Mind reader
Businesses can take on bigger competitors just by knowing the minds of their prospects
Positioning
Businesses can take on bigger competitors just by knowing the minds of their prospects
With right positioning, a small bank-Long Island Trust, defeated world’s biggest banks such as Citibank. Positioning theory is opposite of conventional wisdom, which is to accept your strengths and work on the weaknesses.
In 1970s Long Island Trust was about to lose its position to bigger banks such as Citibank, Chase Manhattan and Chemical. It trailed them on traditional attributes such as branches, full range of service, quality of service and large capital. Positioning guru Al Ries studied prospects’ minds to find two key insights. One, prospects valued the businesses, which helped Long Island residents. Two, prospects would work with businesses, which helped Long island’s economy grow. The campaign turned it into local vs the outsider. Long Island Trust won.
Al Rise wrote in the book Positioing, “Conventional wisdom is not positioning thinking. Positioning theory says you must start with what prospect is already willing to give you.”
Fifteen months after the campaign Long Island Trust trumped bigger banks all the six attributes. It became the Long Island bank for the residents of Long Islanders. Best positioning ideas are so simple and obvious that the most people overlook them.
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