The days of simply out-PRing, out-advertising and out-marketing the competition are officially over. The effectiveness and ROI of such endeavors has proven to be weak. Although charming campaigns continue to entertain, businesses are looking for the next big thing to make their brand unique. The real differentiator is to invent a whole new market within your respective financial industry. It’s what we call Market Invention. We have experienced through our clients and ourselves that in order to move ahead, it’s critical to foundationally move apart from the competition by inventing a new space for customers to be drawn to enduringly.
PR professionals are typically well-qualified storytellers for their business or clients. However, the story that’s being told often sounds very, very, very similar to the competitors’ stories. History shows that businesses—financial and otherwise—that create new markets and opportunities within the industries they serve have a stronger story to tell, make a lot more money and develop a culture of innovation. When we say markets, we mean inventing new business opportunities, processes, products, and services; not simply inventing new brand.
Henry Ford, Thomas Edison, Jeff Bezos, Steve Jobs and Elon Musk are all market inventors. It is how all the great individuals think and invent. Similar to how Sir Isaac Newton observed and defined gravity, we observed thousands of companies and helped hundreds of clients that led to the discovery of Market Invention. Currently, Amazon has been a leader in this invention concept by creating new demands and revolutionizing the way the retail works. Amazon has effectively destroyed the brick-and-mortar paradigm. Is this approach disruptive? Yes. Is it innovative? Yes! Is there a noticeable ROI?? Yes, yes and YES!
During the August 10 PRSA Intersections breakout session, Merit’s President of Communications Casey Boggs will describe the world of Market Invention. That is, the process companies and PR professionals must now pursue to future-ready their business by inventing and dominating their own market category.
By the end of this session, attending PR practitioners will be able to:
· Understand how Market Invention can transform financial businesses by becoming leaders in the market beyond traditional marketing, digital and communication efforts.
· Grasp, in detail, the Market Invention process and learn the strategic steps needed (e.g., research, planning, implementation) to go to market.
· Learn the different business life stages when Market Invention can be most beneficial to explore — from being the No. 1 industry leader to being No. 10, or being a startup or during the M&A process.