In my post yesterday I wrote about how deep these three words – Single Target Market -are, for a product or marketing manager when they are launching a new product or service.
Even if you have a checklist based on which you identify a Single Target Market, you still need to test if there’s actually a need for your product / service in that market. “You have identified a niche in the market, but is there a market in the niche” I don’t remember where I first read this quote but its absolutely critical.
Before that you will need to test if the message that you are conveying resonates with the market. You will need to test if the medium you are using, actually takes the message to the market which people notice.
So testing, as I emphasised in my posts multiple times earlier also, is absolutely critical for your success. You may do as much analysis sitting on your desk, its only when the “rubber hits the road” that you realise how good your actual planning isarke.
If you have thought through the Single Target Market really well, then you would have also hypothesised about the conversations going on in the mind of the prospects at different stages in the buying cycle. However whether what you have sent out as a message is resonating or needs to fine tuned can only be figured out as you start playing in the market.
Similarly you may decide to send out pamphlets, to the audience, but the audience prefers to see a message on the social media platforms, that also needs to figured out.
Last but not the least – there’s a lead time – for any market to convert. In the case of B2B the lead time is actually very long – sometimes even upto two years. Reason being most B2B buying happens after a lot of effort where multiple departments are involved. So there’s lots of inertia as well as processes that need to be closed before another vendor is brought in. In addition until and unless the incumbent vendor has really messed up, the companies you target will not like to consider someone new. If you have a new technology which the existing vendors don’t provide, they may still consider you, but the process is still very long.
For this you need to have a lot of marketing stamina to not only test but also for conversion of prospects.
So while the Single Target Market can make your market entry strategy very structured, you still need to prepare for doing testing and tweaking your message or your medium.
Till next time then.