Sergio Zyman, one of the world’s top marketers and founder and Chairman of Zyman Group, an international management consulting firm based in Atlanta, talks about Renovation versus Innovation in an interview with Christian Sarkar, the managing editor of ZIBS.com [a great website that's all about brand]:
“Competing on the basis of experience vs. product attributes alone expands your competitive frame and gives you more opportunities to deliver value and differentiate yourself. Create a meaningful customer experience before, during, and after purchase in order to influence repurchase. Think of Ritz Carlton and its constant attention to guests’ preferences, which resulted in a premiere service called luggageless travel (frequent guests leave personal items and clothing at the hotel between visits)…
A while back I used to tell everyone who would listen - “The problem in marketing today is that we spend 95% of our time and money on advertising and 5% on the rest of the stuff. What I propose to you today is to flip it around: Spend 5% of your time and money on advertising and 95% on everything else. If you do that, you’ll sell a lot more to your customers. That’s even more true today.”
