James asks, “How is your thought process different for marketing for a well-established market/industry vs a newly discovered market/industry?”
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What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
Christopher Penn 0:13
In today’s episode, James asks, How is your thought process different from marketing to a well established market or industry versus a newly discovered market or industry? It I guess, from a strategic perspective, you have different problems you’re trying to solve.
If you recall back to the August 21 edition of the almost timely newsletter, I talked about the pigs framework, right problem, impact general solution specific solution, if you can walk through that real quickly.
Problem? Do you understand the problem as the consumer? Do you have? Do you know what the problem is? To? Do you understand the impact of the problem? If you don’t do anything about it? Three? Do you understand the general solution to the problem? Four, do you have a specific solution in mind, so if the consumer is hungry, they understand the problem with the impact that they don’t solve the problem, they get hangry, right.
The general solution is eat something.
And the specific solution is find something to eat that meets your your tastes and budget.
When you’re talking about well established industries, or well established markets versus newly discovered markets, with startup markets, brand new markets, it’s a question of where you are on that spectrum, a well established mature market, everybody, or most people in that market, pretty much understand the problem, they probably understand the solution, the impact and the general solution, right.
So they’ve got the three out of four pigs of the pigs things settled, they understand the problem, they understand the impact, they understand the general solution, where they are, as they need to figure out a specific solution.
So they’re gonna be looking at competitors, they’re gonna be looking at you that you’re going to be looking at price.
Because in a mature market, a lot of the times it’s a it’s a pricing war, because that if it’s really mature, the solutions in that marketplace kind of become a commodity, right? If you need marketing, automation software, there’s really not a whole lot new in the marketing automation, software space, right? There’s all these major players, there’s all these you know, there’s a bunch of startups who but you know, what the problem is, you know, what problem you’re trying to solve.
And so you can narrow down the different vendors, based on budget price time to get up and running different features that you might need.
In a new discovered industry in a new market.
You may be starting at the very beginning of the pigs process, right? People may not even understand what the problem is, right? If you’ve got a new left handed smoke shifter, people might not even understand what the thing is, that is even exist for why are you here? What, what’s the point of view, if they don’t understand the problem that you say they have? For sure they don’t understand the impact.
They’re not even looking for a solution.
And they definitely don’t want to hear from you with your specific solution.
So in terms of marketing, you have a lot more education to teach people, hey, this thing that you’re talking about here is a problem.
It is going to have an impact it there is a solution to that problem.
And we are the best solution for that.
prior to October 2020, Google Analytics 4 didn’t really exist.
It was called Google App plus web.
And Google said, No, this is in beta.
We’re testing it out things.
And if I had said, Hey, Google Analytics 4, this is the thing people have been like, what the heck does? What does that even mean? Right? Why? Why are we talking about this? Where did you even find this information? They wouldn’t have even understood the problem problem, of course, being that Google is going to be moving the cheese on all of us, they wouldn’t understand the impact, they wouldn’t know the solution was to start migrating and testing and getting your data into the system.
And they certainly would not have said, Hey, Chris, please come and help, you know, get a setup on this thing.
So that pigs framework really helps you understand the maturity of a market, the more complete the pigs framework is, the more competitive the market is, the less explaining you have to do to people, that is a problem.
Right? You don’t have to explain to people that their, their gas car needs an oil change, right? That’s, that’s a well established problem that your car needs an oil change.
So your marketing has to be about which of these vendors is better? There are other things like martial arts, martial arts is not new.
It’s 1000s of years old.
But today’s audience in today’s world may not understand what problem they’re trying to solve.
The problem probably isn’t some guy with a spear trying to kill you.
I mean, it happens but not not often.
Christopher Penn 4:49
But the problem might be, hey, I’m, you know, I’m 42 years old and I’m about to die of a heart attack because I sit at a desk for 90 hours a week or the problem might be I can’t seem to stop yelling at everybody I love because I’m under so much stress.
And so if you’re, if if someone does, if someone knows that the problem, maybe they don’t understand the impact of the problem, right? No, no, I’m fine.
Everything’s fine just yelling at everybody I know.
Right? So that’s a little further down spectrum.
Maybe they read an article that you create, then saying, hey, the general solution to not yelling at everybody you know, is to do some kind of physical exercise that also helps focus your mind.
And then the specific solution is the martial arts school that you represent.
So even in a mature problem space, if the audience is unaware that the problem exists, you may have a lot of educating to do use that framework to benchmark where your industry is, and where you are.
And see what the the gap the delta is between people who understand everything, and they’re just trying to find a vendor all the way to What are you even talking about? One of the things that I always find funny is when you’re talking to a company, you’re talking to a representative.
And you say, Who’s your competition? They say, Oh, we don’t have any competition.
We we stand alone.
When somebody says you don’t, they don’t have any competition that tells me that there’s not a market for what they do.
Right? If if there was value in what they did, they would have competition.
They if there was value in what they did, they would have a lot of competition.
Nobody has to doubt that CRM software is valuable, right? There’s a gazillion vendors in that space.
Nobody has to doubt that email marketing is a viable marketing channel, right? Again, a zillion vendors and services.
But what about you know, NF T marketing? There’s there’s some vendors but there’s still not any that are household names just yet.
What about Metaverse, vendors? Wow, that got quiet, right? There’s not a lot in that space yet.
And as a result, that’s an indicator that the space isn’t mature.
upside, if you can become a player in that space early on, you can gain a dominant lead in it, if it matures, if it if it comes to fruition.
If on the other hand, it’s a no go it’s a you know, a flash in the pan, then you’ve invested a lot of money and time for for no particular benefit.
So again, use the competition as a benchmark for the maturity of a space.
If you understand the competition, well, you see that there is viable competition for what you do, then you can be pretty sure that someone is going to to pay money for it.
And then from an education perspective, from a content perspective, you know, where you need to be creating content.
So really good questions and important question and it’s a tough question to answer.
So, thanks for asking.
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