Stupid Marketing Tricks Part IV

In the last few posts I have made the point that, before taking any product to market, you first must determine whether or not people need or want your product or service. If they NEED it, you will use one approach. If they merely WANT it, then you will use another approach.

So let's assume that people actually WANT or NEED your product. Now we must look at how MANY need or want that product.

Again, don't laugh. Not looking at this subject realistically will cause you to fail faster than many of the other failure factors that might come into play here.

Let us suppose that you have developed a small computer chip that solves a system error in the XYZ232 computer system. Every user of the XYZ232 Computer Operating System in the world really NEEDS this chip. Without this chip, users of the XYZ232 Computer System will experience never-ending and ongoing frustration. In all the chat rooms, on all the discussion groups, in the IT forums, everyone talks about the need to solve this inherent problem. You have the answer. In your mind, you have determined that this is a NEEDS based marketing scenario. And so you spend 10 grand to develop your chip. You then announce that you have developed the chip in an ever so perfect marketing campaign. You do everything exactly right.

Sales, however, end up being 50 chips. Just 50. What happened?

What happened is that you failed to do the research. Surprisingly, there are only 200 XYZ232 Computer Systems users on the entire planet.

Knowing there is a market is one thing. You KNEW there was a market. Knowing the potential size of the market is another.

You see, a really stupid marketing trick is to believe that everyone is just like ourselves. We assume this is the case. It is not. The fact that you are interested in a subject does not necessarily lead to the correct conclusion that there are many others interested in that subject.

Yes, it is important to you. However, it may be important to just a few other people. If this is the case, you will fail.

As marketers, we believe it is all about us. This is human nature. However, in successful marketing, it has absolutely nothing to do with you. It is all about the potential buyer. Your OPINION frankly does not matter at all. YOUR likes, YOUR preferences, YOUR dislikes are not going to cause another to willingly part with their hard earned money. THEIR likes, dislikes, preferences and perceived needs or wants will.

All of marketing comes down to the ability to get into the head of another person or large groups of people. You will only be successful if you solve THEIR perceived problems in the way THEY want them to be solved. Very basic, but often overlooked.

Artists (painters, poets, authors and musicians, etc) are especially guilty of assuming everyone will be interested in their grand works of art. Not so. Yet artists are SO INTO their works of art that they never stop to consider the fact that frankly, nobody cares, except extremely limited and narrowly targeted groups of people. This is how the phrase 'starving artist' came to be. (Selling artistic works is very difficult in the general marketplace, but EXTREMELY easy if one can precisely define that specific group of potential buyers).

And so, the second step is to determine the size of the market. This is done through research. There is no single research tool that will provide the answer for all products.

The Internet can provide much of the information you need. Start with a search on 'XYZ232 Computer sales' as your search term. Look specifically for studies, articles, etc on the number of buyers out there. Also use Google Adwords Keyword tool. This tool now tells us the NUMBER of searches done on a particular phrase for a specific period of time. Look at the number of searches done on 'XYZ232', for instance. If the number of searches done on 'XYZ232' was 100, while the number of searches done on 'ABC456' was 10 million, you can guess that your potential market is relatively small.

Ask for help. Get into the chat rooms of XYZ232 computer users and ask about where you might get information on these numbers. Everyone in these rooms is really trying to be helpful, so get some input from others. Don't forget about that old, dusty library down the street. Explore magazines devoted to the XYZ232. Go to the bookstore. As your local computer technician. Ask XYZ232 Inc. What you are looking for here is the NUMBER of users of this brand of computer.

But be careful. If you ask XYZ232 users IF they will buy the product, nearly all will say yes. You are not attempting to find out IF they will buy (they certainly will), you are trying to determine HOW MANY THERE MIGHT BE. Don't be fooled into thinking there MIGHT BE a large number of potential buyers.

You must KNOW there are a VERY LARGE NUMBER of potential buyers for your product or service. Establishing THE PROOF that this is so is the first step any potential manufacturer of any product would take in the real world. Again, this is so basic that it perhaps need not be verbalized. Marketing 101. Failure to know the size of the potential market before even considering taking that product or service to market would be a majorly stupid marketing trick.

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