Ep. 32 - Differentiating in a Crowded Market with Kyle Banahan

Hi there folks! Creatives Meet Business is an event and podcast series based out of Austin, Texas for artists and creatives to learn the ropes of entrepreneurship. This episode features Kyle Banahan, Brand Manager for SkinnyPop Popcorn at Amplify Snack Brands, who joined us in June during our roundtable event on Branding. As you'll soon find out, he has so much to share about positioning along with the other p's. Because there's so much magic in this episode - let's hop in and hear what Kyle has to say! 0:00 to 2:28 - Ashland Opening Remarks and Intro o Banahan 2:32 to 3:44 - Introduction of Self and Topic (Differentiating in a Crowded Market) Former Brand Manager for Lean Cuisine and Hot Pockets 3:45 to 5:47 - 4 P's of Differentiating - Low Hanging Fruit Attended SXSW Panel "Why Marketing Hasn't Changed in 10,000 Years" and was reminded of fundamentals 4 P's Product - change the product slightly. Example - a smaller popcorn (smaller kernel) Price - be less expensive Packaging - logo change or packaging Promotion - market in a different medium than competitors Short-term change as it's short-term value from consumers The 4 P's are low hanging fruit 5:50 to 9:26 - True Path to Differentiation - Positioning  Define positioning and how you create value for consumers, that is going to be the way that you actually differentiate Positioning is the what. What is your brand? Positioning is the answer to this question: What does my brand have that consumers value that the competition can't deliver? You will never differentiate on a long-term basis if you can't answer this question Example with Bounty paper towels (**disclaimer - Kyle made up this positioning statement**) To the person cleaning up the spill, Bounty is the paper towel that is the most absorbent.  Differentiation here is "most absorbent" Every piece of communication will reinforce their positioning of "most absorbent." Use positioning to inform 4 P's Every brand uses positioning as a framework to launch from 9:27 to 10:45 - After Positioning Comes Personality Further differentiation comes from personality Example with Brawny and Bounty Brawny might be adventurous and sexy Bounty might be family friendly, incorporate family friendly designs and partner with Despicable Me Personality communicates positioning 10:47 to 16:07 - Ashland Closing Remarks Curious Incident of the Dog in the Night-Time Art of Possibility by Rosamund Stone Zander and Benjamin Zander Stay in touch, email us ([email protected]) or connect with us on social (@createmeetbiz on Instagram and Twitter // Creatives Meet Business on Facebook) Big thanks to Jamal Knox (audio engineer) and Chris James (composer)! If you like what you hear, share the podcast with your friends, and rate and review. To stay in the loop - follow us on Instagram, Twitter, Facebook or subscribe to the newsletter. Get ready for Fundraising, stay tuned! Thanks! Ashland, Creatives Meet Business