I had the honor to present last week to a group of twenty entrepreneurs at Launch Cary, a group that offers access to capital and community support. Every time I get to speak to a group of entrepreneurs, I get more out of the engagement from their enthusiasm, energy, and excitement. My friend Bob Stapleton asked me to speak about marketing and to help evaluate some of the business concepts.
I presented five marketing questions for their considerations that I consider foundational. You can’t start a business without clear answers to these questions.
#1 Who will you serve?
Of the five marketing questions, I told the class that this question is truly step number one. At the root of creating a business is identifying a distinct and specific audience, you want to sell your products and services. I shared an image of about a dozen people. In this group are men and women, old and young, black and white, and other demographic segments.
But also in this group are three people who love motorcycles, four people who are fans of The Beatles, five left-handed people and two people who walk with a cane. Each of those subsets represents who you want to serve – not the larger audience. My advice, don’t serve a broad audience, focus on a narrow segment.
#2 How will you be different?
How paying attention to a small detail can untuck and opportunity
I gave examples of companies like Untuckit. How many companies sell shirts? Untuckit focuses on men who like to wear their shirts untucked. They design shirts specifically for this group of men. Their difference compared to other shirt companies is that they only sell shirts designed to be worn untucked. If you can’t describe a real difference in one sentence, you don’t have a point of difference. I told the class, tell me what only your business does that is unique to your business.
#3 What problem will you solve?
Businesses and consumers have problems that need to be solved. How does your product solve their unique problem? Sadie Olsen’s brand, called Otto’s Naturals, solves the problem for grain and gluten-sensitive consumers who like to bake. Sadie’s cassava flour, as a one-to-one substitution, solve this problem. The community Sadie serves easily understands her solutions. Brands that don’t solve problems struggle.
#4 Can you simplify your product offering and message?
Businesses that offer so many choices doesn’t help consumers decide. The Paradox of Choice is real. Moreover, I explained the often-repeated supermarket experiment. First, the samplers sample thirty jams and jelly in a grocery store, and only 3% of those who tasted the product made a purchase. Then the experiment was repeated with just six choices, and 30% of the samplers made a purchase. Customers want brands to curate and provide the best options, not more choices. When faced with too many choices, customers freeze and don’t act.
#5 Can You Stay Focused?
Finally, In this last section, we discussed how you need to build your brand with a clear and distinct focus. A steak house doesn’t need to offer vegetarian options, nor should a vegetarian restaurant offer meat choices. Pick a lane. Serve that community. Don’t be for everyone. Focus. As John Lee Dumas, the host of Entrepreneur on Fire says, FOCUS means Follow One Course Until Successful.
Entrepreneurs Rock
What a privilege it was to speak to this group. They were dedicated, passionate and curious people who were hungry to learn. I think I got more out of listening to their questions and in many follow up one-on-one conversations.
Thinking about starting a business? Begin by answering these five marketing questions.
Need help answering these five questions? I can help. You can set up a time to chat with me about your marketing challenges using my calendar. Our initial conversation is free. You talk, I listen. Email me jeffslater@themarketingsage.com or call me. 919 720 0995.
Visit my website at www.themarketingsage.com Let’s explore working together today.
Photo by Priscilla Du Preez on Unsplash
