Today was a very dense day in terms of doing some massive amount of brainwork. Generally my day is full of a lot of transactions which eat up my brain power. Today however was majorly about thinking through a couple of market related problems.
In one situation we had to sit down and physically analyse the database, because there was no response from the database to a campaign we sent. In any campaign, if there’s a problem with the response, then the first thing I like to look at is the database. So after testing multiple messaging when we didn’t get a response, we had to sit down to figure out the challenges with the database. So we went down the list of companies with a comb to figure out what could be the challenge. This was pretty time consuming as well as mentally exhausting.
In the second case, it is still work in progress, I had to analyse on figuring out a single target market for one of the service areas that we deal in. Figuring out a single target market is time consuming because you have to start with the whole market and then keep stripping down. However in this process, you don’t want to miss out on any portion of the market to analyse. So you try to analyse the market from the attributes perspective first, then usage perspective, to ensure that you are not missing out on a lucrative market.
After that you have to see if the market has a decent size for you to operate in. While you have niched down to such a specific market that has only say 100 participants, then the chance of you being able to convert a substantial number is limited. Having said that, this quantity is a relative thing. If you are selling airplanes like a Boeing or Airbus, in any country you may not have more than a handful of airlines. But because the ticket size is so huge that even those handful is a big market.
I shared how in a typical day we analyse the marketing issues. I will look forward to your comments on how you analyse marketing related problems.
Till next time then.