this successful trade-off of reach for intensity of customer kinship. They are vocal supporters of LGBTQ+ and immigration initiatives, and they actively seek customers who care about the same issues.?
Their CMO, Paul Alexander, said:
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"We want people to feel like they've joined a movement. We want to support issues that are important to our customers, our colleagues, and our communities."
Again, this isn't Patagonia, or Ben & Jerry's, it's a regional BANK trying to create a movement. A bit different than handing out toaster ovens for new checking accounts.?
MyPillow also works this system. It's. Just. A. Pillow. But there are millions of people who would never sleep on anything else. And millions more who would sooner use Charles Barkley's dirty sweatpants as a duvet than rest their noggin on a MyPillow.
None of this is about politics, but it is about tribalism. We're in an age (especially in the USA) where you cannot segment half-way. You have to find your BEST customers and become part of the fabric of their fascinations.?
This genie is not going back in the bottle, even if you dip him in Crisco. Eventually, nearly all businesses (even small and local operators) will need to:
1. Determine what the company's values really are
2. Communicate them internally, and maybe change some team members to achieve alignment
3. Find customer segments that share these values
4. Signal values to those potential customers, and reap rewards
This issue's issue:?What businesses are narrow on purpose, like Eastern Bank, and MyPillow??I'd love to hear about more examples. 2 $JAY coin if you comment and let me know.
WSJ Best Selling author & founder of QCard, a SaaS platform designed to empower professionals to showcase their expertise, grow their reach, and lead their markets.
2 年Great read, Jay! Brands should stand for something that their customers care about. When we say “stand for something,” that doesn’t necessarily, or even primarily, mean politically. But many brands don’t really stand for anything, or at least nothing the customer believes is sincere, and that limits their ability to inspire customer love. “Standing for” something doesn’t just mean you have a slogan or an ad campaign. In order for cynical customers today to love a brand for what it “stands for,” they need to see those values in action, whether through philanthropy, policies, products or service.
Founder ?? at DOJO AI | The Only Tool You Need To Grow Your Brand
2 年Here's another one for you ? Don't ditch the niche. Boom ??
I help service companies grow by aligning business and brand strategy. Dual-certified StoryBrand & Brand Architect. Multi-book author.
2 年Interesting Jay Baer, but this research simply validates what brand strategists have know and advised clients for decades now: money follows values. Identify your unique buying tribe and matter to them.
I Help Emerging Businesses Gain Leads, Enhance Their Brand, and Get Noticed!
2 年Market segmentation has always been important, but it matters so much more in a world of mass communications. Consumers are bombarded with messaging every where they turn. The Corporate Social Responsibility (CSR) movement has morphed into becoming an integral part of brand appeal!
I help financial brands stop ?? losing loans and deposits in less than 30 days through website secret shopping studies ?? 2X Best Selling Author ?? Top 5% Podcast ?? Global Keynote Speaker ??
2 年Shout out to Centier Bank who is in your backyard Jay Baer for the purpose-driven work they've been doing ?? Deborah Robinson Lumpkin Chris Campbell Don Baker Leslie Berg Scott May Chrisanne Christ Tiffani D. ?? ?? ??