Strategies to Convert Using Market Knowledge Beyond the Pitch
As business owners, success is about more than a groundbreaking idea or a stellar product. Entrepreneurship is characterized by relentless growth, innovation, and impact. However, amid all the product development, marketing strategies, and operational logistics, your venture's success hinges on understanding and addressing your target market's needs.
Deeply understanding the market you're in, knowing the pains of your target audience, and effectively packaging your solution to address one specific problem are the keys to your success. Let's dive into the nuances of market understanding and how to focus on clients’ pains rather than your solution.
Have a Clear Understanding of the Market
Before you craft a solution that resonates with your audience, you must thoroughly understand the market landscape. This involves identifying whether you are in a "blue ocean" with minimal competition, or a "red ocean" filled with competitors. In his book Blue Ocean Strategy, W. Chan Kim explains that thriving in a blue ocean means creating a new market space and making the competition irrelevant.
While having competitors is often viewed negatively, it can also validate the demand for your services. Competition shows there is a proven need for what you're offering. However, even in a red ocean, you can carve out a niche by uniquely positioning your product or service. This tailored positioning can transform a saturated market into your own blue ocean.
To understand your market, engage in comprehensive research:
Attend in-person and virtual networking events.
Join Facebook groups, participate in forums, and engage in discovery calls.
Conduct email surveys and organize focus groups.
Analyze testimonials and reviews of competitors' products.
Delve into relevant books and industry reports.
Using these methods, you can grasp the market's language, needs, and preferred solutions, which will inform how you position your offering.
Package Your Solution to Solve One Specific Problem
Once you understand the market, the next step is to identify the core pain points of your target audience. Packaging your solution to address these pain points specifically is crucial.
For example, you can buy a carton of eggs. You can buy fresh eggs from various brands, each packaging them differently to appeal to specific customer desires. Some brands emphasize free-range chickens, others focus on organic farming, and some highlight affordability. Despite all being eggs, the way they are marketed addresses different consumer pain points, whether it’s health, ethics, or budget.
Your goal is to make your product or service stand out by directly addressing the most pressing issue your audience faces. It’s not about changing what people desire, but packaging that desire in a way that makes your solution the most attractive. This involves:
Identifying the primary problem your audience needs to solve.
Tailoring your messaging to highlight how your product or service uniquely addresses this issue.
Using the language and terms your audience uses to describe their problem.
Focus on Their Pain, Not Your Solution
A common pitfall in business is focusing too much on the features of your product or service instead of the customer’s problem it solves. Conversion becomes much easier when your messaging focuses on the client's pain points and how you can alleviate them.
Consider the customer journey, which starts with awareness and moves through consideration to conversion. Your potential clients must first be aware of their problem before they can consider your solution. Make the problem big and visible in their minds, so your product naturally appears as the best solution.
During the conversion phase, remind potential clients why they considered your product in the first place and emphasize the consequences of not addressing their pain points. This approach:
Highlights the urgency and necessity of your solution.
Reinforces the value of your product by focusing on the client's needs.
Moves the conversation from why your product is great to how it solves their specific problem.
Businesses often go wrong by emphasizing their greatness rather than the client's needs. Focus on how your offering solves their problem, and you’ll increase your conversion rates significantly.
The Egg Conundrum
Let’s bring this into a relatable context with a personal story. I have a specific breakfast routine: two boiled eggs and a cup of tea. My preference is fresh, home-boiled eggs. One day, my husband tried to substitute store-bought boiled eggs without telling me. Before they even touched my tongue, I could tell they were different—just from their feel, smell, and temperature.
This story illustrates a crucial point: the same product (boiled eggs) can be perceived very differently based on subtle differences in delivery and packaging. For your business, this means understanding and catering to these nuances can make all the difference in how your product is received. Even in a market flooded with similar products, how you position and package your offering to address specific pain points can set you apart.
Conversion is more than just closing a sale; it is deeply understanding your market, packaging your solution to solve a specific problem, and focusing on your client's pain points rather than your product's features. By implementing these strategies, you position your business for sustainable growth and success, turning every client interaction into an opportunity for meaningful connection and impact.
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