“if everyone has it then no one does”. Aswath’s view (here) is it is difficult to make more money vs. competition off a resource that everyone has or has easy access to.
I like it. I will attempt to apply his concept to effective communication from the point of view of an advertiser. Specifically communication that drives significantly more accretive sales and profit consistently and sustainably with the right message and right media to the right potential buyers using the right data.
- THE MESSAGE: The most relevant message in a creative are those connected to consumer insights. This insights are built off greater engagement and depth of a consumers livelihood (in-person, at home and virtually). The further away you are from the consumer, the less relevant your insights and messages are.
- THE MEDIA: The most effective media is where the consumer is most receptive to advertisement and the message.
- THE DATA: In the words of Aswath, the most valuable data is unique and exclusively available to its owner, and the further away you get from exclusivity, the less valuable data becomes. Data that helps you find most potential buyers most accurately drives greater investment efficiency.
So ask yourself – what is my competitive advantage? do I have any? if none, what do I need to do in the short and long term to create one as I grow?
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