This month’s Luncheon at Bridgeport Brewery featured the words and insight of Jennifer Davis, CMO of Leyard and vice president and product strategy at Planar Systems and Runco International. She was kind enough to speak to us this month about paying attention and what it means in the context of marketing.
What is “paying attention”?
In order to have a point of view as a brand, you must first pay attention to:
- Customer Needs
- Relevant technology
- Available resources
- The energy and passion to bring the vision to life.
Paying attention as a brand means to implement all of these principles, but then you have to go beyond. It’s a mindset of being open to lessons for your business coming from anywhere, in any direction. That includes going beyond your own industry. Lessons can come from everywhere!
The Price of Not Paying Attention.
Remember Tower records? This powerhouse of the music industry had a great reputation and connections up and down the music world. But their power de-escalated during the rise of Napster, Spotify and other music streaming apps. If they had paid attention to the growing needs of their customers for playing music online, perhaps they would have been the leader of the current streaming landscape. And with all their connections in the industry? The social media connections may have been implemented even earlier. But one can only dream.
Another example is the magazine publishing industry. This is one that has fretted about reaching new customers and reinventing itself for years. Imagine if they had found this video of a baby attempting to use a magazine like an iPad in 2011. The world of magazine publishing may have pivoted toward online and multimedia formats much earlier.
How To Start Paying Attention (Effectively)
Inspiration for your business is everywhere! It just may not be where you expect it to be.
When is the last time you studied the world of freemium game apps for business inspiration? How about that of ridesharing applications? Both businesses have achieved incredible growth in the last five years. There may be something in their strategy (surge pricing, perhaps?) that may resonate with your product.
Beyond examining the techniques of other brands, research how your customers are using your product in unexpected ways. How does a younger person use your product? How do elderly customers use it? You may be able to find a new audience that you hadn’t been marketing to all the while. There is always new information to find about one’s own product.