| UNDERSTANDING
YOUR OFFERING/YOUR MARKET - - Vol. 1 No. 2 - - October 1, 2003
“It takes as much energy to wish as it does to plan.”
- - Eleanor Roosevelt
As
with any worthwhile endeavor, the very first thing that you’ll
want to do is to sit down and craft up your plan. For this issue,
it will suffice to say that you’ll need an offering (product/service)
plan and a marketing plan.
Your Offerings:
Clearly,
if you’re going to expect customers to want your offerings,
you must have a thorough understanding of them:
- What
is your product or service offering?
-
What determined its need and is the need growing or shrinking?
-
Who needs it and how do they benefit from it?
-
How much should you charge for it?
Before
you can accurately answer those questions, it is very helpful
to have some “Industry Knowledge.” Among other sources,
that can come from:
- Experience/Exposure
-
Formal/Informal Training, SEMINARS, etc.
-
Industry Groups/Specialists
-
Reading/Trade Press/Other Media
-
And, God Forbid – the CUSTOMERS!!
“The
greatest problem with communication is the illusion that it has
been accomplished." – - George Bernard Shaw
Your
Market - what is a “Market” anyway?
Merriam-Webster’s
(online) dictionary has several definitions. Perhaps the ones
that most suit our needs here are:
“4
a (1) : a geographical area of demand for commodities or services
(2) : a specified category
of potential buyers <the youth market>
b : the course of commercial activity by which
the exchange of commodities is effected : extent of demand
c (1) : an opportunity for selling <a good
market for used cars>
(2) : the available supply
of or potential demand for specified goods or services <the
labor market>”
©
2003 by Merriam-Webster, Incorporated
Validating
your offerings
You
will want to conduct thorough “Market Research” to
confirm the viability of your plans/offerings. If this is not
possible, start with small “focus groups”, samplings,
“free trials”, etc. But don’t get too far afield
without some input from prospective buyers.
"Advertising
people who ignore research are as dangerous as generals who ignore
decodes of enemy signals." - - David Ogilvy, Ogilvy
on Advertising, 1983.
Next issue:
Be on the lookout for next issue of “Roadmap
…” where the topic will be: “Reaching
Your Decision-Makers.”
Until
then, Good Selling!!
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