In my years of experience as a business consultant and entrepreneur, I realised that most people don’t understand their market. In fact, they don’t know sh*t about their market. #truth
They wound up spending heaps of money marketing their product/service praying that it will magically work somehow just because they spent money on marketing. Some businesses even blame the agencies they’re working with.
See, the thing is, when I ask my clients who their target market is, they answer me with a resounding “EVERYONE”.
Here’s the problem. Most businesses use the same generic message to market to everyone when the market is separated into different stages. Guys, we’re talking about human psychology and buyer behaviour here; our customer’s awareness, exposure to brands and products, their emotional state – heck, even their physical state comes into play when crafting a message.
In a perfect world, everything would be super awesome, 1 marketing campaign would be able to target all walks of life and I would be superman but here’s the reality: That is NOT how things work.
“So, How Do I Understand My Market Better?”
I’d like to introduce you to a concept called Market Sophistication.
This is a 60-year-old breakthrough advertising concept by Eugene Schwartz that is still extremely relevant today as a lot of the basic buyer behaviours are still the same.
Stage 1: First to Market
This is when no one else is offering what you’re offering or the market has very little knowledge about the product/service.
In this scenario, a direct and simple message would work well.
Stage 1 Messaging Example: “Meat flavoured tofu”.
People will buy easily into the messaging you put out simply because you’re the first to market. In fact, if you try to elaborate more, you might confuse the market. (Refer to Stages 3&4 to find out why)
P.S.: I’ll be using the vegan market as my examples. I’m not a vegan though so some things may be inaccurate so don’t pin it on me!
Stage 2: Competition
Everyone is advertising the same frickin’ thing. As u can probably imagine, if ur advertising the same thing as everyone else, there is no way you’re going to stand out. I’m sorry fam, but Stage 1’s strategy isn’t going to cut it for this stage.
Stage 2 Messaging Example: “Meat flavoured tofu with 20% more protein for faster muscle growth”.
Here, you need to make some claims, list out some benefits and features. You have to be harder, better, faster, stronger than your competitors. (Queueing Daft Punk on playlist anyone?)
Stage 3 & 4: New Ways
The market is saturated at this stage. Every Tom, Dick and Harry is claiming the same thing. Some may even be claiming they have 100% protein (which would be complete BS by the way).
The market is getting jaded by the same sh*t over and over again.
You’ll need to push claims that are backed by studies, new technologies or approach it from an entirely different angle. You’ll need to convey to your audience why you’re the best and the only logical choice without lying about your claims.
Stage 3 & 4 Messaging Example: “High Protein Plant-Based Meat With 25 Years of Research”.
It’s important to note however, that this strategy will only work in stages 3 & 4.
Stage 5: Brand Story
So you’ve gone through the stages before this. You did all your claims and backed it all up with different angles. Where does that leave you?
Congratulations, you’re in stage 5 and this is all about connecting with your audience on an emotional level.
At this stage, buyers will base their purchase partly on what they think you represent or how they like to be perceived.
For this stage, I’m going to use a real-life example to elaborate on how well brands have executed Stage 5’s strategy.
Stage 5 Messaging Example: “Live The Search” – Rip Curl’s slogan.
Rip Curl’s “Live The Search” marketing campaign is all about searching for the perfect wave and experience. Naturally, surfers identified with the brand as Rip Curl is at the forefront of the surfing lifestyle.
If a brand is focused on R&D and marketing to get themselves known, they will eventually get to stage 5 where they dominate the market.
The point is, your market has different levels of exposure, education and experience to your product/service.
How does Market Sophistication apply to running paid ads? Once you’re aware of these different stages, you’ll be able to position and craft your message according to what stage your market is at.
If you’re interested to learn more about the Market Sophistication concept, go check out Eugen Schwartz’s book “Breakthrough Advertising”. Click Here
Let me know what service/product you’re offering and which stage you think you’re at and I’ll try to help out in the comments below.
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