At HBA Global 2011, Mike Indursky, president of Bliss World; Ty Montague, co-CEO and content director of Co Collective; and Kevin Kells, national industry director of consumer packaged goods at Google, gave marketing a new look as they discussed fresh approaches to marketing, communications and new product development. Here are some key points from the discussion:
- The world doesn’t need another skin cream: The skin care market is over saturated with products. True newness is waning, as companies copy and adhere to proven models for launching new products.
- New product versus Innovation: Innovation, according to the panel, means creating a new product with the following attributes: different, changes consumer behavior, features a new technology, creates a market discontinuity and starts a revolution.
- Being small means being different: One of the biggest mistakes made by small, indie brands is copying the big players. Instead, Indusrky advised small companies to focus on why and how they are different from the big brands.
- It is all about the story: A story is one of the most crucial elements of any brand. Every successful brand on the market today has a unique story that sets the brand apart from its competitors, creates value and drives consumer sales.
- The power of polarization: A brand that is provocative and challenges convention not only receives notoriety, but also generates more loyalty among consumers. A provocative brand may not appeal to every consumer, but it will surely create a powerful opinion and retain the customers who strongly like the brand.
- Change consumer behavior: Using Axe deodorant as a case study, the panel demonstrated how this product’s positioning set it apart from the competition and changed consumer behavior. Rather than being positioned as just another deodorant that covers up body odor, Axe revolutionized the market by being a body spray that makes its customer smell better and, in turn, become more attractive to women.