Have you constructed a conversation between you and your ideal client which includes all the arguments that you would both use for and against your value proposition ?
Doing this will help you identify the real problem that he faces and why he is finding it difficult to overcome it. You will then be able to put your finger on the behaviors that cause that problem and immediately be able to relate your knowledge and experience to finding a solution. In the process, you will certainly be faced with these six challenges
#1. Your product appeals to several segments in your existing market – And you can think of a few other completely unrelated markets where it could be useful too. “Yippee” you say, “I’m gonna be rich” Sorry to disillusion you but nothing could be further from the truth. You want to sift through your options and eliminate each and every one where there is not at least one potential competitor making money with a similar product. If that is old and tired, so much the better.
Counter intuitive strategy #1 – ‘Narrow Your Niche’ and exclude as many people outside your core market as you can so your product launch is focused on the people who will ‘get’ the value of your offer instantly
#2. Market research is recommended by one and all as the way to find out what your community wants. But did Henry Ford ask his market what they wanted before designing and selling the Model T Ford? if he has asked people what they wanted they would have said ‘ A faster horse’ Did Alexander Graham Bell ask people whether they wanted a telephone? Did Steve Jobs ask his market whether they wanted an iPod? The answer in all cases is NO…. They simply followed the money to find a hungry market to which they could apply new technology allied to their expertise and the rest is history. They made their customers lives better by allowing them to overcome age old problems more quickly and more easily than ever before.
Counter intuitive strategy #2 – Do NOT do traditional market research. Simply follow the money to find an existing commercially viable market and then disrupt it by introducing new technology to transform people’s expectations.
#3. Many people skip step 2 above and go straight to building a product before trying to sell it – Assuming you know your market leads to nasty surprises unless you have first followed the money. This is the fastest way to find a rich hungry market with a problem that they find hard to solve using existing tools then build your product.
Counter intuitive strategy #3 – Apply your expertise to providing the solution to an existing challenge the market is frustrated by without asking them to change their lifestyle. Just make it simpler and quicker to use so that the problem goes away in record time
#4. Creating a product is only 20% of your job – If you believe that once your product is built, you can sit back safe in the knowledge that all the hard work is done, you are sorely mistaken. It is fair to say that you have hardly started. Marketing it takes 4 times as much work. When Steve Jobs took over as the CEO of Apple for the 2nd time, he took 80% of the budget being spent on engineering and put it into marketing… Apple is now the biggest company by market value on the planet so it would be wise to follow that lead
Counter intuitive strategy #4 – invest 80% of your budget in to your product launch marketing strategy
#5. Hope Marketing is Dead – If inadvertently you find yourself with a pre-built product, your next step would probably be to follow the traditional route by buying advertisements, hiring a public relations agency and generally banging the drum as loudly as possible to attract people to your door. Sadly this style of ‘Hope Marketing’ is dead and buried.
In 2012, you want to engage your market in a conversation. Your aim is to do business with people who believe in the same things as you. Your vision of the world has to match theirs. Remember that Martin Luther King made the ‘I have a dream speech’ not the ‘I have a plan’ speech. He appealed to something bigger and broader which people could identify with and which they wanted to be associated with because it said something about them they wanted the world to know. You want to do the same
Counter intuitive strategy #5 – Do a product launch. Appeal to the vision that people have of themselves. Help them get closer to their goals. Cage your marketing messages and become the niche authority figure who they can rely on for expert advice and assistance. Only when you have built the necessary trust and belief in your audience will they be prepared to buy from you.
#6. Getting traffic to your website is not your biggest problem – Many people are convinced that the big problem they have is getting enough traffic to their website. They are wrong. You can buy as much traffic as you need. But what if it does not convert? If the people who visit your site are not becoming buyers, you are guaranteed to fail however you chose to attract those visitors – even SEO costs money after all – The core necessity is that you design a sales funnel that makes you money and you find out how much each buyer costs you to acquire. Then you can turn on the Google fire hose and buy as much traffic as at the right price safe in the knowledge that you will be making money
Counter intuitive strategy #6 – Design a sales funnel that converts visitors into buyers then buy as much traffic as you like at the right price
Putting these marketing and product strategies to work in your business will certainly improve your success ratio but there is one other that you want to take to heart as well. And that is ‘Speed to market’. The faster you get your new product to market the faster you will have the certainty that eager buyers are out there. Your first product launch will be for an offer which is you will later develop and expand on once it is a proven seller.
Don’t waste time building out an elaborate offer without first validating the market.
Do you have a counter intuitive marketing or product strategy to add? If so, just leave a comment below…