This quote emphasizes the importance of having a unique selling proposition or competitive advantage that is not only noticeable and marketable, but also of value to the consumer in a monetary sense.
Firstly, a competitive advantage must be perceivable. This means it should be clear, distinct, and easily identifiable by the customers. It’s not enough to have a superior product or service; consumers must be able to recognize and understand this superiority. For instance, a tech company may have an innovative feature in their product. However, if customers cannot perceive its benefits, the feature doesn’t serve as a competitive advantage.
Secondly, it must be promotable. This means the competitive advantage should be easily communicated and marketed to the target audience. It should be a feature or aspect that can be highlighted in advertising campaigns and promotional materials. For example, a restaurant that sources all ingredients locally can promote this as a unique selling point, demonstrating their commitment to supporting local farmers and providing fresh, quality food to their customers.
Lastly, it should be something the market will pay for. No matter how unique or innovative a product or service is, if customers aren’t willing to pay for it, it won’t lead to business success. The competitive advantage must align with consumer needs and wants, and they should be willing to pay a premium for it. For example, people are willing to pay higher prices for organic food due to its perceived health benefits.
In today’s world, these principles are more important than ever. In the age of digital marketing and online businesses, consumers have a multitude of options at their fingertips. Therefore, businesses need to ensure their competitive advantage stands out and appeals to consumers’ willingness to pay.
In terms of personal development, this quote could be applied to an individual’s unique skills and attributes. Just like a business, individuals also need to identify their unique strengths (perceivable), be able to effectively communicate and showcase these strengths to others (promotable), and ensure these strengths are valuable and sought after in the marketplace (something the market will pay for). This could be particularly relevant when job hunting, negotiating promotions, or starting a personal business.
