In thinking through the process of creating a market for your product or service, it is important to consider many areas that you can focus on.
While this is pretty much the million foot view of the topic, you do need to spend some time thinking through the following areas as you begin the decision-making process.
Everything should begin with you figuring out what your strategy is.
Over time, I’ve come back again and again to 3 important questions:
- What is the value we want to create?
- Who is our actual buyer?
- How do we reach them?
Think through it and make some decisions around each question.
The term branding has been thrown around so much that you wouldn’t be wrong to feel like it is overused and a bit of a cliched buzzword.
But branding is important because it makes a promise to your market and your prospects.
So when thinking through the idea of market creation, it is pretty certain that at some point you are going to need to ask yourself what your brand is and what it stands for.
Because if you don’t know what you want your market to see, you are on the road to having them not see what you want.
People and organizations don’t switch their service providers or products when they are happy.
They switch because they are enticed by something new.
How do you create the agitation that will help you be the organization that they will switch to?
Or, how will you continue to create the perception of more value and show your prospects that change will benefit them?
I’ve always been able to find ways to generate money for my partners and my clients, profitable revenue, let me be clear.
That’s the key for too many organizations.
They can generate huge numbers but not make profits.
You have to think through whether or not the organization you are targeting or the customer base you are trying to get into is profitable.
Not just will they spend money, but will they pay what your product or service is worth.
Remember when we discussed strategy above?
Marketing is the arm of the business that makes strategy go.
You see, the old axiom that if you build a better mousetrap, someone will beat a path to your door is hokum.
It isn’t true.
As I learned from Alan Weiss, you have to build it and then tell people about it and they might come.
And, you have to spend a lot of time thinking through those 3 strategic questions so that you can target the right people with the right message in the right place.
I’m in the Peter Drucker category here when I say that the job of marketing is to make selling obsolete.
This doesn’t mean that salespeople and customer service will go away, but it does mean that when you enter a business or call a service provider, the buying decision has been made.
As an example, if you have bought a Tesla lately, you’ll know that they don’t offer up a normal car dealership model.
Their salesforce isn’t on commission.
Their model is entirely marketing driven.
You want the Tesla or you don’t.
There isn’t the haggling or negotiating.
There is simply you order the car you want or you don’t.
Is it the right way?
That’s up to you to decide, but it seems to be working and it illustrates that marketing is much more powerful in creating demand than sales alone.
But you still need to think through the sales process that you want to create for your organization because even if you want to get to the level of Tesla, you still have to make concessions in the meantime.
This could have easily been placed next to change, but your product and services must work to get better as the time goes by.
Innovation doesn’t have to be a big bang like the iPad or iPhone.
It can be the way that your iPhone now improves a little everytime you get a new one.
I can be that you deliver service more quickly than the rest of your competition like Booking Protect in refund protection.
It can be the way that AI helps offer more personalized service to live event goers like the way that the Activity Stream platform helps venues identify repeat customers and their buying patterns to offer them a more complete solution.
Whatever form innovation takes, make sure you think about what it means to you.