Dealing with the challenges of market education
A product only becomes valuable when people need it. Otherwise, it’s just a whatever-shaped object hanging around and waiting for someone to need it.
Introducing a new solution might go unnoticed if individuals are unaware of the problem. In such cases, they may not see the need for your product, leading to a disappointing outcome.
What factors may prevent a new product from entering the market?
– The infrastructure isn’t ready – Home internet had great potential years before actually being utilized for homes and offices, but the infrastructure wasn’t there yet.
– People aren’t ready – Call-waiting was considered an invasion of privacy for many people, and it took time for it to be accepted by the majority.
– The technology isn’t ready – Flying cars or any other flying thing that isn’t flying yet.. but we’re getting there!
– Unpredicted events – Fatal solar eruptions destroying the planet..
– Marketing that just isn’t good enough.
Most of the above reasons for unsuccessful market penetration aren’t solvable in an immediate timeframe or at all. They require tweaking the product or even changing it altogether to suit the right conditions, which translates into investing a lot of time & money, as opposed to the solvable one, which relates to marketing.
What can be done to improve your marketing?
To effectively approach marketing, view it as a framework of smaller interconnected building blocks that form a complex and ever-evolving entity. However, as the market is constantly changing, there will always be gaps in this framework that need to be identified and addressed in a timely manner.
The building blocks:
– Your goal
– Your target audience/s
– Possible platforms: web, social, communities
– Your positioning: content, design, branding
– Various campaigns: organic, paid, Email
– Measurements!
The gaps:
In today’s fast-paced world, where preferences constantly change, even a single building block is dynamic. As a result, marketing can never be 100% perfect all the time.
Even if your target audience is well-defined and narrowed down to the finest ad group, people in that group have different preferences:
Some are more likely to read your posts than others
Some will subscribe to your newsletter, while others will block you
For some, your animation ads will be more appealing than image ads, and vice-versa
To achieve engagement, it’s important to recognize that only a portion of your target audience will be receptive. Success is measured through percentages, with the goal of reaching 100% while acknowledging the limitations.
Clearly defining your target audience is essential. Creating high-quality content will improve your conversion rate furthermore. Conversely, failing to specify your target audience will result in low engagement.
It is essential to regularly review and make necessary adjustments to all aspects of your marketing strategy and plan.
How it all works together:
Imagine if you had the most skilled professionals optimizing every aspect of your marketing plan to increase its efficiency percentage. Does that sound sufficient to you?
Well, it isn’t. Apart from the different elements, your overall image should be examined regularly.
Having a solid strategy can increase your engagement and yield quick results. However, it is essential to measure your progress daily to navigate through the challenges of the market.
Achieving balance in your marketing strategy is crucial. You should combine short-term adjustments reflecting current situations and a long-term perspective that builds trust with your audience over time.
Give the market time to become familiar with your changes and find a balance between making tweaks and maintaining a solid brand image.
The power of content marketing for market education
When it comes to educating the market, it’s important to address fears and doubts. People tend to stick with what they know unless they are motivated to make a change. To persuade them to try your new product, your marketing content should alleviate their concerns about the unknown and demonstrate how their lives can improve with the change. This is the true impact of content marketing.
When creating content, view your target audience as individuals whom you can assist in improving their lives, regardless of whether your product is B2B or B2C. Ultimately, your product will have an impact on people’s daily lives.
– Connect to their world, show them you understand it
– Mention their challenges, show them how things can get better
– Dissolve their fears of trying your product by providing information
– Place images of the product, add testimonials, gain trust
Introducing a new product to the market may not be easy, but it’s surely exciting!