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7 Hidden Wastes of Marketing

Lean Marketing has identified "7 Hidden Wastes of Marketing"; waste created by common marketing practices. However the evidence of these wastes is rarely found in the marketing or sales functions but often elsewhere in the organisation and sometimes even with the customer.

One of these 7 Hidden Wastes of Marketing is the

failure to understand the value you create for your customers

- customers purchase based on price, don't they?

When someone asks your opinion about the last meal you had in a restaurant or bar;

will the price form the main part of the answer OR will the answer consist of;

the name of the establishment - it's image says something about you
how long you had to wait for a table or book in advance (its' popularity)
the quality of the ingredients
the speed of the service (too quick, too slow, just right)
the list of "blackboard" specials they offer (did you buy from this?)
the desserts you couldn't quite fit in (come back and try)
the favourite wine on the wine list

You may mention the price but in the context of everything else!

It's the combination of product/service features along with price that helps you to determine the value of the experience.

The price will dictate how frequently you purchase.

Is YOUR focus on price, over what YOUR customers want from YOU, restricting your sales?

There might be features in your products or services that YOUR customers don't value!

Do you know why your customers purchase from you, not your competitors?
Do you know why some potential customers go to your competitors?
Do you know what your customers want from your products or services that neither you nor your competitors provide?

If you are focussed on price, are your customers?

We examine this question further, including a model for understanding value and the rest of the "7 Hidden Wastes of Marketing" in the pdf paper.

clicking here takes you back to be able to download the rest of the "7 Hidden Wastes of Marketing"