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The Market
Is The Master
The marketplace will give
you the clues that guide
your small business marketing
What is your strategy to communicate with
the master?
By Coach Ron
A critical principle every business needs
to grasp while marketing is to understand and accept that a majority
of your success is out of your control.
You must recognize that your prospects and clients possess ultimate authority
over your business success or failure. The only factors within your power
are the opportunities and resources to influence the actions that lead
to purchasing your product or service.
This is a strange notion when you think about it. You’ve carefully researched,
designed, and marketed your product offering, but you don’t maintain control
of it? How can this be?
It simply boils down to one fundamental concept:
the market is
the master.
It’s the market that will ultimately decide your fate in your business
venture. They have in their possession two powerful tools to determine
your success: the freedom of choice and authority over their money. If
the market doesn’t like your offering and decides not purchase it, you
will not succeed.
It’s a terrible misconception to believe that just because you think
your product or service is the best in the world your clients and prospects
will believe the same. You must diligently explain the reasons it
will benefit them and why they should risk their time and money on what
you offer.
Understanding the Process
At its core, the marketing process is about meeting the value your clients
desire with the perceived benefits that your product or service offers
in return.
You must understand that it’s not about you or how great you believe your
product. It’s about their needs and what they want. They are the master;
they decide if you live or die, so you better be clear on how you will
meet their needs!
People don’t
buy what they don’t need. Many think otherwise, but it’s the truth.
What about a compulsive shopper? They buy stuff they don’t need.
Yes, some consumers impulsively purchase products they will never use.
However, these people are purchasing to fill an emotional need, not a
physical one. It has been proven in numerous studies that there is an
adrenalin rush that occurs during the buying process. It’s the thrill
of the purchase and the emotional high that drives these shoppers. In
these cases, an emotional need is motivating them to take action and
make a purchase. They are not fulfilling a tangible need which improves
their condition, but it is a powerful need nonetheless.
As a marketer, the challenge you face is to positively influence the decision
making process and guide the buyer to select your offering.
You must show
buyers that you have the product that meets their needs they desire to
fulfill. These needs are not always logical or obvious on the surface.
Typically, they are deeply rooted in the subconscious mind of the purchaser.
Even a solid, tangible need follows a thought process that must be considered
when developing your marketing strategy.
Understanding the Master’s Method of Choice
At the heart of this marketing challenge is communication. When you fail
to communicate the key benefits to fill their need, they will utilize
their power of choice and reject your offer as an unworthy option. It
sounds harsh but it happens every minute of everyday in every marketplace.
To understand this, think of how someone chooses your product. As humans
we naturally
deselect an offer based on what we don’t want rather than choosing the
option with the best qualities we desire.
To experience this personally, the next time you are shopping for apples
at the grocery store, notice how you make your final choice by process
of elimination. You start by looking at all the apples in the bin. You
then mentally assign a list of optimal standards for your ideal apples
you wish to purchase; red or yellow, big or small, sweet or tart, etc.
This list is formed by your past experiences, personal taste, and your
accumulated knowledge of apples that you possess at the time.
Sometimes it is very complicated
list of desires; however, you will utilize these standards
until you have selected your best apples.
You pick up an apple and decide it’s too small, so you put it back. The
next one doesn’t look ripe enough. That one has a bruise. The next one
has a strange color. This variety costs too much. Finally, you pick one
that looks just right and put in the bag. That’s going to be one delicious
apple.
But you want to purchase more than one apple, so you continue to find
the second best and the third best and so on. At this point, you should
feel like Goldilocks. But you don’t because this selection process is
occurring deep in your subconscious. Essentially, what you have done is
selected the best apples by deselecting the lesser, unworthy apples.
This happens all the time when you are deciding to purchase products as
varied as apples to automobiles. You journey through a process of evaluation
of options until you find the one that closely matches your criteria you
have assigned to your standard.
Test this powerful tool on yourself to give you an insight into the buying
process. It’s also a valuable exercise to use as you are developing your
product offering.
Knowing how
your master makes decisions and what criteria they use during the process
is a vital component of your marketing.
When you carefully uncover the market’s needs and match your benefits
to them, you put yourself in a position of influence that gives you more
control of the process. The market is the master but you can persuade
them to select your product offer in a positive manner by being attentive
to their needs.
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