3 key questions you need to answer to grow your market organically
June 16, 2014
We have been talking quite a bit about push and pull marketing and we have concluded that a combination of push-pull factors is the best strategy - of course more pull than push. I would like to wrap up this topic with three questions you need to answer clearly and correctly if you want to grow your market organically...
1. Do you have a differentiated value proposition (DVP)?
In other words, why would anyone want to come to you? If you were operating a blogshop, what makes it so unique that people would want to find you; and when they find you, will want to buy from you? In order to know your DVP, you must know who your competitors are. You must also know what they are offering. And you must know how much they are offering them for. From there, you can then identify what you do differently, what you offer differently, how to charge differently. So, do you have a differentiated value proposition?
2. Do you have a properly defined market niche?
Many people want to sell everything to everyone. The problem with this is that there is no central message when you do that. When visitors come to your website, they will notice a hodge-podge of products or services strung together with no thought. Your bounce rate (people who come to your site and leave immediately because they do not like what they see) will be extremely high. All these happen because you don't have a defined market niche. Identify who would want what you offer. Look at your DVP and see who will benefit from that. Carve out the market to meet this niche and no more. The tendency to over-extend is great. I am not implying that you don't do more in time; what I am saying is to start with your well defined market niche and then later expand it. Let's look at some examples of poorly defined market niches:
second-hand car dealership
These next examples are properly defined niches; see the difference:
second-hand Honda Civic car dealership
expectant mothers' work clothes e-tailer
strategic planning executive coach for the C-suite
French-Vietnamese bistro in the heart of East Coast Park
piano teacher for retirees
home value protection for HDB units
When you see each of the niches in the second list, you may even be able to identify people you know who might want to patronise them. They may seem more limited, but they are so much clearer!
3. Do you know your customers intimately?
Now that you have a niche and you have your DVP, you must know who you are targetting. The question is: do you know them intimately? Do you know their habits before and after they use your product or service? Do you know what their current pain points are and how you can alleviate them? Do you know where they hang out so that you can get in touch with them? Can you tell the story of your target customer? This Customer Story will make it so clear that those who hear it will know it is for them; and when you hear it, you know what you need to do. Let's see one example of a great Customer Story:
"Our customer just got hurt and cannot walk. It is a temporary condition that lasts from a few short days to about 6 months. We make sure they have the right equipment immediately so that they can remain independent while they heal."
What do you think they do? Very clear, isn't it?
If you want to grow your market organically, you must be able to answer these questions clearly and unequivocably. You can then make use of the pull strategies effectively. Without answering these questions clearly, your pull strategies will be weak, and you will not be able to grow your market organically.