Finding Your Target
The market is a group of targets. When a new product is introduced to the marketplace, many groups will respond positively. Out of those groups, one will prove itself dominant, as the one most appealed by the product.
This includes not only the product, but all business outputs through marketing, sales, and even legal or finance. All of these potential touch-points will shape the product in your target’s mind.
Due to this, it’s best to align your product and all of its surrounding materials with a highly specific market definition. Maximizing your penetration within a niche is the most important objective when delivering value, and it will guide your entire marketing plan.
Mapping Targets with Value
As you examine your targets and product arrangement, consider the many various pieces operating within both. You will have cost structures within each which may present opportunities or mitigable roadblocks when compared with each other.
Take a look at the entire customer journey, and consider how your product solves some of their pain-points. Prepare questions and hypothesis while completing your documentation. These will form the basis of your market analysis.
Consider the value of a research phase, composed of several cycles, which seeks answers to only a few key questions. Conduct a diverse set of research activities, and seek objective data in each session. Narrow your market and adjust your product arrangement to fit the new understanding.
Developing a go-to-market plan requires deep market exposure. Everything from magazines, specialty shops, events and TV shows will reveal a segment’s natural qualities to you. Developing strong plans require familiarity with the target. You must understand what they think.
Value is the net benefit gained by the user. Mapping, researching and consuming will enable one to deliver that value. Maximizing and developing value can take time but will enable early testing under the cover of privacy.
Gain consumer feedback 1-on-1 before setting your tone in the market.