A lot of companies make the mistake of approaching the market from the wrong angle.
This happens because they fail to analyse their market sophistication and what is the appropriate strategy to penetrate it.
This is simply brought by market oversight.
Visionaries fail to see where their product fits in the bigger picture; hence, the product gets rammed down the throats of potential customers.
In this video by Vishen, he explains the brilliant concepts by Eugene Schwartz in his best-selling piece Breakthrough Advertising.
By taking the time to research on your market sophistication and knowing where your company stands, it will allow you to construct a marketing angle to efficiently and effectively capture the market you want.
Here are the 5 Stages of Market Sophistication discussed:
Stage 1: “HELLO, market!”
Okay, you are the first to bring the product to market. The ocean is blue. There are no others like you.
This is where all you have to do is tell the world what your product can do.
Here, there is no need to be lengthy.
Since you are uncontested, your innovation is enough to capture the market.
Stage 2: “WHAT is it?”
Oh snap. The ocean is not as blue anymore. More companies caught up and are pretty much competing for the same market.
Here is where you enlarge your claim.
Outbid your competition with how your product is more than just accomplishing what it needs to.
It is doing it better, faster, stronger than competitors. Put some measurability to it to one up your competitors.
Stage 3: “HOW does it do it?”
This is where the market is getting jaded with all the exaggerated claims made by the growing group of companies selling pretty much the same thing.
Tip is to NOT continue exaggerating your claim here. Don’t “shout to see who’s louder”.
Think smart and choose a marketing angle which highlights your feature differently. **Note how you are talking about features here and not claims anymore
Basically, backing your claim with extensive research on what makes your claim legit.
Stage 4: “Crush them”
As usual, competition will creep up and it is time to change your angle again.
Here is where you know what your competition is lacking and how you beat them flat.
A fantastic example would be how Mac launched a Mac vs PC campaign that highlighted all that Mac has to offer in such a brilliant way.
Highlight your features and crush them competitors. Give the market absolutely no reason to buy any other brand.
Stage 5: “Be Iconic”
This is the final stage of Market Sophistication. The market knows so much about the industry, they will not buy into whatever you have to claim or hard sell anymore.
Here is where you tap into the emotional play.
Here is where it becomes somewhat an identity to be using your brand.
This is where you sell on how your brand serves a certain type of people and encourage people to buy into that exclusivity.