How to Do Marketing Like a LEGEND: Christopher Lochhead on the Real Marketing Real Fast Podcast, Hosted By Doug Morneau

Check Out The Real Marketing Real Fast Episode Page and Show Notes

Key Takeaways

  • CREATE YOUR OWN CATEGORY
    • Legends never compete—competition, by definition. is a comparison game
  • Data allows businesses to know their customers— if something can be digitized, it can be personalized
  • Products don’t speak for themselves—position yourself or be positioned
  • “The empires of the future do not fit into the categories and paradigms of the past. Product-market fit, by definition, is backward-looking, not forward-looking.”Chris Lochhead

Books Mentioned

Intro

Category Creation (Marketing Legends Break New Ground)

  • When a business creates a new category, everything/everyone that attempts to compete is compared to them—they become the standard
  • “The number one skill that CEOs are looking for in CMOs [Chief Marketing Officers] is the ability to create and design categories” – Chris Lochhead
  • Legends never compete—competition, by definition. is a comparison game
    • CREATE YOUR OWN CATEGORY
  • In the beginning, new categories are often described by what they’re not
    • Ex.: “Horseless carriage”

Using Data to Improve Your Customer Relationships

  • In a sense, category leaders build a moat with their customer data
  • Data allows businesses to know their customers— if something can be digitized, it can be personalized
    • For example, every time you consume a piece of content on Netflix, that transaction is logged and stored to provide you with improved recommendations
  • Companies who are “first movers” acquire data on their users and have market intelligence nobody else has access to
  • Customer data is more valuable than cash
    • Why? – It’s more monetizable
  • Think of your product or service as a data platform
    • For instance, Tesla doesn’t sell cars—they sell a platform

Incoming Shifts in the Marketing World

  • The science part of marketing is becoming more precise and powerful
  • The combination of human creativity and the increasing cost-effectiveness of starting a company offers widespread opportunities
  • “We can have an idea, deploy that idea, and see what response we get. We can try a bunch of different things. We then invest in the things that get traction … Our ability to do that for a very small amount of money is incredible.”Chris Lochhead

How do you get somebody to Google something?

  • Design a category with a provocative/unique point-of-view, encouraging the world to think about something specific in a massively different way
    • Example: Dyson competes in vacuum cleaner category, but changed the discussion/priorities by going bagless

How do entrepreneurs with existing businesses shift in a new direction?

  • Start off with where you think you can be radically different. Then, connect that to a problem.
    • Ask yourself: “What makes us radically different? What problem or opportunity do we see that no one else sees?”
  • Then, offer customers a unique, differentiated product
    • “When there’s nothing unique, you have a stupid conversation that says, ‘Compare us on price, availability, and service’.” – Chris Lochhead

Legends Educate Customers to Think in Different Ways

  • Radical differentiation: Figure out a unique and interesting way to look at a problem, then tie it together with a radical point of view
  • Products don’t speak for themselves—position yourself or be positioned
    • If you don’t tell people how to think about a product, they may not “get it”

It Ain’t All About Product-Market Fit

  • Chris says: Product-market fit is one of the most dangerous ideas in the history of business
    • “The empires of the future do not fit into the categories and paradigms of the past. Product-market fit, by definition, is backward-looking, not forward-looking.”Chris Lochhead
      • Think: The reason companies like Amazon, Apple, Google, and Microsoft are now worth trillions is because they were unique upon conception