You can’t be all things to all men. Mega businesses realize this. They attack different niche markets with brands developed specifically to laser focus on that niche. Many small companies fail specifically because they fail to take this message to heart.
Scientifically conducted studies show that if you offer customers too much choice, they are less likely to buy anything at all. Conversely if you reduce the choice drastically, they will buy more, more often and more frequently.
So what got me going on this jag? Well I was listening to Alzay Calhoun talking to Christiane Holbrook, both fellow Product Launch Managers, discussing the subject.
My big take away was the image of your market being a target hanging on the wall in which the bull’s eye is always the darkest color and each succeeding concentric outer ring is a paler shade. The more you focus your marketing message on the people in the bulls eye, the more it will drive home; the more you will be able to charge for your product and the more sales you will make.
Those in the outer concentric rings will hear your message too. They may even buy your product but they are not your tightly defined core target market.
So how do you decide who these people are?
You must find out not only their demographics but also their psychographics
That means you must know not only how much they earn, where they live and how many kids they have but also what magazines they buy, which restaurants they eat in and where they are most likely to go on holiday. You must get right inside their heads and find out what makes them tick, What keeps them awake at night? What fills them with pleasure? And What fills them with pain? You must find out what the biggest challenges that face them are.
If you know this you can deliver a product that fulfills their needs; that delivers real value and that ensures your USP will also be their UBA. You will hit a home run.
This is the difference between success and modest disappointment.
The trouble is not all entrepreneurs operate from such a strong position. If they, themselves, do not find a particular concept remarkable, they dismiss it as normal when in fact the majority struggle to achieve it.
Inspiring product launch managers bring a fresh pair of ideas to your team and enable you to build a crushing offer. They make the difference. They know how to turn your product into a cash flow Tsunami