In my March 2014 Blog, I introduced the notion of P.I.E; that stands for Persuade, Inform, Educate. The relevance here was determining the approach you take to marketing is based on the awareness and understanding of your product.
As promised, here are some thoughts on how you determine the PIE percentage of your offering.
One of the most effective approaches to knowing what resonates with your market is to simply ask them. Conduct some basic Market Research to gather the information you need to make smart decisions.
Talk to your customers, industry experts and prospect to get their advice. While online survey systems; Survey Monkey and Constant Contact are fast and effective online tools, nothing beats voice to voice or even face to face conversations.Ask prospects about their general market awareness;
- What products and brands do they use now?
- Have they ever heard of your product?
- Identify needs your product may be able to resolve and gauge relevant interest.
- How much would they pay for such an item?
(This helps determine the level of need as they will pay more to resolve an important challenge).
- What do they think about the product; would they buy it? Why or why not?
(This also determines the level they understand and the level they need the items).
Seek advice as to who else they could recommend you talk to. People are always open with their advice.
The bottom line, it is critical to gain a clear picture of where your offering is on the PIE chart so you can establish a pattern of communication early and express it often.
In my next blog, I’ll delve into the use and value of Customer Satisfaction surveys as an important component of your Market Research.