GRATEFUL DEADThe Grateful Dead created their own genre of musicUnlike other bands, that were in a specific genre they made up their own called “JAM BAND”It was a combination of melded jazz, country, bluegrass, psychedelic, and rock.They set themselves apart from other bands with their type of musicDead Heads would go on the road with them following them across the US creating their own culture, they became part of the product and attracted new fans.Part of the experience was how fans created value for themselves by becoming part of the performance.No two performances were alike
MARKETING LESSONThe Grateful Dead taught us that your company needs to find it niche in the market.You have to create a product that other competitors don’t have and make a product that fits customer needs.This is all about finding a new demographic of people or a new segment to market to that your competitor has not.By being the first and only company to do what you’re doing , you create your own customer base and gain more market share.Ignoring conventional wisdom is the key to creating uncontested market spaces“you do not merely want to be considered the best of the best. You want to be considered the only ones who do what you do” - Jerry Garcia
QUESTIONHow can you maintain your position as a market leader by using this strategy?How do you manage the pros and cons of the first to market approach?
SOURCESMarketing Lessons from The Grateful Dead
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