Thursday, February 12, 2009
Back to the original point..
Wednesday, February 11, 2009
Micro-markets
The same product is used by different people in the same company in many different ways. Since it satisfies many different needs by its many features, some really interesting thoughts emerge.
- most products are over-designed for the ultimate use to which they are put.
- every product-application can be potentially a "micro-market" and a product's market is a sum of all the micromarkets.
As an example, your laptop is used for your spreadsheet, e-mail, typing letters, making presentations, watching DVD, surfing the net... all these are usages to which you put the machine. You may use one feature or you may use several. All these usages are micromarkets. Some micromarkets are viable(big enough or profitable enough) to be targeted standalone. Some require to be clubbed together and marketed as a "suite".
Video watching micromarket is a very interesting case. It resides in the DVD player, laptop, iPOD and the cellphone. In case of the DVD player, it is the mainstay of the product you are selling; in case of your cellphone, it is a small adjunct.
If your product is a laptop, you are positioning it in several micromarkets. Some work together in the customers' mind but some do not.
Knowing all possible usages of your product is useful so that you can cultivate those micromarkets and deliver messages that resonate with them. And, aligning the message sharply to the market is the acid test of marketing.
Monday, February 9, 2009
Different strokes for different folks
Why you must tailor your message to suit your audience
I talked about the fact that customers are in various stages of awareness/ interest regarding your product/ solution or company. Let’s try and understand that a little more closely.
All customers are created equal in the beginning. They do not know you exist far less know about the existence of your product or service to solve some need of theirs. So, what causes them to change?
At any given time in your audience, there is a mix of customers in varying stages of awareness of your products and service. What tack you choose to take in your messaging to this market depends on:
- What is your objective?
o Is it making sure as many potential prospects know about your products or your company?
o To ensure that you make the “shortlist” of those prima-facie able to solve a problem?
o To ensure that you are actively being compared with other products/ companies?
o Or, communicate a time-limited promotional message to ensure purchase?
o Or, are you now wanting to build loyalty with the customer (s) who have purchased your product once?
- Who is the specific customer you are talking to (Are you addressing the contact that has the biggest potential impact on the sale of your product? Sure?)? What does he want to hear? What do you want to tell him?