Today we are going to look at a tool that will help you clarify the specific aspect of your product that you should be focusing on. Once you are clear about the elements that you want to bring to the highest level, then you will also know what type of people you need to approach to buy your product.
To begin, we must all agree that your product isn’t for everyone. This tool will help you define precisely who you are making the product for.
Sometimes called the BCG Matrix (after the Boston Consulting Group if I understand correctly.) A good way to use this x/y axis for your marketing is explained in Seth Godin’s book: This Is Marketing: You Can’t Be Seen Until You Learn to See. Seth tells us to choose an aspect that you is most important to you for the x-axis, and then another aspect for the y-axis. Once you have labelled your x and y-axis, you have essentially defined your business offering. Plot yourself in the high pluses for the two axes. The beauty of this matrix is that you will be able to define exactly where your competitors fall also. You can easily see how you are different from the other offerings. And from here you know exactly who to approach and make your offer to.
An example of the x/y axis which depicts the offering of project management education from FortyFour-Three. We want to provide engaging and accessible (practical and understandable) training.
At first glance, this seems like a no-brainer. Isn’t that what everyone wants to provide? Doesn’t everyone want an engaging and useful education? But it isn’t necessarily so obvious. Some places want to give mostly theory. Some education providers don’t see the value of focusing on engaging the learner. There might be a premium on smart professors, not interesting ones.
Once you have your x/y axis you can also start to plot where others in the same space might fall. You can even plot other industries on the same x/y to find out where these might fix. Here is an example of how this might look.
Define who you are, and you will quickly figure out who you are serving. Then you need to go out and find those people. Their waiting for you to rescue them, so don’t be late.