Business Strategy Consulting – Market always wins: 2 critical steps you must take beFORE rolling out
If you were one of the people who responded to yesterday’s survey about AM radio, thanks. I appreciate your feedback and you taking the time to do this.
You know, one of the most important things to do before selling anything, is to make sure there’s an existing and accessible marketplace for that product or service. And that’s what the point of those questions were.
I wasn’t 100% sure hosting a radio show was a good thing to do. My gut told me there wasn’t a big enough marketplace to support the show.
This is critically important, regardless of what you’re selling.
The truth is, it really doesn’t matter how good your product or service is if there’s no market or if access to the marketplace is limited. You can be selling a top notch service… execute your selling process with flawless marketing strategy… and have the best sales copy in the world presenting it.
But if you’re putting this in front of the wrong people — or not enough people — it’s absolutely worthless. Unfortunately, most people don’t check out the viability of a project based on the marketplace prior to rolling their project out.
That’s the first thing I always do, and especially in a case like this, it’s a good thing. It turns out, while a little more than half of all the people who responded to those questions, DO listen to AM talk radio, less than 10% of the people who responded are listening to it on Saturday morning. Which is the time slot that was available for me to host this show.
And when you look at my actual buyers (as opposed to merely prospects), there are only one or two people listening to AM radio on Saturday morning. Obviously, what your buyers are doing and not doing is far more important than anything else.
Based on these numbers, hosting a radio show Saturday mornings makes no sense, because my core group of buyers simply isn’t there.
You’re always going to benefit by spending time, money and energy up front, qualifying what you’re selling by figuring out whether or not you’ve got proper media access to your prospects. This is a great investment that always pays off.
Most people don’t do this, they just figure “If you build it, they will come.” That only works in the movies, though.
The other thing you want to do — and this was the second reason why I was skeptical about a radio show — is make sure someone else is already selling what you’re selling. In this case, I’ve never seen anyone with that kind of a radio show covering marketing for business owners, and this concerned me.
I realize this goes against the conventional wisdom and that “a-ha” moment we’ve all had at one time or another when we said, “Wow, no one else is doing this, I can make a killing here.”
But what you learn over time is, you’re not that smart. The chances of you or I coming up with something comparable to the iPhone… the Walkman… or the personal computer, are slim to none. Virtually EVERYTHING you and I will do in our lifetime, is either currently being sold, or has been sold before in one form or another.
And that’s actually a good thing. Because if a bunch of people are already making money doing what you want to do, it means there’s an active marketplace out there to support all of them.
And once you establish there’s an existing marketplace for you (which is what I was trying to do with that survey yesterday) all you need to do, to hit a home run… is come in with better marketing then everyone else… and you’re home free.
And that’s usually… not too difficult.
Now go sell something, Craig Garber
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