“Nearly all companies exist to do something people want.”
Are you in the business of doing something that other people want? You would be surprised how many business owners, content creators, and just about anyone who is selling something tend to overlook this question.
There are more than 8,000 MarTech tools and software companies out there that can help you scale your promotional content. There are new platforms emerging every year, where you can listen and engage with your target audience. AND the overhead costs of starting a business are becoming increasingly less as overall resources (a fast internet connection, reliable electricity, a global talent network, and cheaper computers) become more available.
So one would think, “Yeah, maybe I should start that business!”
Wait, slow down. Before starting anything and especially before you begin spending your operating budget on any of your digital marketing, you have to answer the critical question which I will repeat:
Promoting a product, service, or even your content begins with answering the following:
The first question is easy to find out, a simple search on Google, Google Trends, UberSuggest, SEMrush, or any of the other search engine marketing tools out there can help you accurately measure if people want what you are trying to provide. The second question is harder to answer but, there is a proven way to get an idea of not only are people paying for what you can provide but, also an estimation of how much they will pay you.
Now as a precursor, it’s important to note that price in itself is a marketing tool. The value is embedded into the price of a product or service, so if you’re selling socks, for example, you want to price the product based on the profit margin you want to achieve and the type of customer you’re trying to build a long-term relationship with. You can find out if your idea is viable one by first discovering the competition you’ll be facing. If there isn’t any completion, then that can be a sign that no one wants what you are selling or no one wants it yet. Your idea may be needed in the future.
To figure out the appropriate price, you would need to then do some “window shopping” with your competitors. Backdoor research (pretending to be an interested customer) can help you with both determining the right price for your own products and services and it will help you get an idea for who is successful and why.
After you’ve determined your product-market-fit then you can focus on the fun stuff, which would be creating and implementing your digital marketing strategy. Just remember that a solid foundation is what makes or breaks any plan.
If you’re in the business of promoting your services or content online and need help with your marketing and SEO optimization, check out my services page. You might find a wonderful surprise if you click!
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Image Credit: Unsplash
Also, if you want a quick way to recap this idea—I started to think about this thanks to this amazing (and short) Twitter thread linked below:
https://twitter.com/jackbutcher/status/1303376950346612737
A simple framework for thinking about building and selling anything.
Picture three layers:
Promotion
Product
Proof— Jack Butcher (@jackbutcher) September 8, 2020