The ‘Gravity’ of Marketing Matter: Market Definition
Gravity is a habit that is hard to shake off
In this article, we’ll discuss the finesses of market definition. When you’re ready to define your go-to-market strategy, there are some essential things you’ll have to take into account. First up: setting the ground rules!
Setting out the ground rules for your market definition
When creating a market definition for your product or service, your first brainstorms probably serve to develop key marketing principles such as :
- Value proposition
Entrepreneurs understand all too well the importance of addressing customer needs and differentiating from competitors. We at Merluno have witnessed that our reflective exercises often times result in rather theoretical modeling (“With what USPs do we beat the competition?”) before generating a practical trade-off (“What part of the market pie do we settle for?”).
Conquering your share of the market, though, comes from scarcity thinking – and practicing it prolongs the principle. As such, it severely limits you and your potential.
Addressing your reference market
Let’s be frank. When talking about your product and its features, for example, you need to be crystal clear in order to communicate them effectively to your market. Also, you need to be able to set quantitative goals to get measurable results.
This affects your market definition approach. You think about where and how you can deliver value, you reflect on defining your market segment, distribution, as well as your product offering. Yet do you ever consider where and how you can attract your customers?
Attracting customers in your reference market
This may again sound like a very marketing thing to say, but it is not a matter here of luring, baiting, or tricking your market into buying your product. That would be conditional marketing: you expect a certain return for a specific action and you try to look for the most profitable one without ‘putting all eggs in one basket’.
In the present exercise people tend to forget, or simply ignore, how to integrate one crucial element you trust in and want to bring to your customer: your belief in your mission and the gravitas that can come along with it. You engage yourself totally, without restriction, and then manifest yourself in exactly that capacity on your reference market.
Start with embracing the purest form of your ‘self’: this is who I am!
Unconditional marketing: the gravity of the matter
In contrast with the type of conditional marketing described in the previous section, what we are discussing here is rather unconditional: you do not expect something in return. You manifest your belief and trust in the law of attraction.
A while ago I came across a simple video of a physics teacher showing his students how gravity works. It shows how the mass of the Sun attracts all other planets and stars in the solar system and causes them to ellipse around it.
When you compare the outcome of the strictly mental exercise – imagine a 2D pie chart – of addressing your market, with the image of the solar system to attract your customers, a new dimension comes in to play. Indeed, by adding this dimension of belief you effectively add gravity, and it is this extra impulse that will set the laws of attraction in motion.
Imagine now trying to capture a piece of a 100% limited pie by defining your product according to the competitive benchmark, versus seeing yourself in the center of your solar system infinitely attracting other planets through your gravity. Does this change your perception?
Your solar system as your market definition
A very first step, when going to market, is to select your reference market and where you situate yourself: how do you want your customers to refer to you?
By choosing your ‘solar system’, your place in it, and your gravitational pull, the physical laws of ‘attraction’ will automatically come into play. That is, on the condition you are fully present – this is 3D reality – and not some superficial projection of yourself, expressed merely in marketing models or 2D pie charts.
Do not neglect to embrace this: you will either end up somewhere very lonely in the galaxy with no one to attract, or in a crowded place as one of the innumerable celestial bodies floating around aimlessly.
You want to be the Sun of your solar system, not Pluto, right? Trust us, this is a solid foundation for your positioning.
So how do we do this?
Rest assured, this is not rocket science. You do, however, have to place your trust into something beyond your intellectual capacity. In a business context, this may strike as a somewhat unusual exercise.
Ready to discover your potential for growth?
Do you feel triggered when reading this article? Want to discover the strengths and DNA of your company? Download our basic marketing checklist!Want more information on what we do? Get in touch, and let us discuss how we can help you. With more than 12 years of market experience with over one thousand companies – from scale-ups to multinational corporations – in a wide range of sectors, we at Merluno would be happy to take a closer look at your company’s challenges.