The three most important words in marketing are superior customer value.
Great marketing creates a competitive advantage. However, you cannot expect to compete (and win) in a competitive market with a product or service that doesn’t deliver superior customer value.
Your company does not belong in any market where it can’t be the best along some valued attribute.Phillip Kotler
But just having a superior product does not guarantee the market will recognize its superiority upon first introduction. This is where the communication comes into play.
Great marketers think customer-first. Developing a deep understanding of your target market is required before you can properly communicate the superior value your product offers.
To check your high-level understanding of the market, answer the following:
- What does my target market value most?
- How does my product/service offer that better than the alternatives?
- Am I communicating this effectively to my target market?
If you cannot answer these questions, without looking at notes, you are not ready for primetime. Your answers should come off your tongue as naturally as if someone asked you your name.
Next time you have trouble finding traction, revisit your answers. Maybe the market doesn’t agree with them.