My best advice for anyone looking to find that ideal marketing tactic is to first identify where your product or service ranks in the market place. A simple exercise for identifying where your prodduct or service ranks can be found in chapter 16 of my book, but if you haven’t read it yet, I essentially put together a simple demand quandrant chart with four areas of focus. Your product is in either high demand or low demand and could be in varying degrees in between.
After identifying where you are in the chart you can then guide yourself to an appropriate marketing tactic that fits your business. Here are the four areas in the quadrant:
1.) High demand – Low Knowledge for your product or service – there is high demand for your product or service, but customers have low knowledge about what your product or service does and may have not heard of your business before.
2.) High Demand – High Knowledge – Your product or service is in high demand and your customers have a great understanding for what your product or service does. Customers also know about your business. ****This is a great position to be in! ****
3.) Low Demand – Low Knowledge – Low demand for your product or service, and customers have little knowledge about your business, your product or service. You most likely have done little to no marketing and need to get out there!
4.) Low Demand – High Knowledge – Your product or service is in low demand but customers have a strong idea for what your product or service does. Customers may know a lot of other companies that do something very similar to what you already do.
Brief Exercise: Look at the four quadrants above, where does your business fit?
I’ll do a blog entry next time identifying tactics that match up to these quadrant areas.
(Excerpt from Market This!: An Effective 90-Day Marketing Tool, chapter sixteen, Using the Marketing Demand Tool)