How to you differentiate while selling hot dogs?
The one unfair advantage in business.
• public
Hot dogs are a commodity product. There's very few ways to differentiate and no way to build defensibility around your differentiation.
Once upon a time, a marketing professor asked his students this very question.
What competitive advantage would you seek if you were starting a hot dog stand?
Take a moment to think about it yourself.
- Better taste
- Cheaper pricing
- BOGO offer
- Better branding
The students came up with many such replies. Until the marketing professor said one thing which made the auditorium go silent.
"A starving crowd"
It's true. No matter how good your hot dogs are, no one who's had a hearty meal is going to buy your product. The main differentiator is placing your stand next to a starving crowd. You'll sell out fast!
Think of this next time you're marketing or selling a product. Is your audience hungry for your offer? Or are you selling hot dogs to people who just had a 4-course meal?
Every time I build something, or create a new offer, I ask myself...
Do I have a hungry market?
The number one differentiator, that comes before everything else, is a hungry market. If the market demands your product, you'll sell out even if the quality isn't that great. The odds are in your favor.
The market is the market is the market.
Never go against it. Seek a starving crowd.