In this part of Concept it is necessary to identify the key characteristics of the product/service/company from the point of view of the potential consumer. The following details should be fully analyzed here:
General characteristics (name, identity, corporate style, category)
What does it give to the consumer, which idea does it carry
What kind of customer’s problems does it solve
Classify, with whom it competes in main categories
There is no “Product for Everybody”. There is no “average” consumer. Need to define a core group of the most loyal customers and concentrate on it.
It is important to determine the psychology of existing and potential customers: what in particular they like in this product/service, what kind of emotions move them to spend the money, what kind of their problems may be solved with this product/service, etc.
Using this approach, we can restrict abstract circle of potential buyers to the segment of potentially loyal customers (by the law of Pareto, 20% of customers generate 80% of profits).
The question is not how many people are on the market, but how many of them want to buy this product and have the opportunities to do so.
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To be successful, you need to focus on customers. Consumers – not just one link in the business chain – they are the only thing you should think about if the purpose of business is to maximize profit. People who spend the money by buying a particular product/service are the heart of every business.
The main question: who will buy the product? It is vitally important to define the “face” of the customer: motivation, values, psychological portrait. And answer the following question: how this product/service/company may attract this particular buyer.
Competitive advantages may be as follows:
The unique, exclusive product/service, one of the kind
Service level (respect) Membership of a particular group
Belonging to the certain environment
The secret of the brand – in pleasure, which we receive by buying and possessing the product.
Thus, we need to find the main difference, which will distinguish the product/service/company among competitors and gain a foothold in the minds of potential customers. This difference has to be emotionally close to the customer.
Leon Lurie, CEO Infinite Profit
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Having developed an ideology by examining the buyer’s needs and motivation, you can continue with the third step: the definition of competitive advantage of a particular product to a specific customer. How to put product/service in the consumer’s mind, how to attract customers?
Be different – it means to be unlike others. Be unique – it is to be a one of a kind. Competitive advantages are the main bridge between uniqueness of the company and customer’s mind. It is vitally important to identify them correctly.
The concept of positioning will determine what potential customer should know about the product/service/company and who is he. When we have a clear vision of the product/company and know enough about customer’s needs, we can distinctly identify the product/service/company and fix its image in the consumer’s mind. It will be easy to check out the competition and determine the direction of future development.