Power Marketing to Create Wealth in a Fast-Changing World

In today's competitive marketplace, marketing makes the difference between failure and success. If you doubt that statement, look at your shoes. With millions of different shoes on the market, how did those two particular shoes make it onto your feet this morning?

You might say that you picked the shoes with the most innovative design. But is that really true? If you browse a footware website like Zappos.com, you'll find thousands of highly innovative designs. There are sandals that look like sneakers, loafers that look like hiking boots, perforated shoes that let the air in but keep the water out and sneakers with wheels built into their soles. There must be a reason you didn't pick those other shoes to go on your feet this morning. And I'm willing to bet the reason is marketing.

Will You Be a Marketing Success or a Failure?

Despite all the competition, some shoes shoulder past the competition and make staggering profits. Look at Uggs.Consumers will spend more than $120 million on those sheepskin boots this year.

Then we come to phenomenal Crocs, those injection-molded, brightly colored plastic sandals that will claim more than $300 million of this year's footwear market.

Why have those shoes dodged the remainder racks and made their creators rich, while other innovative shoes have failed? It boils down to powerful marketing strategies that will work for you too:

1. Target a small, clearly defined customer base. Uggs were closely targeted at upscale tweener and teen girls and quickly became the must-have shoe in the segment. Soon wanna-be-cool moms were wearing them too. Crocs targeted the young active market - kayakers, for example - but are now selling to teenagers, baby-boomers and graying elders. But the point is, Uggs and Crocs were tightly targeted. They didn't start by trying to appeal to everyone.
2. Get word-of-mouth buzz working for you. Uggs were positioned as boots that Australians wear year-round, without socks. Crocs were pitched as boating shoes made from a material that discourages bacteria and foot odor. Stories like those travel via word of mouth and keep a product from getting lost among all the others in the marketplace.
3. Deliver a consistent marketing message. The makers of Uggs and Crocs reinforce their image in every component of their marketing, from their Websites to their ads, to their in-store displays. Everything fits.
4. Match your pricing to your image and target consumers. At about $35/pair, Crocs are within reach of any teenager or parent who has a wallet. Uggs are a costlier proposition at $125-150 for the more basic styles, just right for upscale "nothing is too good for my girl" moms and dads.

Those four elements lead to effective marketing that gets any company ahead in highly competitive industries. Apply them vigorously and you will bon on the path to creating wealth and outdistancing your competitors in the marketplace.