Your business is identical to my business, Your product is identical to my product, we are doing business at the same place.
Almost You and I are selling the same thing in the same manner.
Oh ! last year I added some innovative feature in my product and hired top industry sales profession to sell it.
But you simply copied my innovation and hired an another best sales profession to sell it.
This is a simple everyday story of a mature market. The success of business gets copied by the competitors. This kind of situation makes the market blurred.
Customer struggle to choose the right solution for their problems. So, You must be thinking how to differentiate yourself from this clutter.
There is always a high probability that your tangible differentiations like feature, price, place etc will be copied easily.
Then what is the solution?
The solution is just built a great brand which should be wrapped with intangible differentiations. Intangible differentiations are very tough to be copied.
Historically intangible values had played a great role in giving stability and sustainability to businesses & confidence and delight to customers.
Though it was very important factor in past but it was not most important because the organizations had control on business and their focus were production and distribution.
But now Industry is undergoing through a massive migration from a material-based economy to a digital one. We’re removing paper from books, polycarbonate from music, and physical shelving from stores.
Many people would now rather travel than own a home. Some are ditching their cars in favor of services like Ola and Uber. And when cars start driving themselves, who will want a garage when we can just whistle for our rides?
This brings massive change in customer behavior too. As Liquid Agency chief creative officer Alfredo Muccino puts it, technology has flipped our mindset from “I need stuff” to “I want an experience.”
We are witnessing the rise of the monetary value of intangible assets are skyrocketing like never before.
Until your customers can purchase essentials like food, shelter, clothing, and machines as software code, You’ll need the factory to produce tangible goods.
The goods themselves may be commodities, but the intangible benefits wrapped around them will make them unique and empowering. A recent study shows that three-quarters of customers think companies should work to improve the quality of their lives. Only one-quarter believe that companies are succeeding.
Marty Neumeier, In his book The Brand Flip suggests twenty-five intangibles which can make your brand more sustainable and premium. Though I believe adopting all is required fundamental change in the mindset of the way you are seeing business traditionally.
Those intangible are as below.
#1. AUTHENTICITY: Offer the real thing
#2. AVAILABILITY: Make it easy to get anywhere, anytime
#3. BELONGING: Offer a sense of community
#4. CLARITY: Make it very easy to understand
#5. CERTAINTY: Remove all doubt about its benefits
#6. CONTROL: Put the customer in charge
#7. CURATION: Act as tastemaker on behalf of customers
#8. DELIGHT: Deliver more than reliability
#9. FINDABILITY: Make it easy to see, choose, or discover
#10. FLEXIBILITY: Be eager to accommodate requests
#11. GUIDANCE: Add support, learning, or interpretation
#12. HOPE: Offer a chance at future success
#13. IMMEDIACY: Give quick delivery or priority access
#14. INCLUSIVENESS: Allow customers to contribute
#15. LIGHTNESS: Eliminate weight or density
#16. OPTIMISM: Make customers feel positive
#17. PATRONAGE: Help customers support a cause
#18. PERSONALIZATION: Let customers configure their purchases
#19.PROTECTION: Keep customers safe from extra costs
#20. SAFETY: Protect customers from physical harm
#21. SIMPLICITY: Streamline the product or purchase
#22. SPEED: Help customers save time
#23. STYLE: Incorporate beauty or personality
#24. SURPRISE: Disrupt expectations
#25. SYMBOLISM: Help build customers’ identities
Alvin Toffler in his 1991 book Powershift. He predicted that the power of immaterial value would extend even to money, calling it nearly a “religious conversion” from “a trust in permanent, tangible things like gold or paper to a belief that even the most intangible, ephemeral electronic blips can be swapped for goods and services. ,”
He said, “ Our wealth is a wealth of symbols,” Both our money and our goods are becoming intangible.