Hamish Taylor, ‘master thief’, keynote speaker and international brand management and innovation expert, ran a workshop in India in the run up to the Ernst &Young Entrepreneur of the Year awards.
Hamish conveyed that having in-depth customer insight is essential for positioning a product effectively, and that the best way to market a product is not by talking about the product but the utility of the product in the customer’s life.
One of the delegates, Deep Kalra, founder and CEO of Make My Trip (India) shared an experience with Hamish. He talked about how his business is built upon understanding the customers closely, and realizing that targeting the customer’s mindset is the best way to market their product.
Kalra said that since customer priorities and needs are ever-changing, entrepreneurs must analyze whether the customer insights are still relevant over a period of time.
Hamish expanded on the theme with an example from his time at Eurostar. He said that the company was successful at selling to those who travelled for work to Paris but not to the leisure travellers. The important question for the company, was identifying the competition accurately and interpreting the minds of the customers.
“We went from selling railway tickets to selling an experience” he said. The whole marketing campaign was focused on telling people why they would wanted to go to Paris, rather than why to travel by Eurostar.