Here's an example of two simple yet powerful marketing concepts. 1. Promote your category (not just your company) and win. It's like the old saying, "A rising tide lifts all boats". 2. Conversations with your prospects should be about them, not you.
Last year Fidelity Investments doubled their number of new household accounts. In the past, Fidelity started a conversation with the marketplace like this "For over 50 years, Fidelity...". In other words, the beginning of the conversation was about them...Fidelity.
They have changed their strategy and it's working. Instead of telling prospects about Fidelity, they are beginning a conversation with their category (investing for individuals) and acknowledging that it is a category that causes much confusion. They went from "we're Fidelity" to "You need help? We can help you." And instead of "pick Fidelity for your IRA", "Why should you have an IRA? Because $3,000 today becomes $300,000 in 30 years."
By promoting their category and starting a conversation with their prospects, Fidelity has become the choice for many. And why not? As a customer, wouldn't you rather deal with someone who begins their conversation talking about you rather than themselves?
Excellent advice.
Posted by: olivier blanchard | January 07, 2006 at 10:24 AM
It is a powerful step when you disconect from the company ego and concentrate on someone elses. Fidelity found this out. This isn't just marketing this is Customer Experience Management in full view. Nice comments.
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