How to Concentrate Market Need on Your Product

There are many start up runners who have great projects in the market but few sales. The problem is that there are not innovators in this field. And, even with improved methods they still represent already used ideas. Thus, these businessmen usually have lots of competitors in the market. Some of them might be much more successful compared with startup runners. It is all about the experience that they got during long lasting startup years. One of the most important things they have learned is concentrating market need on their projects. Due to this post you will be able to compete and even beat the “old” businessmen in the industry of your choice. The all strategies are about finding the major questions. Afterwards, you have to put them in the right algorithm. And of course, the most valuable part is finding the answers to them and implementing them.

Let us start with a general question to find all the specific answers of it.

What problem does your business solve for your customers?

People do not buy products or services! They buy solutions!

People, consciously or unconsciously are buying solutions that satisfy their needs, not products or services. Everything connected with purchases are about the solutions that you can find for your target market. Therefore, you would advertise the solution. Connect your company’s mission with that solution and day by day try to find out more and more ways of making it relevant.

Make Your Basics on Relevant Needs

Before finding the relevant one let us understand the types of market needs. Sometimes market needs are natural, like eating, drinking, having cloths, being warm, etc. However, in the most situations the needs have been created. 20 years ago, there was no need for social networking. Regardless, somehow people socialized it in the real world! This example means that nothing is irrelevant and the impossible today might become possible tomorrow due to Your likes!

What Are You Good At

After thinking about the market need and the solution of it, start thinking what are you good at! Or if you have a team, try to consider all of the strengths of each member in the group. When you finish this you already find the tools that can be turned into satisfying market needs.

Doubling and Tripling the Market Need

Every product or service has its own target market. For instance, try to answer – why people usually go to cafeterias or restaurants. There would appear lots of various but obvious and simple answers. They might enter them to have some meal or dates and business meetings.

Another example with hostels. People usually go to hostels to have a place to sleep for few number of days. These people are usually travelers.

And the third example – Anti-café’s, the visitors of which are all the people who have lack of social life. The examples are not supposed to be a hundred percent right ones. The point is that if you connect these three spheres in one you would triply your target market. This tool will help you to beat all the other competitors. You could startup an anti-café-hostel with multiple opportunities. People can visit it to eat something, have meetings, get an accommodation and fill their need of social life.

Ask Lots of Questions to Find the Answers

Tune into the world around you and question everything. How could things be better? Listen to the complaints of your friends and family. What difficulties do they encounter in daily life? What annoyances do you deal with in your own life? Identify problems, and start throwing out solutions.

What If?

As I already mentioned there is no unreal question because overtime answers would be found themselves.

What If? “What if I could track how and when my children grow?”. As an alternative to pencil markings on the wall, one student created a magnetic height chart for the fridge.

If The Solution Already Exists

If you are a start-up owner it means that while finding answers you might find out already existing solution. Moreover, you might find one that oftentimes implements by your experienced competitors. In this cases never get confused or puzzled. Just try to ask yourself three questions.

  1. However, is it the best option?
  2. Can you think of the better?
  3. Maybe all you need is improving the existing solution.

Value Proposition

One of the most important skills is having the knowledge that will allow you to construct Value Proposition. What is Value Proposition? It is the mission of a company that should be regularly followed. There are three ways of constructing it but the main goal is an unchangeable one.

Three Samples of Constructing

  1. For [target customer] who [statement of the need or opportunity], our [product/service name] is [product category] that [statement of benefit].

The Sample: For non-technical marketers who struggle to find return on investment in social media our product is a web-based analytics software that translates engagement metrics into actionable revenue metrics.

  1. Customer: [who your customer is] Problem: [what problem you’re solving for the customer] Solution: [what is your solution to the problem].

The Sample: Customer: I believe my best customers are small and medium-sized business (SMB) markets.

Problem: Who cannot easily measure campaign ROI because existing solutions are too expensive, complicated to deploy, display a dizzying array of non-actionable charts.

Solution: Low cost, easy to deploy analytics system designed for non-technical marketers who need actionable metrics.

  1. Short, simple, memorable; what, how, why.

The Sample: “Mint.com is the free, easy way to manage your money online.”

Try to construct your Value Proposition and always follow it to beat the competitors who do not follow one.

When You Already Know the Market Need

In this case you can suggest the answers before listening to questions. This kind of predications can make lots of sales for you. There is a tool called as popups. You can use them as acceptances of your predictions. For example, a consumer visits your web page and for 10 minutes looks for various kind of your products. Afterwards, decides to exit the site. It means that he gets unsatisfied with some points. Often, making a discount helps to save a customer. But how inform him about it? So, when he holds the mouse on the exit button it opens a popup in which he can see a special discount code for him.

Hope the article was a useful one for you and you can multiply your sales with beneficially using it!

Written by borisharutyunyan

Blogger in Sygnoos Company

Comment Below