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All Marketers Tell Stories

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Free Prize Inside

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The latest book, Poke The Box is a call to action about the initiative you're taking - in your job or in your life, and Seth once again breaks the traditional publishing model by releasing it through The Domino Project.

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Survival is Not Enough

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The Big Red Fez

Top 5 Amazon ebestseller for a year. All about web sites that work.

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The Dip

A short book about quitting and being the best in the world. It's about life, not just marketing.

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The Icarus Deception

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Tribes

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V Is For Vulnerable

A short, illustrated, kids-like book that takes the last chapter of Icarus and turns it into something worth sharing.

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we.are.all.weird

We Are All Weird

The end of mass and how you can succeed by delighting a niche.

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whatcha.gonna.do.with.that.duck

Whatcha Gonna Do With That Duck?

The sequel to Small is the New Big. More than 600 pages of the best of Seth's blog.

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« Learning from a summer intern program | Main | The myth of launch PR »

Your competitive advantage

People are fickle, but we're generally rational. When someone makes a choice (hiring, firing, choosing a vendor, buying a soda) they're using some sort of internal logic and reasoning to support that choice.

As a marketer, you win when they choose you.

So, why choose you?

The answer to that question is your competitive advantage. What makes it likely that more than a few rational people will consider their options and choose you or your company or your organization?

Truth: It's rarely a computerized cost/benefit analysis. Instead, it's a human choice.

When the factors that matter to me are processed through my worldview and compared against the options I'm aware of, I will choose you when your advantages are greater than the competition, provided I believe that you're worth the cost of switching.

Key points:

Matter to me: Not matter to you or to the next guy, but matter to me. That's all I care about. (Example: it might mean more to me that my friends use your product than it does that you're cheaper).

Worldview: Based on the way I see the world, the assumptions I make, the truth that I believe in. (Example: If I don't trust young people as a matter of course, I'm not likely to choose you if you're young, all other things being close).

Options I'm aware of: If I don't know about you, you don't exist.

Switching cost: The incumbent gets a huge advantage, especially in high cost/high risk/network effect instances.

Some of the ways you might build or maintain a competitive advantage:

  • Access to hard-to-replicate Talent
  • Hard-earned skills
  • Higher productivity due to insight or organization allowing you to be cheaper
  • Low cost of living for you and your staff allowing you to be cheaper
  • Protected or secret technology or trade secrets
  • Existing relationships (switching costs working in your favor)
  • Virally organized product and organization
  • Large network of users already and a network effect to support you
  • Focus on speed
  • Monopoly power and the willingness to use it
  • Unique story that resonates with the worldview of your target audience
  • Shelf space due to incumbency
  • Large media budget
  • Insight into worldview of prospects--making what they care about
  • Emotional intelligence of your salesforce or customer service people
  • Access to capital and willingness to lose money to build share
  • Connection to community

Not on this list, at least not prominently, are "we are #1!", "we are better!" and "we try harder." Cheerleading skills are not a competitive advantage in most settings. And, with few exceptions, neither is "we are new." Also, "we are better and I can prove it," is rarely a successful argument.

Here's what your board wants to know:

  • What's your competitive advantage?
  • Is it really, or are you dreaming it up?
  • How long will it last?
  • Can your competition copy it?
  • Does it resonate with the part of the market that is looking to buy?
  • Is the advantage big enough to overcome the switching cost?

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« Learning from a summer intern program | Main | The myth of launch PR »