The worst mistake you should avoid is leaving your laboratory 3 years after you have worked hard on your product. And even worse, to take a product out when it’s finished, only to find out that no one wants it. You would never be able to conquer your market this way.
Start by asking yourself,
If I can’t create a need, how do I know if it already exists ?
Another mistake is to think that it is necessary to aim for a low price. Charity will not help you achieve your profit goals.
Be aware that you will not be able to sell your product to all your potential buyers. Most of the time you are only “skimming” the surface of the potential market. Even after years of effort.
The potential of your market is probably much larger than the number of customers you need. It’s just a matter of having a large enough customer base to never get to the end of the line.
Another problem is that even if your market is huge, it needs to renew itself over time. Since we are talking about a “lifespan” for your customers. Ask yourself the following question:
What is the lifespan of your product ? How long before it expires ?
We are going to discuss 4 criteria which, if met, will guarantee that you will be able to conquer your market.
4 factors to help you conquer your market
First factor : Is there a need for your product ?
Be aware that the act of buying is essentially an emotional process. If your customers manage to feel desire for your product, they will trust you. Their decision can later be expressed and justified with rational arguments.
You need to make sure that your customers will have a strong emotional charge from their purchase. This emotional charge can be assessed in 3 ways :
- The emotional investment
- The pressing need
If your market meets this first criterion then the emotional factor is within your reach. Now we will see how to detect the sustainability of your business.
Second factor : Is the money already spent elsewhere ?
As soon as you have the emotional factor on your side then the price you will practice will weigh less in the balance. It is to your advantage, even crucial, to adopt from the beginning a top-of-the-range positioning because your margin will be more important. Thus you will quickly succeed in perpetuating your company. Then, your budget will allow you to bring an unforgettable experience to your customers.
These first two criteria assure you that you can conquer the market but can it be sustained over time ?
Third factor : Is your market large enough ?
You need to make sure your market is large enough.
In 1966, an invention to increase the speed of reading had finally made a flop. A metal ruler slid automatically over the page with the possibility of the desired reading. You ask yourself, why didn’t it work? The reason it didn’t work is that most people aren’t willing to spend money to read faster. The volume of people interested in buying this product is minimal.
Fourth factor : Is your market renewing itself sufficiently ?
In order to ensure the sustainability of your business. You need to make sure that your market renews itself. There are 2 ways :
- There are newcomers all the time. So you can offer your services or products to new customers.
- The expiration of your product allows you to offer it to new buyers.
Indicators that your market is promising
We will see all the questions you will have to answer to know if you meet the different criteria and conquer your market.
First indactor – The passion
First of all you need to make sure that a customer is willing to spend their money in exchange for your service or product. Your contract must meet the 4 PMVR factors :
- The passion
- The means
- The volume
- The Renewal
In the first factor, emotional load can be assessed in three ways :
- The emotional investment
- The pressing need
- The Malleability
For emotional investment, here are some indicators :
- Are there any associations that bring together enthusiasts on this theme ?
- Do they meet on specialized websites, blogs or forums ?
- Do they have their own jargon ?
- Do they find products or services on this market to solve the problem ? Are there also training courses and books ?
If you notice a lack of information research and training of your prospects then you can conclude that there is not enough emotional investment
For the pressing need, if you have carried out a quick market study, you will be able to realize the following indicators :
- Does your customer show a strong need to acquire a solution (product or service) that will rid him of his problem ?
- Is there an important issue for this person if he or she finds a solution or not ?
- You can use the keyword planning tool provided by Google. You will be able to determine if a keyword is highly searched (its volume) and know in the searches of the Internet users the most searched expressions.
Click on the link to find out how to carry out a quick market research study “Market research in 7 questions“
Finally, malleability is the last resort if the response to the previous two ways of assessing emotional load is negative. It is the least ethical because it is about controlling and directing your target’s attention. It’s about triggering the purchase even if the product is of no interest to her . Here are some indicators :
Your prospects are ‘hyper-connected to social networks for information, do they spend a lot of time in front of the TV and consume a lot of news ?
Second indicator – The financial means
It’s not enough to know that your clients have money. Validate that their money is already flowing to other alternatives.
It is impossible to generate a purchase flow that does not exist, but it is possible to divert an already existing purchase flow to your products
In addition to quick market research, you can use macroeconomic data for your industry that you can find on the Internet.
Third indicator – The volume
Here are a few clues as to whether your market is large enough :
- Study the volume of your market as mentioned above with the keyword planning tool.
- Is the number of people following competing brands or pages directly related to your theme important ? (Be aware that this criterion alone is not enough).
- Observe the turnover of companies offering an alternative to your service or product. In your search, in order not to distort it, give preference to a company that sells only the type of product you are looking for instead of a generalist company.
Fourth factor – Renewal
If you find that your customers have a passing need, then in your loyalty strategy, you need to get recommendations from friends of your prospects.
If you have at least one of these two types of renewals, you’re on the right track :
|Internal Renewal||External Renewal|
|On their own, they buy back after a while||A potential client arrives somewhere every day|
If you have both in your market, you’re at the top.
If you sell digital courses, you will get more results if you define time-limited access. This way, paradoxically, you will avoid your customers to procrastinate and they will get more results.
Click on the link to find out how to fight procrastination “Procrastination: 1 way to free yourself from limiting thoughts“
Now that you know that you meet all the criteria to launch yourself and conquer your market, know that it will take a lot of effort! Sometimes it can be a bit slow to get started, even if the foundations are solid before you find success. You’ll have to bravely face a crossing of the desert.
To go further…
Sébastien Night In : Profession : entrepreneur libre [Online] Paper book format available in French on : < https://amzn.to/38w0HcA >